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Real Estate Investing Jump Start
| | Friday, September 17, 2004 @ 08:00 AM EDT
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Contributed by: John Michael
John Michael Properties
Read more archived articles about U Make The Call
There are a few simple steps you can duplicate for success:
Establish your real estate business
Determine the business set up
Develop a business plan
Order business cards, letterhead, and any office supplies and equipment
Set long-term and short-term goals; determine the results you want to achieve; focus on the goal and not the journey. Goals must be:
Specific and measurable
Use action words
Believable and achievable
Include target completion dates
Set up your letters to property owners and telephone scripts
Call 20 motivated sellers per week
Research and inspect properties
Visit Courthouse
Obtain property information and valuation at the County Tax Assessor’s office
Locate deeds and mortgages at the Recorder’s office
Become familiar with researching data
Locate and identify legal newspapers
Study types of legal proceedings, lawsuits, judgments, etc…
Use Trustee’s Sales and Sheriff’s Sales to find upcoming foreclosure auctions
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Attend a foreclosure auction
Learn process and terms of the auction
Identify what the financial requirements are when purchasing at an auction; which mortgage holder is foreclosing; what happens if a bid is successful; and what are the penalties for non-performance
Establish a working relationship with a realtor. This relationship:
Can help you obtain property comparisons known as comparables or COMPS
Can be mutually beneficial. You can provide leads to the realtor for listings and sales
Make business contacts
Build your power team of: bankers, title companies, attorneys and accountants
Join real estate investment club in your area
Spread the word that you are now a real estate investor
Distribute business cards
Build a referral network
Practice completing contracts and agreements
Familiarize yourself with the necessary real estate forms
Attend real estate Training classes and seminars often
Attend with a positive, willing to learn attitude
- Take extensive notes and ask questions
- For hands-on training, inquire about "Mentor Programs"
Find a coach that will help you with
Answers to specific questions
Review of your property proposals
Writing an offer
SETTING GOALS
Do you have a target or a goal? Taking responsibility for your actions is a vital element in developing self-discipline. There are some common personality traits that might account for the differences between the "haves" and the "have-nots."
The "Haves":
Desire/Drive
Commitment/Dedication
Education
Courage
Optimism
Determination
Discipline
Experience
Perseverance
Organization
The "Have-Nots":
Fear of the Unknown
Procrastination
Lack of Education
Complacency
Poor Self Control
Fear of Success
World of Scarcity
Skepticism
Low Self-Esteem
Hopelessness
Never share your goals with anyone unless you know they not only believe you can achieve these goals, but they also want you to reach them.
Note: John Michael is the author of many guides that can help you become more successful as an investor. See http://www.thecreativeinvestor.com/ChanPart-JohnMichael.html
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