Podiatrists are not brain surgeons

<div align=”center”>Podiatrist- a doctor who works on your feet</div><div align=”center”>Brain Surgeon- a doctor who works on your brain</div><div align=”center”>Specialist- Someone who is an expert</div><div align=”center”>Rookie- Someone who is not an expert</div><div align=”center”> </div><div align=”left”>I get phone calls all the time from people who see an ad or who have been on a website that say to me, “I want to buy foreclosures.” They then follow up that statement that they will buy them anywhere in the area and they want them to be cheap.</div><div align=”left”> </div><div align=”left”>They are thinking that all you have to do is call a REALTOR(R) and they will miraculously present you with a home at 50% of it’s value, in perfect condition, with 150% financing at a rate of 5.00% and having the seller pay all the closing costs and closing in 10 days.</div><div align=”left”> </div><div align=”left”>I then ask them the big question. “Have you ever bought investment real estate before?” When they answer no, I then ask if they own their own home. The answer is usually no.</div><div align=”left”> </div><div align=”left”>Then, the big question….would you let a Podiatrist do brain surgery on you? Of course not.</div><div align=”left”> </div><div align=”left”>Getting into investment real estate is not as easy as the hucksters on middle of the night TV might make it out to be. It is a job! You have to have training. You need professional partners.</div><div align=”left”> </div><div align=”left”>Unfortunately, the rash of tapes and seminars and some press have made it seem that buying cheap property and making money from it is easy. It is not. But, let me give you some suggestions:</div><div align=”left”> </div><div align=”left”>1. <strong>Training</strong>- Take a course in real estate. Learn what it is all about. There are many places that offer courses or you can even take them online. Also, buy books from professionals, not hucksters. Google Alan J Heavens and find his books on repairs and investing.</div><div align=”left”> </div><div align=”left”>2.<strong>Partnering</strong>- Partner with professionals that do this for a living. Find a REALTOR(R), mortgage person and contractor that you can trust. Also, get a few people together to form an investment club (just like people do for stocks)</div><div align=”left”> </div><div align=”left”>3. <strong>Pick one area</strong>- People call me and say I want to buy stuff and it can be anywhere. You can’t be living in Coatsville and self manage 1 property in the Northeast with real success. Also, come up with an area you know or will learn about that has a chance of appreciating.</div><div align=”left”> </div><div align=”left”>4. <strong>Do the numbers</strong>- Get a CPA who know real estate and tax law to show you all the numbers including what it will cost to buy, rehab and sell or what are the benefits of renting.</div><div align=”left”> </div><div align=”left”>5. <strong>Realize you can loose money</strong>- Buying real estate does not come without risk. There are plenty of things that can go wrong. Find out what they might be and try to prevent them but be prepared for them happening!</div><div align=”left”> </div><div align=”left”>As you can see, it is not a perfect, easy thing. Invest with care and do your homework!</div><div align=”left”> </div>

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