5 Pieces of advice you would give a 20 year old interested in real estate?

I'm a 20 year old guy who's interested in real estate and I was wondering (to anyone out there who is successful in this business), what are at least 5 pieces of advice you would give a young person who wants to be successful in this business? i.e. things i should be aware of, things that you find are helpful, things i should watch out for...5 Pieces of advice you would give a 20 year old interested in real estate?
1. Be frugal with your money during the good times so you have something to draw from when the cycle cools off.





2. Be persistent. Every successful real estate person that I know will work a deal without much rest until the whole thing is in escrow.





3. Treat everyone well. This means acting courteously to everyone, even if you think they don't have much money to spend. Often, the people who drive the most ordinary cars and wear the plainest clothes are the people who have money in the bank and are willing to spend it on real estate. You will also find that many people who drive expensive cars and wear showy jewelry will often be cash poor.





4. Be disciplined in your conduct. Because many people in the real estate business don't have set hours, they can structure their time any way they please. The successful ones will make sure that they don't get too distracted and will focus on specific goals without letting themselves get off track.





5. Find a good mentor. Get to know someone a little older and more experienced than yourself and learn what are the traits that made them successful. You'll benefit greatly by learning what to do, but you will learn even more about what NOT to do.5 Pieces of advice you would give a 20 year old interested in real estate?
1. Always get a property inspection to check for structural damage and expensive problems with any mechanical/plumbing systems.


2. Do not buy a property planning on getting 12 months of rent paid a year. Plan for vacancies and non-payers. At best, budget 10 months ontime payments a per year.


3. Have enough cash reserves to keep the property in good repair.


4. Don't skimp on insurance, especially commercial liability insurance. One lawsuit can cost you a whole building.


5. If you can't do repairs/remodeling on your own, develop a good relationship with local tradespeople who you can trust.


6. Protect your credit rating and pay your bills on time. Financing is one of your biggest costs, and having a great credit score and good relationship with a bank will help you minimize this cost.
I began my career in real estate 26 years ago...http://ellidavis.com/about/elli-davis





1.regarding your age - cool down. nothing is easy, fast and without risk


2.build your networks - anytime, anywhere. Your social contacts are your power


3.be ready for hard times - you can't expect success within months or even weeks. it takes years to build career.


4. know the market - read quality news, be one (or better) two steps ahead the mass


5. know your neighbourhood. If you want to participate locally (i guess), be aware one neighbourhood can be completely different from another even in the very same town!





bonus: don't get distracted by the other. Once you believe you can do it - go for it!
# 1 now this is a good time to buy


# 2 try to find a good property in a good location and very resonable price


# 3 at this time your credit should be exellent


# 4 put down if you can at least 20 t0 30 % down


# 5 once you buy the property find some one to do all the work for a good price
1. check for termites


2. understand flooding history


3. know crime rate of neighborhood


4. research relative value compared with similar lots


5. check for radon, other dangerous gases


6. don't read ';rich dad, poor dad';
I have been investing in Real Estate for over 25 years. The one piece of advise I give to all my young investors is remember that making money is NOT easy. It is hard work but the rewards are worth it.





I would recommend buying a book called ';Rich Dad Poor Dad'; It changed my life about investing. Not just in real estate.





The tax credit has been extended until April 30 so if you are still a first time home buyer. What a great way to buy a home a get Gov't to pay you up to $8,000





If you are going to buy a home here are 7 red flags to look out for:





In most states, home sellers must disclose any defect they know about that could affect how desirable -- and marketable -- their home is before they sign a purchase contract. Even in the six states that lack a “mandatory seller’s property condition disclosure” (Alabama, Arkansas, Kansas, Vermont, West Virginia and Wyoming), the state’s licensing agency may require real estate agents to tell buyers what they know. In all states, real estate agents who belong to the National Association of Realtors are obligated by their code of ethics to disclose any defects they know about.





But you may have fallen in love with a house, and spent hours preparing a purchase contract, before the disclosures are made. You should always make your purchase contract contingent on a professional home inspection ($300 to $350). Home inspectors could miss hidden problems, however, such as a basement that floods during a downpour.





Poor water pressure. Aside from issues of comfort and convenience, low water flow may indicate plumbing problems, such as corroded pipes that will need to be replaced down the road. Tearing out old plumbing and replacing it with copper pipes can run $2,000 to $15,000 or more in a typical 1,500-square-foot home. A less costly alternative is cross-linked polyethylene (PEX) piping, which unlike rigid copper piping, is flexible and easier to install (approved for potable use in all U.S. model plumbing and mechanical codes, but may not be approved in local building codes).





Among tests you can do: Run water in a bathroom sink and check for weak flow. Flush the toilet while the water is running. Does the faucet flow drop off during the flush? In the bathroom located farthest from the water heater, turn on the hot water. Is there an unduly long delay before the water turns hot?





Ceiling stains. Something’s leaking. If the stain appears beneath a bathroom, odds are the shower is leaking. It may merely need recaulking or regrouting, but it could also require ripping out tile and replacing the shower pan, a much more costly process (about $1,500). Most roof leaks result from neglected flashing that seals “valleys” in the roof or around a chimney or vents (cost to repair: $200 to $500). But roof leaks may also mean it’s time to replace shingles -- at $100 to $350 per 100 square feet for asphalt shingles and $210 to $1,000 for wood shingles.





Troublesome doors. Are the doors hard to close? Do they swing open by themselves or fail to open fully? If you have one bad door, it may simply have been installed incorrectly. But more than one may indicate a serious structural issue, such as a foundation that has settled or framing that is deteriorating. Fixing this problem can require structural and geotechnical engineering reports and thousands of dollars in repairs.





Overloaded electrical outlets or lots of extension cords. Today’s electrical demands may exceed the capacity of homes built as little as a decade ago, says Kuhn. You’ll spend $75 to $250 to have an electrician add a 120-volt outlet to an existing circuit. Or, if the electrical system is very outdated, it may require a new electric panel. A new, 100-amp panel will cost $1,500 to $2,500.





Exterior features that slope toward the home. A porch, patio, driveway or grading that slopes toward the home all but guarantees water in the basement. And that may lead to structural decay, mold and insect infestation. In the basement, a musty smell may indicate previous flooding or ongoing moisture problems. Check the walls for stains, dark or light, which are tell-tale signs that water has penetrated the walls.





Solving the problem may be as simple and cheap as adding gutter extensions or regrading soil away from the home, or it could require thousands of dollars to excavate and build drains. Some homes may require exterior drains (one at the bottom of a sloped driveway, for example) as well as buried drains.





The rest are at the attached link:





http://fullsailmort7redflags.blogspot.com/





Four more reason that the recession is good for you:





Why the recession rocks





1. You can get a deal on a home. Median home prices have dropped about 25% since 2006, with some metro areas seeing values drop more than 50%, according to the National Association of Realtors. That's not great news if you bought a home in the market's heyday, but the slump is welcome relief if you've been longing to buy your firs