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You can also joint venture with someone who has excellent credit, using their credit to get the deal done. Before you start investing, ask yourself these questions; how long can I afford a vacant property if my tenant moves out?
Some say the best commercial property salespeople achieve the title and results through experience. I would have to agree in the basic sense but in saying that I would also add that the experience these people have is only a small part of the success equation in real estate sales and leasing.
The first thing to look into is the agent's background. A lot of time people get so caught up with the properties they are working with that they forget to ask their agent questions about themselves. How long has the agent been in business? Why do they sell real estate? Are they truly familiar with the area you are looking at? These are just a few questions to ask. Let's be honest, anyone can get a real estate license these days. It takes no college education and doesn't even cost that much money to get certified. Buying or selling a home is a mile marker in life and one that needs the best possible knowledgeable advice and representation. This brings us to the next crucial aspect of finding the right agent.
Do a little research on the testimonials that are boosted on their websites and marketing materials. Try Googling the name of the person in the testimonial and see if real estate they are a actual person in the business. You can also check their Facebook page to see what people say about them.
Read local blogs when it comes to investing in real estate. When we want information, we find blogs from local Chicago agents, brokers, and wholesalers because it is a great way to get introduced to other professionals, learn the latest trends, and get a beat on the investing pulse of Chicago. Also, the Tribune and Sun-Times have many articles a week regarding Chicago and Chicagoland real estate. Since most newspapers are blogs, you can start reading and commenting on all the real estate articles that your paper posts, giving you much greater communication with others who are also involved in your area.
At some point down the road, oila! You have no more mortgage on house #1. Your renter has been paying your mortgage for all of those years. Now you are just collecting rental income and you are sitting pretty. Sweet! That is what passive income is all about. You also have the option of raising rents which is a great hedge on inflation.
The object of the call is only to get appointments with relevant people. That is the only thing you should be 'selling' in the cold call. The call should be used to identify if there is a genuine need on the part of the person that you have called, and then only to set up a meeting.
Buying professionally written letters and sending them to your contacts is defiantly the best way you can show yourself as the real estate professional in your area. There is some work involved in getting your mailing project off the ground. The best thing you can do is to buy your real estate letters and search the internet for a contact management system that will give you the ability to send your letters out to all groups at the same time. This way you can add new contacts and start them out with letter one while you will be mailing out letters three and four and so on at the same time to your older contacts. Contact management programs are out there at many different prices so do your shopping. I would try to find a free one by searching for an open source contact management system on the web.
Folks historically look at property differently than they do other investments. You should ask your lawyers about the fees, they will be charging before hiring a real estate attorney. Whether you buy one or ten is completely up to you.
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