In Business Since 2001 We accept Paypal
Home Article Directory
More from Bill Platt
"Bill Platt for Book Authors" Youtube Channel
Training for Book Authors
Other Resources for Book Authors & Publishers
FictionPlots.com (350+ Plots & counting)
Please Support Our Advertisers

 
D9 Hosting


Buying Your First Investment Property

Copyright (c) 2007-2023

1. Begin with the End In Mind...

I first read the phrase "Begin with the end in mind" in a Steven Covey book called "The 7 Habits of Highly Effective People". This expression makes a lot of sense because the fact is, you can't get where you're going, unless you know where you want to go.

Most new investors understand that real estate is an investment vehicle that makes sense. We all know that many fortunes have been built with real estate. But when you are first getting started, all the available information can be very confusing. I often receive emails asking "what strategies should I use?" or "Where should I look to find deals?".

One reason these issues are so difficult to understand and sort out when you are new to the investing game is that the answer to the question can be different for every individual.

Seminars must package information in a "one-size-fits-all" course. Since each individual investor has different needs, this inevitably leaves unanswered questions. Simply put, each person has their own individual situation with regard to credit, income, employment, assets, etc. All of these factors can affect your investing choices and objectives.

Adding to "newbie confusion" is the sheer number of strategies. Should I own rental property? Should I fix up and resell? How about Options? Or, how about buying tax leins? There are so many choices, how is one to know what to do when just starting out?

Like any trip, you start out by deciding where you want to go. Once the destination has been chosen, you figure out the best way to get there. It sounds simple and it is, but that one act of making plans from the "end to the beginning" will cause you to focus more effectively.

Many of the most successful and wealthy investors I know, built their fortunes with rental property. Some of them own hundreds of houses and apartments. Some of them own commercial properties like gas stations, storage facilities, or office buildings. They each had the same destination in mind, cash flow from rental income, but two drastically different ways of getting there.

Frankly, most of the really successful investors are very patient men and women who build their portfolios slowly over a number of years. They are cautious and prudent, buying only when they know the deal is a good one.

Let's say that your ultimate objective is to achieve $5,000 per month passive income from rental property. Now, think of that objective as if it were a city on a road map.

Most cities have a number of different roads you can take to get downtown. It is the same way with your investing. Different people will arrive at the same destination, each one using a slightly different route to get there.

Once you decide where you want to go, your route to your destination will be determined by your financing options.

If you have great credit, income for which you receive a W-2 statement, and lots of cash for a down payment, your financing options will allow you to take virtually any road you wish. The fact is, good credit and cash will get you where you want to go a lot faster. But it's not the only way.

If you are credit challenged, self-employed, or lack cash for down payments, your ultimate destination can be the same, but you will need a different route to get there.

Your financing options determine the route you have to take to get to your destination. In essence, the answer to getting started is find out what kind of financing you can get, and then find deals that work with your available financing options.

If you can't get any kind of financing at all, you can still buy deals where the seller will agree to finance the deal, or some scenario where financing is provided without you having to qualify.

If you have decent credit but no cash, there are investor loans with low down payments, that may make it easier for you to get in with little cash.

If you have great credit and cash - hop on the expressway. Look for any good deal, since you can get a loan at excellent rates, in addition to taking advantage of any good seller financing deals that come your way. You have the most options for getting to your destination.

No matter where you start from, you can still wind up at the same destination, and achieve the same objective.

Step One : Decide where you want to go. Then, get with a good lender to find out which roads you will be able to take. Even if you have to start out on the "no cash, no credit" back roads, remember that sooner or later, if you keep driving, you will find an access ramp to the expressway.


About The Author: Shop Amazon - Top Gift Ideas
Donna Robinson is a real estate agent, market analyst and the Training Director for The Real Estate Arena. This article is one example of the quality information you will receive when you join TREA. For more information go to http://www.therealestatearena.com/ad.aspx?i=rtcl

VOTE ON THIS ARTICLE
Needs Work >> 0 - 1 - 2 - 3 - 4 - 5 << Excellent Article

Tell our authors what you think about their article.



Top-Level Category: Real Estate Articles || Related Categories: Shopping Articles

10 Most Recent Articles Written by Donna Robinson

How To Pick An Investing Strategy That Will Work
Written by: Donna Robinson | Distributed: 2007-03-21 | Word Count: 933 | Page Views: 3617 | Votes: 7 | Rating: 2.43
I often get email from investors asking me how they can tell which real estate investing strategy is ideal for their market. From the perspective of a new investor it can often be difficult to decide what particular strategy you should use in a given area.

