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Real Estate 101
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Interested in investing in real estate, but don't know where to begin? In part 1 of Empress' Real Estate 101 series, we will provide you with the very first steps to getting started in real estate. Empress had the opportunity to sit down with a well versed real estate investor who has been in the business of buying houses for more than 30 years. Starting out on a school teacher's salary 30 years ago with nothing but determination and a strong desire to make a better life for herself and her children, Dora Atkinson has become very successful in real estate investment. Empress spoke with Dora to gain some insight on getting started in real estate as she explains how success in the business can be possible for anyone. Empress: How did you start out in real estate? Dora: I started out in real estate around 30 years ago. I was working as a school teacher and was saving every extra penny I had. I lived below my means by shopping smart and controlling any impulse buying. I eventually had enough to invest in a fixer up property in my neighborhood. It was a really good buy at a cheap price but it needed some work. I was able to fix the house up and resell it for twice its value. You have to have a vision in real estate to be really successful. I trained my eye to spot the hidden gem that others were overlooking. Empress: What made you choose real estate as a method to make money? Dora: I realized that if I wanted to live comfortably and provide a stable future for my children, I either would have to marry someone rich or get into real estate. The latter choice was obviously better. I needed to make my money work for me so I decided I would start investing it. The next decision was if I should invest my money into the stock market or buy property, I chose the property .The real estate market is much more stable than the stock market. I know people who have lost thousands of dollars in the stock market and I know people who have lost houses due to failed real estate deals. The difference between the two is that you have less control in the stock market. The stock market fluctuates at any given time while real estate deals mostly fail because of your own actions. I rather have input on how my money works for me. Empress: What are the very first steps someone can take to get started in the real estate? Dora: Talk to as much people as you can who have experience in investing in properties. That way you learn the ins and outs of the market from a veteran without actually taking on the risk first hand.Go to open houses in your area and look in the real estate ads in the newspaper. Even though you might not be ready to buy a house just yet, the more you practice and the more houses you see trains your brain to have the "vision" for real estate. Begin to save if you haven't already with the goal of saving up enough money for a down payment. It might seem impossible, but it's not. You have to start somewhere. Empress: What books do you suggest for learning more about real estate? Dora: I definitely recommend reading books on real estate but other good subjects include visualization books for success, and self help books. end |
Get More Real Estate Advice: www.realestatejournal.com Various Shows on HGTV Flip This House On A&E: Click Here |
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