Monday, August 22, 2005

My initial/immediate Real Estate goals

I've decided I'm going to start with Assignments - that is, I'm going to hunt down deals for private investors according to what they're looking for, and I'm going to pass off the deal to them, getting an assignment fee for my efforts. From there, the private investors will have to deal with securing funds, closing the deal and selling the property, but that won't be my responsibility initially.

I don't expect that I'll be doing too many Assignments before I feel confident enough to do the whole thing myself, but it's a mental place to start that gives me boundaries to work within and goals to acheive and still offers enough $$ value to more than pay for my legwork time.

There are other things I've started in motion as part of making this decision and actually moving forward with it:

  • I have gotten back into contact with our 'financial guy' (I really DO have to find out what he prefers to call himself and then call him that) and am asking to set up our next in-person meeting within the next week or so, so we can discuss questions I have about the finance tracking I'm doing in Simply Accounting, plus answering my beginning questions about how to do things correctly within my real estate business entity. Also, I'm going to see if he knows anyone who deals specifically with real estate financials who I might be able to work with for RE-specific things. Last time Gil and I met was just over a month ago so we have a lot to talk about.
  • I've contacted a couple of my fellow students from the Robert Allen course and let them know my intentions to be available for Assignments, and I'm setting up "coffee dates" over the next two weeks to chat with them about their goals and see if I can fit in with them, and if nothing else, chat with them on a semi-regular basis to keep in contact with like-minded people.
  • I'm getting my non-blog website updated in the back end so I can expand the site to include my Investing hobbies. This site already has content which is well-indexed in search engines and has a growing number of sites linked to it, so increasing traffic should be easier than if I started up a new site.
  • I'm going to get back into Microsoft Access to start to Db the various bits of information I have - names, contact numbers, house information, etc.
  • I've looked around for a local real estate investment club but I can't find one online. Joel (passive income buddy) wants to check out some Investment clubs in general, so perhaps we'll do that and I'll see if there's any inside information about clubs that already exist. Otherwise, perhaps I'll see if I can find someone to go in on running one with me.
  • I called the CMHC and got them to fax me a form that lets me get notified when they're selling property that was foreclosed on in my area, I'll get that back to them and then that'll be another resource to refer to in my hunts.

So far so good. Over the next two weeks I see myself meeting with many many people, having many many conversations, and I should be already in the process of looking for deals for those investors that are willing to back good deals I may find. I am looking forward to moving forward with this.

Jill

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