Is There A Perfect Storm Brewing For Single Family?
Written by: Donna Robinson | Distributed: 2007-03-19 | Word Count: 921 | Page Views: 4013 | Votes: 14 | Rating: 2.07
A glut of new construction combined with higher than normal resale inventory, plus a sharp increase in foreclosures is leading to massive oversupplies of single family housing in most areas of the country.

Check The Appraisal Carefully To Avoid Being A Fraud Victim
Written by: Donna Robinson | Distributed: 2007-03-15 | Word Count: 893 | Page Views: 3682 | Votes: 7 | Rating: 2.14
There is a type of fraud in which an unsuspecting Real Estate investor believes he is buying a property worth a certain amount, when in reality the property is worth much less. This places the investor in a hopelessly upside down situation, owing more money than the property will ever be worth.

Are You Suffering From Anemic Profitosis?
Written by: Donna Robinson | Distributed: 2007-03-09 | Word Count: 794 | Page Views: 4265 | Votes: 8 | Rating: 2.38
Is your investment income looking a bit pale and fatigued? Do you become nauseated at the site of your profit and loss statement? Are you itching to sell properties that are losing money? Chances are you're suffering from a lingering case of anemic profitosis.

Back To The Future... Get Ready Now, Changes Are Coming
Written by: Donna Robinson | Distributed: 2007-03-08 | Word Count: 913 | Page Views: 3897 | Votes: 10 | Rating: 1.30
Being debt free, or having a very low debt to income ratio is the best way to protect yourself in an unpredictable and volatile world.

Flipping, Retailing, Leasing, Options, Short Sales? Confused By All The Strategies Out There? I Was Too!
Written by: Donna Robinson | Distributed: 2007-03-02 | Word Count: 1011 | Page Views: 4757 | Votes: 16 | Rating: 2.63
Many programs, seminars and boot camps on real estate teach a specific step-by-step strategy in an attempt to help newbie's learn how to become a real estate investor. I have taken such strategy based classes, and have taught them too.

3 Classic No Down Payment Strategies
Written by: Donna Robinson | Distributed: 2007-03-02 | Word Count: 1114 | Page Views: 4696 | Votes: 8 | Rating: 1.63
Everyone has heard a story or read about someone who bought a property without paying a single dime as a down payment. But how does this work? There are several * classic * methods commonly used to purchase real estate with no money down. There are an infinite variety of situations in a real estate transaction that could lead to a deal with no down payment. But for the sake of reality, I will focus on those that are most commonly seen in the current market.

All of Author's Articles on this site:

Most Recent "Real Estate" Articles

Amendments to Construction Lien Law in New Jersey
Written by: Steven Nudelman, Esq | Distributed: 2011-07-25 | Word Count: 1136 | Page Views: 5834 | Votes: 5 | Rating: 0.40
Based on a report issued by the New Jersey Law Revision Commision, a revision to the Construction Lien Law was signed by Governor Christie in January, 2011.

Saving Time and Money Working with a Real Estate Buyer's Agent
Written by: Darrell Self | Distributed: 2010-05-06 | Word Count: 926 | Page Views: 4117 | Votes: 6 | Rating: 0.83
Consumers interested in residential real estate too often make the mistake of answering a "homes for sale" ad rather than carefully hiring a buyer's agent to protect their interests and to help them make the best purchase for their needs, tastes, and finances.

How To Buy Real Estate in Mexico
Written by: Fernanda Rodriguez | Distributed: 2009-10-15 | Word Count: 1059 | Page Views: 4398 | Votes: 10 | Rating: 2.50
Buying property in Mexico has become more popular every year. Whether you would like to purchase a vacation home or are planning on retiring there, owning real estate in Mexico is easy and safe. With its incredible natural resources, rapidly improving economy and modern facilities and infrastructure, Mexico is the place to make your dream home a reality. This article will answer most of your questions about buying real estate in Mexico.

