Start Off On the Right Foot

As you begin your career as a real estate investor, there are a few things that should help propel you towards success. Taking action will quickly teach you what you know and what you do not know. Refer back to the manuals often. Do not be afraid to ask questions. Dedicate a specific amount of time each week to your investing activities. If you get into the habit of taking action each week, you will be more likely to locate properties, close deals, and make money. The following is a list of activities that should help you to start acquiring experience right away:

• Review the classified advertisements in your local newspaper and circle the ads that include motivated seller phrases (phrases such as assumable, job transfer, and must sell). Focus more on the For Sale by Owner (FSBO) ads. Reviewing these will give you a feel for the market. They will help you to begin to see opportunities.
• Pick up a few real estate magazines in order to get a feel for markets and prices.
• Drive through local neighborhoods and look for FSBO signs.
• Examine your credit situation and take any necessary action to improve or correct it.
• Visit a title company or a real estate attorney's office, depending on which of the two handle closings in your area. Acquire a feel for what the company is like, and get to know some of the people there. This will help you to feel more comfortable when you close your first deal.
• Start developing your database of potential buyers. Do not exclude anyone due to their situation or because of your relationship with them.
• Review the Real Estate Wanted portion of the classified ads in your local newspaper to see what other investors are looking for. You might end up flipping a deal to another investor, or even pulling someone in as a partner (if you cannot come up with financing on your own).

Taking these simple, but effective first steps will place you on the path to financial independence. The sooner you take action, the sooner you can achieve success.