For your piece of mind, your investors, and the lender's, please know how you are going to get your money back, along with everyone else's!
When I look at any real estate investment, I always start by asking how am I going to get out of the deal. You may have the greatest idea in the world for buying, building, or converting something, but with no clear way to get your capital along with a lender's capital back, you will never attract anyone to the deal!
TIP When I look at any real estate investment, I always start by asking how am I going to get out of the deal.
It does not matter how talented you think you are, you need to surround yourself with a very good team! As I pointed out earlier, my father really jumped in and became my team when it came down to actually buying something.
Try to sit down and put together a list of people to hire to help you execute your business plan. Here's the short list:
Real Estate Broker Appraiser Property Manager Mortgage Broker
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This book makes it easy to not only buy a home, but figure out everything that you need to do, even get a loan. In simple and easy to understand language, it talks about where you should buy a home, what to look for in a home, how to find a home, how to get an agent, how to get a mortgage and more. This is a step by step process that you, a new home buyer, can use to purchase a home.