Tips About Vacation Villas In Chianti, Tuscany
Written by: Teresa Cambi | Distributed: 2009-10-15 | Word Count: 512 | Page Views: 3600 | Votes: 8 | Rating: 2.25
Travelers who enjoy wine, food, beautiful scenery and a relaxed pace will love Chianti. Not only is the region home to its namesake wine which is one of the most beloved and popular wines in the world, but it is also home to some of the most characteristic farmhouses and villas in Tuscany.

Find The Right Property For Sale In Tuscany
Written by: Alice Migliorini | Distributed: 2009-10-14 | Word Count: 529 | Page Views: 3696 | Votes: 11 | Rating: 2.36
All the basics as far as real estate are essentially the same. If you are buying a condo in Miami or a property in the rolling hills of Tuscany you follow the same road. The road just meanders a little bit more when you deal with purchasing a house in Italy rather than the US.

Sarasota Florida: Top Ten Reasons to Visit in 2009
Written by: John C Allen | Distributed: 2009-08-04 | Word Count: 877 | Page Views: 4951 | Votes: 20 | Rating: 2.30
An abundance of visitors from around the world visit Sarasota each year to enjoy all of the amenities this small city on the Gulf Coast of Florida has to offer. Each year, Sarasota's warm climate attracts "snowbirds" down to the Sunshine State for its high season from January through March. Visitors and residents alike enjoy the city's internationally recognized cultural amenities matching those of the nation's largest cities. A world-class destination, Sarasota, Florida has many reasons to live, work and play in this gorgeous coastal setting.

Longboat Key Florida: How to Make the Most of Your Visit
Written by: John C Allen | Distributed: 2009-07-30 | Word Count: 625 | Page Views: 5024 | Votes: 19 | Rating: 2.63
Longboat Key Florida is an 11-mile long island that borders the Gulf of Mexico to its west and the calm waters of Sarasota Bay on to its east. The 8,000 permanent residents of Longboat Key live in a variety of residential styles from condominiums, townhouses, small single-family homes to luxury waterfront estates. While providing activities such as beachcombing, walking, swimming and fishing, the Key is manicured and secluded allowing a relaxing lifestyle. Longboat Key is known throughout the world for its outstanding beaches, sweeping water views, excellent dining, great weather, luxury lifestyles and don't forget the sensational sunsets.

Lake Toxaway Homes for Sale - Your Dream Home Away From It All
Written by: Alan Nilen | Distributed: 2009-04-30 | Word Count: 472 | Page Views: 3661 | Votes: 6 | Rating: 3.17
Lake Toxaway NC provides quiet living away from it all, with natural beauty wherever you look. It's the perfect place to live, to retire, or just to own that summer home that takes you away from the hustle of your busy life.

Buying Property In Italy On The Cheap
Written by: Fabrizio Giglioli | Distributed: 2009-02-24 | Word Count: 511 | Page Views: 5184 | Votes: 9 | Rating: 2.11
An Italian property expert offers invaluable tips on where to buy the cheapest properties in Tuscany.

Home Financing in a Foreclosure-Heavy Market
Written by: Cory Shrader | Distributed: 2009-02-24 | Word Count: 936 | Page Views: 4179 | Votes: 17 | Rating: 2.47
Getting a home loan from a bank is becoming more difficult with each passing day in today's home marketplace. But, what if you have a good deposit now and you need a home now, not five years down the line or whenever the housing market picks back up? Do you have any options? In short, yes.

Most Viewed "Real Estate" Articles

FHA Loans- Affordability Solutions for First Time Homebuyers
Written by: Jared Martin | Distributed: 2008-06-05 | Word Count: 1131 | Page Views: 9023 | Votes: 29 | Rating: 3.10
This article discusses the features of the FHA loan, both good and bad, and presents the circumstances under which it’s a beneficial program to the homebuyer.

Understanding The Due On Sale Clause On Your Home Mortgage
Written by: Cory Shrader | Distributed: 2009-02-04 | Word Count: 1835 | Page Views: 7975 | Votes: 25 | Rating: 3.20
The Due On Sale Clause is among the most frequently misunderstood and most-feared legal terms in American contractual law. In this article, we are going to take a look at what it is, what it is not, and how to avoid violating it.

Is Downtown Condo Living For You?
Written by: Lynn MacKenzie | Distributed: 2008-02-22 | Word Count: 462 | Page Views: 6367 | Votes: 10 | Rating: 1.70
In the last year there has been an increase in the number of buyers moving into downtown condominiums. With the closeness of amenities and affordable prices it's easy to understand why buyers want to live in a condo for sale in Calgary. Many buyers see condo living as an attractive option because of the traffic congestion nightmares, the longer commuting times and the ever increasing construction of the Calgary roads.

