 Starting Out (by Mike [NC]) Nov 19, 2008 1:12 PM
 Starting Out (by Ellie [IL]) Nov 19, 2008 1:18 PM
Starting Out (by Echo [GA]) Nov 19, 2008 1:22 PM
Starting Out (by sid [MO]) Nov 19, 2008 2:09 PM
Starting Out (by Bill [TX]) Nov 19, 2008 4:13 PM
Starting Out (by Irish [MD]) Nov 19, 2008 9:33 PM
Starting Out (by RR [WA]) Nov 19, 2008 9:40 PM
Starting Out (by billy button [MA]) Nov 20, 2008 7:30 AM
Starting Out (by John [OR]) Nov 20, 2008 7:31 AM
Starting Out (by Lynda [TX]) Nov 20, 2008 9:38 AM
Starting Out (by Chris [CA]) Nov 20, 2008 9:07 PM
Starting Out (by otter [KY]) Nov 21, 2008 12:05 PM
Starting Out (by Mike [NC]) Posted on: Nov 19, 2008 1:12 PM
Message:
What is the best way to start out with rentals? How to go about getting funding, etc.
Thanks!
Mike --76.3.xxx.xx |
Starting Out (by Ellie [IL]) Posted on: Nov 19, 2008 1:18 PM
Message:
Make sure you have great credit, save up 20-30% down, hunt like crazy for a good deal and when you find it, go to your bank and apply for a loan --208.94.xxx.xxx |
Starting Out (by Echo [GA]) Posted on: Nov 19, 2008 1:22 PM
Message:
First thing I did was learn all my state laws about landlording. Then I learned how to do an eviction.I did this before I even bought the first one. I still have questions everyday, thats what I come here for. --74.243.xx.xxx |
Starting Out (by sid [MO]) Posted on: Nov 19, 2008 2:09 PM
Message:
Mike, welcome. I encourage you to read Echo's post titled "My short sale". I'm not picking on her at all, but given the 'short n' sweet' nature of your message, I think you're probably floating high in the air with dream of becoming a rich land lord. Nothing wrong with that, but consider that the opposite can happen to and all it takes is a sour economy or something unexpected to wreck your plan. Echo's post is a testimony to what can go wrong even when you do things right. The guru books, infomercials, and websites will not tell you this side. Be sure you are prepared to deal with that before you get in the biz. --204.80.xxx.xx |
Starting Out (by Bill [TX]) Posted on: Nov 19, 2008 4:13 PM
Message:
Starting Out (by Irish [MD]) Posted on: Nov 19, 2008 9:33 PM
Message:
If you don't know where you are going...any road will get you there... --68.236.xxx.xxx |
Starting Out (by RR [WA]) Posted on: Nov 19, 2008 9:40 PM
Message:
I've seen lots of people spend years trying to get ready for real estate investing. They go to classes, attend guru training etc. But they never jump in. I would recommend starting right now and working with a realtor to start looking at properties in your area, then buy something small such as a duplex. That will get you started and if you like it, you'll soon be buying more. It gets easier.
It is a buyers's market right now, so you should be able to get a discount. --208.95.xxx.x |
Starting Out (by billy button [MA]) Posted on: Nov 20, 2008 7:30 AM
Message:
i did as ellie recommends many years ago.buy in a decent hood as recommended by kent in "how to get rich in real estate"written many years ago but still a classic in my opinion.best wishes.read also "how to invest in duplexes triplexes and quads "by loftis. --208.58.x.xx |
Starting Out (by John [OR]) Posted on: Nov 20, 2008 7:31 AM
Message:
Join the local land lord assoication. Get to know the members. Odds are one or more have property for sale and might be willing to take you under their wing. Look for a good deal. Here that means probably a small plex rather than a house -- for cash flow. Live in one unit and manage it yourself. --71.236.xxx.x |
Starting Out (by Lynda [TX]) Posted on: Nov 20, 2008 9:38 AM
Message:
The choice on what to buy is driven by your purpose in RE. Me, I can buy SFHs that cashflow, so I do. I have no need for imediate cashflow, I don't need it to live on, I have a fulltime job that I love. I am buying for the longterm. Eventually all the properties will be paid off (by the tenants) in 7-8 years. The higher cash flow will be mine--at exactly the time I retire and full salary will be reduced to pension. Within those 7-8 years this housing market will turn around as the economy turns around, the present group of teens and college kids leave home/school and get their own places, etc. I like SFH because there are simply LESS tenants involved to deal with, less turnover, I can fill a nitch and allow families with pets in my feenced yards, etc.
Your needs may be different.
--140.140.xx.x |
Starting Out (by Chris [CA]) Posted on: Nov 20, 2008 9:07 PM
Message:
Welcome. I screwed up in most ways possible. But in one respect, I acted wisely. All my real estate purchases have been made at great prices. Get this right and you will enjoy a lot of tail wind.
Try to get pre-approved as the very best deals require fast closing.
Do a marketing analysis. Which places are in demand? I started with 20 units, mostly studios. But the local market preferred 1 BR or 2 BR places. Avoid this mistake!
Have the place checked out thoroughly, focus on plumbing and electrical issues, not just the roof etc. How energy efficient is it? Avoid all electric places - the tenants will leave after their first $ 500 bill.
You get what you negotiate. Drive a hard bargain and ask for home warranty insurance for the appliances etc.
Convince the seller that if he goes with you, the deal will close. There are a lot of time wasters out there who won't get the financing...
Hope you are handy. And that you can handle extreme disappointment. Screen sloppily and drug addicts might trash your place.
Wild hogs might do less damage than humans... Your faith in the good may get shattered.
Never trust, always verify. --77.186.xx.xxx |
Starting Out (by otter [KY]) Posted on: Nov 21, 2008 12:05 PM
Message:
I second "pay cash"... If I had to worry about paying the mortgage with the rent in addition to worrying about everything else associated with renting a property, I'd have been in the looney bin for sure by now... --162.114.xx.xx |
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