When youre looking for a real estate mentor, there are a few questions you mustnt forget to ask before subscribing to his service. These questions will allow you to determine if you really will get the value of your every dollar. He must at least answer yes to one of these questions for you to consider him your new master.
First question: Do you know how to flip houses? Flipping houses is back! In fact it never left. Of the many methods of investing in real estate, this is considered the easiest and quickest. To make money in this business, you must be able to sell contracts to buy houses. What you need to do is to look for properties that may be placed under contract.
Nowadays, fixer upper homes, or those that are in need of repair are very much in demand. Other real estate investors are looking for these properties because they will use them in other profitable investing methods. In a way, you serve as the supplier of investment properties to other entrepreneurs. If your real estate mentor can teach you this and you take action, you are bound for some huge fortune.
Second question: Do you know how to rehab houses? Apart from flipping houses, rehabbing houses is the other unconventional buy and sell method you must learn. If youre mentor says Yes, I know how to do that, go learn about it. This is basically purchasing a cheap property in need of repair, probably from a wholesaler, and then making the necessary improvements so it can be sold for top dollar. If you are inclined to odd jobs and handyman assignments, you can make profits in this business. You make money by giving dying properties a new lease in life, somewhat a like superhero for houses.
Third question: Do you know how to do short sales? If your real estate mentor doesnt do flipping or rehabbing houses, then he must know short sales. This business is also known as pre-foreclosure investing because it deals with houses that are in line to be foreclosed by banks. What you do is you negotiate for a lower amount than the mortgage owed, give the occupant some money, and prevent the owner from being foreclosed upon. A lot of home owners are in this situation and they need help right now.
If the teacher answers yes to any of these questions, youre in front of the right mentor. Master any one of these three methods of investing and you can make huge money, even in todays economic conditions. Go and learn more about them at REIWired.com, where you can also find mentors who will answer these questions.