Residential Builders Need to Re-create the Leave it to Beaver Lifestyle
Written by: Catherine Wilson | Distributed: 2006-07-31 | Word Count: 566 | Page Views: 6077 | Votes: 21 | Rating: 2.62
Do you ever wonder where the neighborhoods went that held the picket fences, window boxes brimming with flowers, uniquely designed houses, sidewalks, canopied streets shaded with 100 year old oak trees, front porches, swings and homes placed close enough so that neighbors can be neighbors? In our fast paced, electronic, motorized world a simpler way of live is one that many desire.

Finding Irish Castles for Sale
Written by: Patricia G. McKinney-Lins | Distributed: 2009-01-20 | Word Count: 635 | Page Views: 5853 | Votes: 19 | Rating: 2.11
It is possible to find an Irish castle for sale. If you are determined, patient, and have the resources, you can buy a castle in Ireland. If you do the research and are committed to the project, you can own a very special property!

Amendments to Construction Lien Law in New Jersey
Written by: Steven Nudelman, Esq | Distributed: 2011-07-25 | Word Count: 1136 | Page Views: 5834 | Votes: 5 | Rating: 0.40
Based on a report issued by the New Jersey Law Revision Commision, a revision to the Construction Lien Law was signed by Governor Christie in January, 2011.

Buying And Selling a Home During a Credit Crunch
Written by: Cory Shrader | Distributed: 2009-01-27 | Word Count: 1580 | Page Views: 5736 | Votes: 15 | Rating: 2.07
As President Obama is taking office, many people who had hoped to buy a home in 2008 or 2009 are stressing as to whether a bank will be found, which will finance a home purchase.

Is Renting Better Than Buying, In This Economy?
Written by: Mark Felder | Distributed: 2006-07-19 | Word Count: 315 | Page Views: 5316 | Votes: 10 | Rating: 1.80
With the real estate market changing dramatically in the past few years and some regional markets more than doubling in property value, is it a good time to buy property? Consider the factors: real estate has increased in value while interest rates have dropped to record lows.

Ten Questions to Ask Your Realtor When Buying a Home
Written by: Craig Elliott | Distributed: 2007-10-10 | Word Count: 619 | Page Views: 5217 | Votes: 10 | Rating: 1.50
When buying a home, the questions you ask your realtor are crucial. Your realtor is assisting you with an important financial matter, so you need to be sure that the decision is in your best interest. The following are ten questions you should be asking as you are working with a realtor or before you hire them to assist you.

Buying Property In Italy On The Cheap
Written by: Fabrizio Giglioli | Distributed: 2009-02-24 | Word Count: 511 | Page Views: 5184 | Votes: 9 | Rating: 2.11
An Italian property expert offers invaluable tips on where to buy the cheapest properties in Tuscany.

Highest Ranked "Real Estate" Articles

Why Parties Engage in Real Estate Litigation
Written by: Austen Koberstein | Distributed: 2007-01-09 | Word Count: 712 | Page Views: 4433 | Votes: 8 | Rating: 3.25
Owning a home is a big part of the American Dream. For many people, this will be their ultimate investment. Therefore, it is no wonder that homeowners do not blink twice when it comes to protecting their most valuable possession. These days, real estate litigation is to the property owner, what the mamma bear is to her cub.

Understanding The Due On Sale Clause On Your Home Mortgage
Written by: Cory Shrader | Distributed: 2009-02-04 | Word Count: 1835 | Page Views: 7975 | Votes: 25 | Rating: 3.20
The Due On Sale Clause is among the most frequently misunderstood and most-feared legal terms in American contractual law. In this article, we are going to take a look at what it is, what it is not, and how to avoid violating it.

Lake Toxaway Homes for Sale - Your Dream Home Away From It All
Written by: Alan Nilen | Distributed: 2009-04-30 | Word Count: 472 | Page Views: 3661 | Votes: 6 | Rating: 3.17
Lake Toxaway NC provides quiet living away from it all, with natural beauty wherever you look. It's the perfect place to live, to retire, or just to own that summer home that takes you away from the hustle of your busy life.

