With the promise of potentially endless wheelbarrow profits, with little experience and a lot of hustle, you see more and more people attempting to leap headfirst into real estate investing. However, in spite of many success stories, many people find it difficult to fully break into the market, let alone turn a profit. “The key thing today is being able to find a deal”, says real estate mogul and 30-year veteran Nathaniel Arnold.
Nathaniel Arnold, is the CEO of IRA Real Estate LLC, in Washington, D.C., a firm specializing in providing 360 consultative real estate services to their clients. With their specialists bringing decades of award-winning experiences in every area of the real estate acquisition process from lending to title work, they have been working with Americans to put in place plans that help them acquire the American dream and build wealth for the next generation.
Arnold believes that many of the missteps that fail to turn a profit in real estate investing come from failure to truly plan and work your network. “People need to sit down and write a plan of their goals and evaluate their goals and evaluate their family situation. Before you do anything, start with a plan.”
Every seasoned real estate investor knows that the best deals aren’t found on the MLS. The best deals are usually found off-market, within the network of tightly knit real estate professionals, “the best way to find a deal is through people’s sphere of influence.”
So how does a person new to the industry and wants to be in it for the long haul break-in? Arnold suggests beginning to make your intentions known to your network, put a plan in place, and build a network of licensed professionals. “Identify people who can help you close the deal. People think that you need more money. You may not have to buy it to control it. That is why the plan is critical. Identify skill sets so that you structure the deal for maximum profit.”
Arnold also suggests searching your local probate listings to find people who are eager to sell their property both in and out of state. It will help you build your network and share experiences.