Mark has made his first leap into the Real Estate business by buying his first book entitled No Money Down by a well-known late night TV guru named Carleton Sheet. Mark reading through this material is learning about the idea of investing in real estate as a wealth building mechanism. While reading through the book, Mark starts to imagine what would it take to succeed and what skills he has to bring to the table as a real estate investor.
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Evaluation Tip:
|
Successful Investor Skill Sets |
Mark – Wanna Be Investor |
| Analysis – Ability to do comparative market analysis and analyze if the deal is good | No as he has not been in real estate industry and has been an IT consultant. Mark is just starting out learning about different methods to analyze properties. WEAK |
| Negotiation – Speaking to homeowners and working out a strategy that is a win-win for everyone | Mark has average negotiation skills but has not yet refined his negotiation skill set. AVERAGE |
| Diligence and Relationship Development – Daily search of new properties, search for new lenders and location of private money sources, search for new realtor contacts to help feed you deals | Yes as Mark is willing to dedicate his time and effort into the business. STRENGTH |
| Structuring and Financing – Ability to creatively structure deals, understand the typical financing criteria along with the financing lingo to help qualify yourself as the buyer or your end buyer | Mark understands financing from the angel of being a typical homebuyer but does not understand the interact details of financing in order to help qualify the end buyers who maybe interested in buying his property. WEAK |
| Business Structuring and Running – Development and running of business, creation of task list for delegation to staff, developing a routine for the administrative assistant | Mark understands that the business takes routine and structure but yet has not launched a new business. WEAK |
This is the typical evaluation that a new investor should look into when they are getting involved in the Real Estate Business to understand what skills they need to improve and what part of their skill sets they need to develop. Here in Mark is lacking skills in Analysis, Negotiation and Structuring. Mark has started on his journey to get more knowledge on the Analysis aspect of the real estate business by starting to read real estate investment books.
Tune in next time to find out what methods of analysis he can use to find out what deals are good and what deals are bad.
MARKS NET WORTH as of June 26th, 2009: $75,000
Equity in home: $60,000
Savings: $5,000
401K: $10,000
Written by Ankit Duggal
Investment Director: www.rernj.com
RER is a boutique real estate investment company based in Clifton, NJ
This post first appeared on Shoestring To Millions | A Blog About How YOU Can Make Money In Real Estate, please read the originial post: here