FHA Loans- Affordability Solutions for First Time Homebuyers
Written by: Jared Martin | Distributed: 2008-06-05 | Word Count: 1131 | Page Views: 9023 | Votes: 29 | Rating: 3.10
This article discusses the features of the FHA loan, both good and bad, and presents the circumstances under which it’s a beneficial program to the homebuyer.

Las Vegas Real Estate: High Stakes or High Gains?
Written by: Mark Felder | Distributed: 2006-08-09 | Word Count: 243 | Page Views: 4170 | Votes: 12 | Rating: 2.92
Las Vegas Real Estate has certainly become a buyer's market in recent months, especially for condominiums. Real estate investors grabbed property at just about any cost during the real estate boom this past year, boosting prices 137 percent over 2000 levels, states USA Today's Noelle Knox...

Real Estate Investing: Real Estate - The Hidden Investment
Written by: Robert Wade | Distributed: 2006-07-07 | Word Count: 303 | Page Views: 3985 | Votes: 17 | Rating: 2.88
With REITs and 1031 Exchanges, real estate investing can be confusing landscape. But It's also a fun and challenging opportunity. What exactly is it, and why has it made so many millionaires in this latest boom?

Closing on Your Home
Written by: Clint Wooley | Distributed: 2007-01-08 | Word Count: 430 | Page Views: 4300 | Votes: 18 | Rating: 2.83
The closing process of purchasing a home can be one of the most confusing parts. This article is an attempt to help first time home buyers understand the basics of the process to settle fears and anxieties about the process.

Longboat Key Florida: How to Make the Most of Your Visit
Written by: John C Allen | Distributed: 2009-07-30 | Word Count: 625 | Page Views: 5024 | Votes: 19 | Rating: 2.63
Longboat Key Florida is an 11-mile long island that borders the Gulf of Mexico to its west and the calm waters of Sarasota Bay on to its east. The 8,000 permanent residents of Longboat Key live in a variety of residential styles from condominiums, townhouses, small single-family homes to luxury waterfront estates. While providing activities such as beachcombing, walking, swimming and fishing, the Key is manicured and secluded allowing a relaxing lifestyle. Longboat Key is known throughout the world for its outstanding beaches, sweeping water views, excellent dining, great weather, luxury lifestyles and don't forget the sensational sunsets.

Residential Builders Need to Re-create the Leave it to Beaver Lifestyle
Written by: Catherine Wilson | Distributed: 2006-07-31 | Word Count: 566 | Page Views: 6077 | Votes: 21 | Rating: 2.62
Do you ever wonder where the neighborhoods went that held the picket fences, window boxes brimming with flowers, uniquely designed houses, sidewalks, canopied streets shaded with 100 year old oak trees, front porches, swings and homes placed close enough so that neighbors can be neighbors? In our fast paced, electronic, motorized world a simpler way of live is one that many desire.

How You Can Benefit from All The Foreclosures
Written by: Bob Johnston | Distributed: 2008-11-05 | Word Count: 957 | Page Views: 3806 | Votes: 13 | Rating: 2.54
Foreclosures are at an all time high and people are getting scared. One look at the markets over the last few weeks will tell you the tale. Is it possible that a person could actually prosper in times like these? Are there opportunities in the foreclosure market that we are missing? It is possible; there have been many people who started their fortunes during tough economic times.











Download an eBook today
 
Directory Navigation
Locate By Category:

ALL Categories
Arts & Crafts
Arts & Entertainment
Automotive
Business - Offline
Business - Online
Career
Computers
Education
Family
Finance
Food & Drink
Health & Wellness
Home & Garden
Humor
Internet
Nature & Pets
Real Estate
Religion
Self Improvement
Shopping
Society
Sports & Recreation
Technology
Travel & Leisure
Uncategorized
World Events
Writing & Speaking

Change Number of Results:
50 - 100 - 200 - 500
Article Reprint Rights
Creative Commons License

This work is
licensed under a
Creative Commons
License


You are not required to show the creative commons license notice when you reprint this work.
Article Statistics
Word Count: 812

Total Views: 3738

Article Rating: 1.92 of 5
Votes Cast: 12

More Articles By Author:



Last Distribution Date:
2007-03-13 11:49:00

Internal ID: #4529





All Articles are Copyright © 2001-2023 of the Defined Authors.

All other material and images on this site are:
Copyright © 2001-2023, ThePhantomWriters.com