Learning how to buy investment property myself was the one thing I knew I was going to have to do if I was going to be very successful in this business.
I don’t mean calling up a real estate agent and asking him/her to find me a fixer-upper as ‘soon as you can’. I mean learning the actual process of how to uncover houses that will either go into pre-foreclosure, or are already foreclosed upon, and learning how to buy investment property for my own flips, or rentals.
Not really knowing and understanding the totality of the foreclosure process and how it’s presented to the general public (in it’s final form), has always been in the back of my mind as something I just had to know.
A couiple of things I had going for me was I already knew how to manage a total remodeling project from start to finish, and I knew where I could find the money to do what I needed to do. But, having a solid resource to locate investment properties? Not so much.
The simple fact was, I just didn’t want to take the time to really delve into what it takes to locate, pursue, and then purchase a particular piece of foreclosure property. My thing is renovation. Always has been, always will be.
And since I had my real estate agent as a sometimes-partner, I figured I would leave all that stuff up to him. He is the real estate professional that is needed in this partnership to acquire the property, and I am the ‘hands-on’ person who handles all the renovation.
(I have liked that arrangement for awhile now, yet I’ve always known that I would eventually branch out on my own one day).
As stated earlier, I’ve long ago mastered the remodeling part (my actual “day” job), and as important as that aspect is to flipping (my passion), acquiring real estate is the part of the puzzle you must master if you want to survive in this game. Because if you don’t know what you’re doing, or even what you’re looking for in terms of what is a good flipping candidate or not, you’re simply not going to prosper. That’s a polite way of saying you’re going to lose a lot of money in a hurry.
Learning How to Buy Investment Property – Where to Start
For many moons now, I have been diligently researching on the best ways to learn how to buy investment property. And like I detailed on my investment property resources page, you can find decent flipping candidates through the various low-tech word-of-mouth sources mentioned that anybody can do, such as networking amongst friends, family, coworkers, etc.
I found these sources to be pretty reliable – but only to a point. I would hear of a nice opportunity every now and then, with an occasional excellent opportunity to pursue. Good for the “extra-income” crowd, but I wanted to go full time, so I knew I had to get serious with really getting out into the world of real estate and locating and learning how to buy investment property myself.
I decided to look at foreclosures mainly because of the sheer numbers of houses that are out on the block. As I write this (early ’08), the number of foreclosures are at record levels, and getting higher. As sad it is for the people involved in losing their homes, the simple fact is, these properties have to be dealt with as the banks are not going to hold onto them forever. I figured I might as well jump in and learn how to buy investment property sooner, rather than later.
‘The Easiest Money You’ll Ever Make‘
The more research I did with regard to the latest and greatest schemes, courses, real estate “boot camps”, investment gurus, real estate investment ‘how to’ books, seminars, webinars – you name it- the more leery I became.
And for good reason.
I came upon site after site promoting this and that, and all promising that I will strike it rich nearly overnight simply by employing their particular industry ‘secret’ that nobody else knows. I’m glad I had my skeptical filter on, because they (gurus) all were basically saying the same thing in regard to how to buy investment property.
Not that many of them didn’t have good information, I just felt there was something missing in their sales pitch, like reliable follow-up/attention to questions I would invariably have to the material presented.
I then (finally!) got a little smarter, and decided to log on to various flipping and real estate forums to see what the average person had to say in regards to the legitimacy of many of the investor courses out on the market.
Prominent (or so I thought) ‘names’ in the business kept coming up as people to avoid for serious real estate investing guidance. Seems the reason they are so prominent after it’s all said and done, is the fact that market their product so effectively so as to saturate said market.
People complained that the material given is basic info that can be obtained from many free sources. Other complaints center around the fact that, although private consultations and one-on one attention was promised by some of the ‘experts’, hardly any was given, if at all. In the event of actual correspondence being answered, people said some of the the responses were rude and inflammatory.
As I did more and more research, a common theme seem to replay over and over in my mind, and that was to simply stay away! These people have been in the business selling their respective investor courses for years, and are still doing so.
Hmmm … So much for these self-styled ‘gurus’ on how to buy investment property. That is if you believe average people from across the country and all walks of life (and I do!) who wanted to voice their opinions and help steer people in the right direction and not make the same mistake they did. And I say thanks very much for that!
A Light at the End of the Tunnel
One such forum topic regarding many in the field to avoid, led me to check out Alexis McGee’s site and her particular brand of Foreclosure Training as someone you could trust as a teacher of real estate investing.
I went to the site, and read up and as much as I could. I liked what I was reading, particularly the part about making money in an honest, ethical way, without hurting yourself or anyone else in the process, which got my attention.
I figured that since I’m far from being an expert in the acquisition of real estate investment property, I should just go ahead and buy her program. And am happy to say I am glad I did. And I am reasonably certain (so far) that many people who have tried her program and trying to learn how to buy investment property are saying the same thing too.
Please. Do yourself a favor if you’re at all serious about learning how to buy investment property. Check out her Kick Start Your Foreclosure Investing program ASAP. I think it’s that good.