Apr 20 2008

Real Estate Investing Basics

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Without a doubt the smartest way to get into real estate is to read about it. Master some concepts first. Don’t invest a dime on real estate until you get some of the concepts. Get to know your Public Library, you pay for it in taxes, so use the thing. My personal favorite author is Robert Kiyosaki.

I hate wasting time. I believe a lot of people like to hear their own thoughts and voices. It creates a lot of garbage, and I hate having to pick through the garbage. That’s why I like lists.

Concepts you need to master:

  • Cashflow – Whether its monthly rental income or consistent sales from wholesaling, your cashflow needs to be positive. If you’re not, give me a call, I’ll bail you out. I guarantee though it won’t be pretty because my cashflow will be positive.
  • Comps – What are they and how to get them.
  • Exit Strategies – Always know where the exits are. The more ways you can unload a property the better.
  • Wholesaling
  • Buy and Hold
  • Rehabbing
  • Mortgages vs Hard Money

Alright that should be a good place to get started. When you’ve mastered these, and you can tell me what your monthly cashflow is, then you can get going on your real estate career and be the master of your own world.

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