My wife and I have a 10-acre track of land in middle Georgia in a fast-growing area that we desire to turn into a 14-home subdivision. I’d like to know what kind of financial groups exist in the real estate arena that can support us.
— K.D. McElroy , Biloxi, MS
Becoming a real estate investor is an ambitious undertaking, but you can do it. I would advise you to contact the National Real Estate Investors Association (www.nationalreia.com), a nonprofit trade association for novice and advanced real estate investors. Here you’ll find all types of investors from builders to contractors to banks. Once on the site, click on the “Groups” link to find an association near you.
Talk to various investors, especially the president of your local association, and find out who the players are. Let people know what you plan to do and see if you can find a partner who has done it. You’ll also need to incorporate your business, so ask around for a lawyer as well as a certified public accountant.
Also, pick up a copy of Robert Kiyosaki’s Rich Dad, Poor Dad (Warner Business Books; $16.95) and Stephen Covey’s 7 Habits of Highly Effective People (Free Press; $15) to get you on your way. Whatever you do, understand the numbers involved in every deal and always have an exit strategy.