CULTURE

March 7, 2013

Real Estate Investing for 2013 (Part 1 of 4)

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Written by: Reshanda Ransom
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real-estate-investment-property
It’s 2013 and I know a lot of you have considered getting into the real estate investing arena. So, what have you done so far?

Nothing…

Maybe you don’t know where to start. Maybe you have no money.

This is all typical of a new investor. It seems like a great way to make some money for some, and a struggle for others—so how do you position yourself as a successful investor? Starting out in real estate can be very difficult for beginners. There are a lot of unknowns and comfort barriers that must be overcome, not to mention the time it takes. Do your homework, and follow these guidelines to help you:

1. Have a clear idea of what you are looking for

If you don’t know what constitutes a deal for you, how are you going to know if a lead you get is one?

You’ve got to know what the numbers need to look like for a lead to be a deal so that you can make the decision when the time comes. I’m sure there are a lot of leads out there that are passed up because the person analyzing the deal didn’t know how much they should be offering. When you don’t know what you should be offering, you don’t make an offer. When you don’t make offers, you don’t get deals.

2. Be ready to make a decision

In order to know if the numbers are right for a deal, you are going to have to know how to figure out those numbers. You’ve got to be ready to be able to figure out the ARV and the cost of repairs (ARV= after repair value).

Have you found a Realtor that can get you comparable sales in order to figure out the ARV?

Have you found an investor-friendly contractor that can give you repair estimates or at least walk you through a house and give you an idea of what repairs are going to cost so that you can figure them out?

You will want to be confident with your numbers so that making a decision to go ahead with a deal is done confidently.

3. Have several deals working

You can speed things up by trying several marketing methods at once. You never know which one will get you that first deal. This way you can find out what kinds of marketing fit you better and work better for you.

4. Give your marketing a chance to work

Don’t just put out 20 signs and then stop because you don’t get any calls. I’ve put out 50 before and not received a call. But, there were also times when I only put out 25 and got 5 or more calls. You just never know.

Don’t just mail out 50 letters, one time, to owners of vacant houses. Don’t just keep your ad in the newspaper for one month. Don’t just put 500 flyers out. Don’t just place that Craigslist ad 5 times. Don’t just call one REO Realtor one time. Don’t just make an offer on 5 properties.

You get the idea!

5. Test your marketing along the way

Test your marketing. Give it enough time to show you how well it works and then change things up to see if you can improve your results.

6. Don’t let doubt stall you

We all struggle with doubt. Doubt that you are doing your marketing correctly. Doubt that your message is going to work for motivated sellers. Doubt that deals can be found in your area. Doubt that you will have the confidence to pull the trigger when the time comes.

Sometimes you’ve just got to have faith and keep working hard until things fall into place. You can do this and you will if you don’t give up.
2013 offers a fresh start and plenty of opportunity for improvement for real estate investors of all skill levels. Hopefully this will help you start the year off right so you when you reflect on 2013 it will have been the best real estate investing year of your life!

Finding that first deal can possibly take a lot of time, and a lot of energy. If you don’t give up, you will find it. With these tips you are sure to find that first deal sooner than later.

“Contact us today and let us Balance out that deal!”
Reshanda Ransom
Managing Broker
www.balancerealtyatl.com



About the Author

Reshanda Ransom
Reshanda Ransom is the managing broker for Balance Realty in Atlanta GA, and has been a leader in real estate for over 7 years. Before entering the real estate arena, she was a successful Business Development manager, Sales manager, and Sales trainer. With her extensive education in new home sales, foreclosures, short sales, and investment properties, Reshanda is a strong force in today’s real estate market. The belief in cultivating knowledge, community involvement, and a real life approach to real estate, sets Balance Realty apart from the competition. Reshanda Ransom hails from Hawaii, she matriculated at Grambling State University, and is married with two children.




 
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