Hey there to everybody on the forum. Hello from Detroit, Michigan. I’ve been intereseted in getting into real estate for years now and now my mom said she wants to partner up with me. We’re eager to jump right in to real estate, but we want to prepare ourselves. See, we’re both very educated people, but new to real estate.
I’m really excited to start working with my mom on these projects. Right now I’m looking at foreclosed properties to renovate and rent out. We’re looking to hire some “renovation” companies to do the renovating. Is there any articles or materials that can help us alleviate some problems of first time investing??
Any advice would be greatly appreciated. Thanks!!
E
Emilio Basa
[email protected]Hi,
Welcome.
You can get some good ideas from this forum, though I must warn you it is an Australian based forum so much of the specific detail may not be relevant.But otherwise… where to start:
Read up on relevant law and process. There are good instructional type books to point you in the right direction.
Set goals. You need to know what you are trying to do in general and also on a specific property by property basis.
The goals will guide you in making decisions concerning how much and for how long.
When you don’t understand something ask. Then take that information and compare it to another independant source because you never know who is answering or if they know what they are talking about.Learn how to do cost / benefits analysis and how to use a spreadsheet. These will guide you and let you know when you are winning.
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