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In this video I explain the 4 main steps in real estate investing.
1. Funding your investment is the biggest challenge for newbies. Many of those want to be investors, usually lack money, credit, and a supportive team. I explain to they when trying to set up their company to borrow capital for their real estate investment they should always fix their credit first, then look for like minded newbies that want to invest as well. This way if they have bad credit and money. You could easily partner up because you have the credit and it becomes a win for the both of you.
2. Now that you have the property you next move is to focus on the repair. Depending on the history of the home this could be very expensive. This why I suggest finding good reputable craftsmen to have on your team. They may be able to save you a few dollars on those repairs.
2. As you complete the home repair process and attempt to sale it, flip it, 1031 exchange it, or just pull the equity out, you have to remember your loosing money. The easiest way to cut down on loosing money is to find a lender, buyer, or broker while your repairing it to give you their recommendation on what they think is the best strategy for getting your investment back out of it.
4. In conclusion, while that rehab property is in your possession, I would recommend finding a great realtor in the local area to help rent it out manage it for you. While you look for your next real estate deal.
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