Are you starting out in real estate? Has the thought of becoming a real estate investor crossed your mind? Well, regardless of your situation, getting as much information about the real estate industry is a good place to start. The most popular avenue for most prospective investors for getting information on real estate investing is a real seminar.
There are many real estate seminars out there that are reputable and resourceful. They offer timely advice on residential and commercial real estate investing. However, not all are recommended as some have received negative publicity due to their dubiousness. One should do a thorough background check so as not to fall prey to real estate fraudsters.
What You Get In a Real Estate Seminar
In episode 135, of the old Dawgs REI network podcast, Bill the host interviews Jay Hendrichs. Jay advises on real estate investing. He has vast experience as a real estate broker having sold raw land, built developments, sold timber and also been a mortgage banker. He encountered some recessions while in business. However, he survived them. He used a situational and contingency approach in his dealings even if it had to veer off conventional real estate investing.
There are vital lessons that one can learn from this episode, they are part and parcel of what you get in a real estate seminar:
- How good timing in real estate is essential
- How unconventional thinking can make you thrive even under difficult business times
- The ideal real estate investing options for the senior citizens in society
- Why shifts in careers can be of help when facing hard times in business
In episode 130, Bill talks about the steps that one should take before buying their first rental property. He starts by acknowledging that buying rental property is much similar to buying residential property. Even so, there are some distinct differences. This topic is always present in a real estate seminar.
He gives the following 9 steps:
1. Know why you are making the purchase
This is vital as it assists you to strategize and lay out a concrete plan for your investment. It also helps you identify your primary motivation to buy the property.
It is always good practice to have a second opinion on a decision that has investment value. This calls for having mentors. They have the requisite experience and are able to look at issues objectively. They can tell you if your investment plan is feasible and sensible. Having a mentor is a worthwhile experience as you will evade most risks and errors that are common in real estate investing.
3. Do your Homework
This entails carrying out proper research when choosing the best investment property. To effectively do this, start by knowing the kind of property that you want to invest in. Secondly, identify a specific area, city or neighborhood that you would want to invest in. Lastly, get the figures relating to average rent in the specific neighborhood.
4. Approach your Bank
You have to organize financing of the rental property as soon as possible. This should be done as soon as you embark on looking for the property
5. Do some Calculations
This entails knowing the cash flow value, the income value and the total expenses, and their difference.
Formulate a plan which you will use to achieve your investment goals.
Forming connections when investing is essential. It helps you learn from the experiences of other real estate investors.
8. Shop for your Property
This involves looking at listings to get your desired property. You can use brokers and agents to help you shop.
9. Make your Offer
After getting your desired property, you should make your offer to the seller. Fill out some paperwork and submit the offer to the seller. You can get help from real estate brokers in this regard. Make sure that your offer makes financial sense and you have factored in your circumstances well.
Listen to more sound advice that can be found in a real estate seminar in this podcast.