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Old Dawg's REI Network with Bill Manassero

Welcome to the Old Dawg's REI Network where cash flow is king, real estate investing the means, so you can enjoy your retirement dreams! Your host is Bill Manassero who started investing in real estate at the youthful age of 58 years. In this show, he will share his real-life successes and blunders as he seeks his quest to acquire 1,000 doors/units in 6 years. This podcast is a fun, information-packed program that features knowledgeable, engaging guests who will provide practical and easy-to-understand tips on how to succeed in real estate investing. Geared toward 50plusers who are approaching retirement or already there, each episode addresses real estate investing in light of the challenges of retirement living and fixed incomes. Emphasis is on immediate cash flow, short-term strategies, passive income infrastructures and building a legacy for your family’s future. The show guests will include actual real estate investors, as well as industry experts, who share tips on how real estate investing is a viable means for generating additional retirement income now. You’ll hear from real investors doing real deals, making real money and building real wealth in the "perfect storm" of today's real estate arena. Whether you're a beginner, intermediate or advance investor, you'll learn not only the real world knowledge and skills you need today, but also the mindset necessary to grow your real estate portfolio at your pace -- to meet your investment goals. No hype, no sales pitches. Just the information, skills, mindset and insight that will help you succeed. To enjoy podcast episodes not shown here, visit http://www.olddawgsreinetwork.com.
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Jun 17, 2016

Getting started in real estate investing is easier than you think.  In this Fun Facts Friday, Bill outlines the 4 simple steps to becoming a real estate investor.  Once you learn and follow these 4 steps you can look forward to a successful and prosperous retirement.  For more information go to olddawgsreinetwork.com.

 

Today’s topic is “How to Get Started in Real Estate Investing.”

I know that seems like a topic that would take more than 5-10 minutes but not really.  I break it down to FOUR MAIN ACTIONS TO TAKE:

  1. Education
  2. Mentorship
  3. Planning
  4. Action!

EDUCATION is of critical importance!  The more you know the less likely it will be that you will make major mistakes.  Now, let’s be real, you will make mistakes!  All of us do.  But you can reduce the number of casualties.

FREE STUFF!

You can literally obtain TONS of free real estate investing  information

WARNING!  Many – Most of the people providing this info have something to sell.  Lock up your credit cards before launching into this step.  These guys & gals are excellent salespersons.  And that’s OK.  They’re just trying to make a living.  But it is very easy, if you’re not careful, to spend thousands of dolars on products, programs. Etc. and before you know it, you have nothing left to spend on properties.

  • Go to the Library - Read books– Have my personal Top 20 Real Estate Investing Books on our website at “olddawgsreinetwork.com/
  • First book – I recommend Rich Dad Poor Dad because it helps set a mindset and prepares you to think like and investor. Cashflow Quadrant is good too
  • Next book needs to talk specifics
  • Next Book depends on what you want to buy – houses, duplexes/tris/quads or larger apartments
  • com
  • eBooks
    • QUICK TIP! Buy a cheap printer.  The best would be an HP Laser printer.  This type has a large cartridge and it’s made for large quantities.
  • Blogs -
  • Articles
  • audio books
  • Special reports
  • Podcasts
  • Watch Real Estate Investing videos on YouTube
  • Join a Webinar
  • Attend Seminars
  • START RESEARCHING PROPERTIES

MENTORSHIP

  • Where to find a mentor
    • Make some business cards
    • Prepare your elevator pitch
    • Start attending REI meetings or other real estate meet-ups
    • If there are none around you, start your own
    • Offer to work for free in the office of a real estate investor in exchange for training
  • Should you pay a guru?

MAKE A PLAN

  • Work on this with your mentor if you can
  • Don’t worry -- it can and WILL change and evolve as you move forward but at least you will have a direction best for you
  • Do I want to but local?
  • Do I want to buy houses?
  • Do I want to buy small multis? (I recommend the first being a duplex, triplex or quad)
  • Where will the money come from?
    • Savings
    • IRA/Self-Directed IRA
    • Cash-out Re-Fi on personal home
  • How much do you have to invest
  • No money? Try no-money down techniques
  • Do the math

ACTION - JUST DO IT!

  • Determine how
  • Set the money in a liquid account (if possible)
  • Start searching for properties
  • MAKE THE PURCHASE!

Check out our other podcasts at olddawgsreinetwork.com.

Get a copy of our free 3-Minute Rental Property Analyzer at olddawgsreinetwork.com.

Episode Sponsor: Meno Studio - menostudio777@gmail.com

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