In addition to the frequently asked questions already listed, there are some questions that people should ask before they get into real estate investing but don’t, simply because they don’t know enough about the industry to even think to ask those questions. We list some of those investing questions below.
What’s a real estate bird dog?
A bird dog is someone who helps find investment properties for a real estate investor. If the investor ends up purchasing the property, the bird dog gets a commission, typically around $500. In some cases, the bird dog may actually just purchase the contract to buy the property, and then sell that contract to a real estate investor for up to $5,000. Being a real estate bird dog is a great, low-risk way to get into real estate investing and learn the industry while making a little money.
What type of real estate should I invest in?
Many people don’t realize how many options there are when it comes to investing in real estate. Thanks to reality TV shows, when many people hear the term real estate investing they think it means flipping houses. The reality is this is just one way to make money in real estate. Other niches include investing in land, small apartments, mobile homes, or even buying and selling notes. The answer to the question of what type of real estate you should invest in depends on what skills you bring to the table and how much time and money you have. If you are just starting out and have little or no money, investing in single-family homes is one of the easiest ways to begin, and that’s what our training programs focus on.
What should I look for in a good training or mentoring program for real estate investors?
There are many real estate gurus offering training or mentoring programs for new investors, but not all are created equal. Before you pay a dime for a training program, ask yourself these questions:
- 1. Does this program provide more value than simply providing information I can get for free with a little bit of searching (as our programs do)?
- Is the program focused on the type of real estate investing that I want to learn (flipping single-family properties in the case of our programs)?
- Does the instructor teaching the course have good knowledge about the local market where I will be investing? (Rich Lennon is from the Richmond area and knows the market very well.)
- Does the program involve personal, hands-on training in a classroom environment, vs just giving you recorded lessons and access to an on-line forum? (Our programs do.)
- Will the course teach me responsible, respectful real estate investing vs teaching me how to take advantage of people who don’t know any better? (Our programs will.)
If the answer to all of these questions is yes, it’s probably a good program to take a closer look at.
Where can I go to learn more about real estate investing?
There is a wealth of information about investing available from books, blogs, podcasts, and other sources. Check out the additional resources section of this guide for a list to get you started.