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In this video we go over the most commons questions I get about real estate investing. If you are looking at getting started in real estate then this video is for you.
1. Do you need a real estate license? You do not need a real estate license to start flipping houses or investing in properties. However that being said you should try to get your license because its easy, cheap, and quick and you will get access to the MLS.
2. Do you need money to investing real estate? No you don’t. There are plenty of no money down real estate strategies like wholesaling properties to cash buyers. Many investors often times use private money or hard money for their rehab deals as well. As a real estate investor you should do both strategies.
3. How do you find deals? This is real estate investing 101…Here are 5 ways to find deals. Networking with wholesalers and real estate agents, direct mail to motivated sellers, bandit signs, online marketing, even the MLS you can find deals.
4. Is my market too competitive and does it work in my market? Every market has real estate investors period. To be successful as a real estate investor you should try to improve your marketing and deal making instead of trying to find the least competitive house flipping market.
5. Should you buy a real estate course? If you are getting started in real estate investing I think you should get a mentor or pay for a course. It will give you an advantage in the business if you actually take action. I had a real estate mentor, joined a course, and tried to read as many books as possible.
6. Is house flipping illegal? I am not a lawyer and not giving legal advice but no house flipping is not illegal. There is nothing illegal about investing in real estate however you can do any business illegally so always check with your lawyer or organization if you have any questions.
7. How fast do you get paid in real estate investing? You can get paid as a real estate investor in as little as two weeks for a whole real estate deal and as much as 6-12 months on a rehab deal.
8. What neighborhood should I invest in? For me, all I care about are the numbers. So long as the numbers work I will do a deal in any type of neighborhood. House flipping works in bad neighborhoods and great neighborhoods you just have to run your numbers.
9. Does the economy matter? If you are a short term real estate investor doing flips then the economy does not matter so long as you are evaluating your deals correctly using the 70% MAO formula. This real estate investing formula builds in enough forgiveness to still make a profit.
10. Is real estate investing risky? Any type of investing is risky however in my opinion is in not that risky if you know what you are doing. The way I make it less risky is that I have real estate mentors and get educated and I get so many leads that I cherry pick the best real estate deals.
Lastly, you do not need experience to start real estate investing. All you need to do is start marketing and start running numbers on your deals and being picky about what you choose to purchase.
If you purchase anything through a link anywhere in this video or in the description or comments, you should assume that we have an affiliate relationship with the company providing the product or service that you purchase, and that we may be paid in some way. We recommend that you do your own independent research before purchasing anything. Jeff Leighton is a licensed real estate broker in DC, VA, MD with Partners Real Estate at 145 Church St NW Ste 301, Vienna VA 22180.
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Thank you for watching this video on the top questions I get about investing in real estate.