Exit Strategies Part 1
by Jeff Jensen
The “Gain the Edge” conference in Phoenix a few months back was incredible! As Dean’s consultants, we had a great time meeting everyone as well as presenting. The subject I addressed was Exit Strategies, and since the conference I have received numerous calls on how a new investor should determine their initial investment technique and where to focus their time. Dean and I went over this again during the June Phone Conference for students that couldn’t make “Gain the Edge”. This post will recap what I covered during those events
First things first: Determine the resources you bring to the table!
1. Do you have good enough credit to get an investment loan? (Typically around 620 or higher for conventional financing)
2. Do you have down payment money to purchase? (10-20%)
3. How much time to you have per week for investing? (5-10 hours)
4. Do you have personal experience investing?
5. Are you willing to learn?
6. Do you know any real estate professionals (Realtors, lender, handymen)
7. From a scale from 1-5 how motivated are you about being a successful investor?
8. Do you maintain a positive attitude despite stumbling blocks?
Each person’s answers can vary, but now you know what we as consultants consider important for any investor whether new or experienced.
If you have good credit and down payment money then you can use virtually any real estate investment strategy. If not then you will probably want to start with a no-money-down technique.
To help with the next step, ask yourself the following question: Do you have a greater need for a lump sum of money from your next deal, or small increments of money?
o For a lump sum deal, focus on Fast Cash.
o For small increments of money over time, focus on Buy & Hold.
o For a combination, small amount up front and small increments over time choose Cash-flow.
Up Next… Choosing your strategy and technique
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125