I’m a beginning real estate investor, and would like to know of resources (i.e. books/people/internet) where i can get info on buying houses for resale and for rentals. But just want to gather information that will keep me from making costly mistakes and avoid pitfalls.

This question is echoed by many people across the country that are looking for the doorway that leads them out and onto the path of real estate investing.  But that door is hidden and often times locked or at least damn sticky.

#1 Piece of advice for new real estate investors – Don’t get suckered!

When you are just starting out, everyone and their cousin wants to sell you the secret to this and that.  Everyone has a path to fortune in just minutes a week.  What?  You a bridge to sell me too? 

There are no secret formulas to real estate investing!

I am sure I am going to tick off all the ‘Gurus’ with that statement, but it is true.  No Guru has a secret formula, there is no magic website that has direct and secret access to buyers who are giving away homes.

Guru real estate trainers have one agenda; that is to give you enough information each time to keep you coming back and buying more, hoping the secret to making a fortune is right around the corner.  They have all made their money doing various things and are now just leveraging that to make even more money.  Honestly, do you think Donald Trump has ever done a short sale on a single family home?  I bet not!

So rule #1 is avoid the so called gurus and the hucksters and the websites with golden promises.  What you need grasshopper will not be found there.  Take your time and start reading articles on sites like  Bigger Pockets where other real estate investors hang out.  There is plenty of information to get started with there. 

If you want to get some books on real estate investing then just be sure that they are recently published.  The world of real estate investing is constantly changing and while a book may have been a great resource for hot strategies 5 years ago, now it is out of date.  Books can give you some good background info on the business and highlight the big principles, but they are just the start of a foundation.  You wouldn’t want to go to a doctor that had only read the course manuals would you?

Next time we will go over my #2 piece of advice for would be real estate investors; Picking Your Poison.

Question: Where are the funding sources for lending products?
Answer: Lending products for successful real estate syndications are available through all of the traditional channels. Banks and real estate lenders are the best providers for these products, but depending on the circumstances, and depending on the nature of the collateral, hard-money lenders might be the way to go. There are many hedge funds in New York and in other places that have tremendous pools of capital that are available for you to tap into. If you do not know how to access these pools, I’m happy to make introductions and recommendations. However, I reserve these for people whom I know well, and for people who come through my programs, because these are prized contacts that I do not want to waste on people who are under-prepared to speak with them in the most sophisticated way.

Question: Where do you get investors?
Answer: This is the hardest part of the real estate game. If you don’t have investors, no matter how great the real estate is that you find, you are going to have a difficult time getting the job done. The best way to accumulate investors is to start small, deal with people you know, and grow your investment opportunities as you succeed and begin to develop an investor pool. There really is a lot of money out in the marketplace, and if you have a great deal, there is always somebody who has the money to fund it. You may have to partner or you may have to share, but the money is out there. So, you never really have to worry that you are going to pass up an opportunity. If you find such an opportunity, call my office and we will talk to you about how to get the job done.

Joel began his career as a CPA with the prestigious firm of Price Waterhouse. During his time with the company’s Entrepreneurial Services Group, Joel immersed himself in the real estate syndication business. After reviewing hundreds of partnership agreements and preparing as many tax returns, he left Price Waterhouse in 1986 to start his own syndication firm, raising several million dollars in three short years. By 1990, Joel had built a property management firm of more than 40 employees with a portfolio exceeding $100 million. Joel continues to syndicate real estate and other assets, as well as counseling other promoters on successful syndication strategies. He is also involved in film financing and invests in early stage companies and other deals. For more information about Joel Block and his upcoming seminar, visit his site at http://syndicatefast.com/

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