I just started getting into real with my wife. We've bought alot of real estate courses and they helped a great deal. We are about to purchase our first house in a few deals. Any advice for a new comer?

Have a business and marketing plan for what your going to do. Know the difference between investing and gambling.

Tom are you from Marion, Ohio?

If not explain your market and competition in your area. Help give us an idea of your territory.


Other than that there are several good topics in past posts that would give you direction.

I think this is the shortest post I have seen from Realty Check LOL. Must be busy today.

He has a great topic here recently regarding investing. Here is the link. http://www.agentsonline.net/forum/ultimatebb.php/topic/11/3.html

Covers many investment avenues as far as investing in real estate and some off topic comments that are great.

Check out some of the ways others in here are utilizing technology for an edge and more effective time management.

Welcome to the investing game. While there are many good courses out there, Realty Check has it right. You need a good business plan to get started. Don't go out and jump in without proper planning - make sure to ask questions about anything you aren't sure of. Lastly, go out and join a local real estate investment club - you'll get tons of useful information, and network with people who can really help you out.

Otherwise, good luck! Fill those pockets!

A lot of people use coarses to learn about investing and its a good start for basic information. Just rmember believe half of what you read. The best solution to start and get advice is to speak with a qualified Mortgage consultant. HE can help you with your business plan. He can tell you what you qualify for and show you your options.
I have this past week not only met a new investor but within 4 days got him qualified, found him a property and he has already made the offer. When its accepted 3 weeks later he will own his first investment property. Its just that easy.

Depending on what type of investing your doing... a mortgage consultant is the VERY LAST person you will have any need to talk with... if ever.

By Far the most interesting and most profitable investments are those you have an ROI of infinity... those you have NO or very Little personal money in.

In traditional real estate investments you may have use for mortgage people but you are very limited in your ability to have the most profitable deals in using them and your also limited to what and how many mortgages you can qualify for at the same time and limitations on how long you must season prior to re-sale.

If your only interested in one or two properties... max of about 5 then mortgages may be practicle... but the are limiting to your ability to grow your investments.

Think OUTSIDE the box... mortgages are a Steel Cage.

Yes if you are able to not use a mortgage that is great! Many limitations Realty Check mentions are true. Some lenders either limit the max # of properties or an aggregate total of the dollar amounts of the mortgages.

There are several lenders in this country that offer exactly what you would need regardless.

With the options available today that an investor may utilize mortgage lending is a great advantage to holding onto liquid or non-liquid reserves and loan options such as interest only, pay option arms, and standard arms that will help you maintain your cash flow on paper.

Realty Check could you share some of your out of the box idea's so we can understand what you mean? . I think I saw that you invest yourself.

Also Realty Check I believe he is talking about Real Estate investments. He mentioned they are going to purchase a home in a few months.

Tom could you clarify for us?

Having a mortgage on a personal residence is generally a good thing... but far better ways exist for investment properties, many of which are discussed on this forum.

These in general are not the sweethearts of mortgage lenders.... it does effectively cut them out of the process or reduces the number until your exit plan is executed in a retail sale. Thinking out side the box allows you to exclude cost and liabilities that are unnecessary and reduce your ability to increase your investments in the time frame you wish rather than some artificial restraint applied by a mortgage lender.

For Traditional real estate, owner occupancy, mortgage lenders are normally a fact of life( but don't have to be).... for many individual investmens... they need not ever be, even in an exit plan with a retail/ market sale. You need to learn how you as an individual investor can effective be your own "lender" if not actually in fact.... the effect on your earnings/ ROI is the same.... improved.

Oh ok. I am going to look for this information in previous posts. I think I understand what your saying now.

Good insight for sure! Yeah I agree there certaintly are other methods. Methods that could be better. Just have to find them.

Thanks Realty Check! Solid idea.

realty check
how would a licensed agent be able to do creative financing techniques? wraps, lease options, sub 2?

also what disclosures would a licensed agent tell a motivated seller?

Can i say this as a disclosure?
"Hi mr seller, im a licensed realtor with remax and a personal investor for myself. i was just driving by and your house caught my eye(as a fixer upper) and i was wondering if youre interested in selling your home?

Seller would say, "yes im interested, in fact we're behind a few payments"

what would you offer? would you list it or invest in it? im really stuck on the fence here and i want to take action. but im just afraid of disclosures and liabilities being licensed.

Unless your planning on doing something illegal... which I don't think you are.... you really have no big problems to deal with.

As an individual investor agent, you first have to re-read and understand your Independent Subcontractor's Agreement with your Brokerage. If necessary discuss it with your broker. Most brokerages allow a significantly reduced commission on personal transactions... but don't assume or think the brokerage isn't entitled to anything... The Broker is still responsible for all your real estate activities even those your doing for yourself and he is paying the E&O basic insurance. Your primary job as an agent is to list and sale properties and generate commissions for the brokerage... it isn't a free ride. Flat fee per transaction is an alternative to %... see what works best for both of you.

Most brokers will work with you if your clear in what your doing so just work it out.

In the scenario you provided... you simply make and offer. You disclose your a licensed real estate agent and acting as a principle and in no representation relationship with him. In Florida we have a Non-Rep form for this type activity, that discloses that the other party is not being represented by you or your brokerage.

Be upfront and honest in your dealings.... don't take on something your not capable of understanding yourself or explaining clearly to the other party,But don't practice law. By this I mean develop your tools and apply them to the correct situation. Don't just have one tool and try to force fit it to every potential deal you run across.

Places / times exist where Lease Options and Sub -2 work well, but they will not normally work well when a foreclosure is days away... you don't have time and the lender will generally not agree to reinstatement... they will demand payment in full. A Short Sale will work well in this situation but Short Sales will not generally work when their is no default by the borrower or where a large amount of equity is available.

Learn when to use what tool for each deal and you will often find you have to change tools as the deal moves on.

Always be upfront with you potential sellers and buyers and fully disclose your beneficial interest in the properties you sell and obtain the written agreement that your not representing the other party in buying or selling.

The BIG thing is... NEVER Approach a potential seller indicating you have personal interest in purchasing the property... when your actual interest is obtaining a listing. I have always made a habit of walking away from a potential listing when I found I didn't want to buy the property after Due Diligence to avoid any question on my original intent... NEVER ask for these as listing.

Glad to see you considering personal investments in real estate. It is oddly rare for an agent to invest in what he purports to know best... and that is really hard to understand. Use your real estate skills to grow your investments, develop multiple streams of income to buffer the gaps between commissions and provide a far more stable and longer term source of income, appreciation, and the ability to use depreciation and expense write offs to your benefit.