| Start buying investment properties? |
|
|
|
|
|
JensynMcCoy
Member
Cash: $ 2.60
Posts: 10
Joined: 25 Aug 2011
Location: United States
|
Hi all,
I recently started up a post about me wanting to buy a property and if I should buy now or rent now etc. I have a similar questions and I hope I can get some more great advice.
I am quite keen to start buying investment properties, hopeing to start with my first one in 6 months, after I have saved some money while I rent.
My questions is, would it be crazy to start buying investment properties and build up a portfolio etc while I am still renting? Or would it be best to purchase a property for me to live in first, then start buying investment properties?
Hope that makes sense.
Thanks,
JensynMcCoy
Apartment Reviews
|
Thu Aug 25, 2011 4:23 pm |
|
|
Avino
Preferred Member
Cash: $ 24.80
Posts: 118
Joined: 27 Mar 2006
|
|
 |
|
Hi JensynMcCoy,
My brother and I own two rental properties in Massachusetts. They are both multi family homes. What I did was buy the first one, and moved into one of the units and rented the other.
I opened up a separate bank account strictly for the rental and related expenses and I even charged myself rent for the unit in which I lived and put this money into the rental account. I bought that house back in 2007. Then in 2011 I had enough money saved up to buy a second multi-family. So now between my brother and I we own 5 separate units, I live in one unit and pay rent for it, even though this money eventually comes right back to me.
I mention the paying rent part because you should never stop paying rent, if you pay it to yourself you really are just saving this money. Also its easier to decide what makes more sense to you, either pay $1000 to live in your own unit or pay $1000 to rent in a nicer unit in some other town and perhaps charge more for the unit that you own.
So my advice, at least what has worked for me, is that you buy a multi family, try not to pay more than $225K for a three unit in ready to rent / live condition, and try to charge an average of $1000 per unit. Save up the money for a few years and do the same thing for the next investment property.
~A.
Also blogging @ avinos2cents.blogspot.com
|
|
Fri Aug 26, 2011 8:46 pm |
|
|
coaster
Senior Advisor
Cash: $ 1357.80
Posts: 6686
Joined: 11 Oct 2005
Location: Wisconsin
|
Hey, long time no post 
How's aviating going?
~Tim~
Eye Candy : Why Whimsy
|
|
Sat Aug 27, 2011 5:22 am |
|
|
georgensams
New Member
Cash: $ 1.00
Posts: 3
Joined: 27 Aug 2011
|
Nowadays the price of the land increase day by day. it is really beneficial to invest in real estate property because of the booming price. real estate investment is the great source to generate more income.
employment background check
|
|
Sat Aug 27, 2011 9:45 am |
|
|
hdatlanta
New Member
Cash: $ 1.40
Posts: 7
Joined: 26 Aug 2011
Location: Atlanta
|
There is no definitive answer to your question. First, it depends greatly on the region/town/city you want to buy your first property. There are areas that saw large drops in property prices and probably they can't drop any further. However, there are opportunities in every region. If you do a proper research you can find yourself a nice property anywhere - but it takes time, and no matter what everyone tells you - no investment is risk-free!
Best prices for hardwood floors installation in Atlanta. The Flooring Service Group - Hardwood Flooring Atlanta
|
|
Sat Aug 27, 2011 11:18 am |
|
|
johnnfletcher
New Member
Cash: $ 1.00
Posts: 3
Joined: 31 Aug 2011
|
In the case of rental housing, for example it is very important to determine in advance how long you intend to keep the property until it is time to sell it. The amount of time you intend to maintain the properties will correspond to the amount of investment properties, you should be prepared.
Real Estate Management
|
|
Wed Aug 31, 2011 5:04 pm |
|
|
globaldoc2001
Senior Member
Cash: $ 75.25
Posts: 366
Joined: 30 Aug 2011
|
My friend told me that investing in real estates would be the safest of all. Is this true?
|
|
Thu Sep 01, 2011 5:55 am |
|
|
coaster
Senior Advisor
Cash: $ 1357.80
Posts: 6686
Joined: 11 Oct 2005
Location: Wisconsin
|
Well, "safest" is a superlative best not used in any market where prices fluctuate. That being said, right now it's probably "safer" to buy real estate than at any time in decades, perhaps .... if you can afford to wait and have the funds to keep the property.
~Tim~
Eye Candy : Why Whimsy
|
|
Thu Sep 01, 2011 6:47 am |
|
|
MikeMiks
Member
Cash: $ 3.00
Posts: 14
Joined: 11 Aug 2011
Location: Salt Lake City, Utah
|
I think it is better to buy a home for yourself first before jump in rental investment. Just take it one step at a time, no need to rush yourself. In whatever business rushing up things will sometimes put you in a danger zone.
Layton Homes for Sale
North Ogden Homes
Roy Homes for Sale
|
|
Sat Sep 03, 2011 8:59 am |
|
|
globaldoc2001
Senior Member
Cash: $ 75.25
Posts: 366
Joined: 30 Aug 2011
|
A few more research and I will be on my way to consult with our attorney. I am deep set into this type pf investmwnt.
Business Tax Filing
Debt Consolidation Companies
|
|
Mon Sep 05, 2011 1:06 am |
|
|
kamralsams
New Member
Cash: $ 1.00
Posts: 3
Joined: 05 Sep 2011
|
Buying investment properties is great idea to generate more profit. when you plan to buy any property you should have to certain that you can afford to buy and hold the investment over the long term. there are cost, expenses and risk involved in buying the properties.
credit checks
|
|
Mon Sep 05, 2011 1:11 pm |
|
|
Eric80
Full Member
Cash: $ 17.25
Posts: 86
Joined: 28 Jun 2010
|
Have you considered living in the property while you sell this way you are saving money on the rent and can carry on doing this until you make the money you are after, this would mean quick, short sale and I don’t know if this is the climate for that but you can always take advantage of foreclosures.
Freeze your interest with an IVA (Individual Voluntary Arrangement)
|
|
Mon Sep 05, 2011 10:56 pm |
|
|
globaldoc2001
Senior Member
Cash: $ 75.25
Posts: 366
Joined: 30 Aug 2011
|
Coaster, by your short words, you were able to explain to me a lot. I really appreciate it so much. Yes, safest should be changed to safer. It turned my views around, and my comprehension was realized. Thanks again...
Business Tax Filing
Debt Consolidation Companies
|
|
Tue Sep 06, 2011 5:36 am |
|
|
jamesdoober
New Member
Cash: $ 1.00
Posts: 5
Joined: 06 Sep 2011
|
I think you should go for your house first, it is best time to purchase property for you because properties will be get expensive in future so don't be late and purchase for you first than think about investing or selling your property.
real estate market values
|
|
Tue Sep 06, 2011 10:18 am |
|
|
jacksasparrow
New Member
Cash: $ 1.00
Posts: 5
Joined: 06 Sep 2011
|
Buying of investment properties is now a days one of the best business than any other business. Because in this the price of the estates increases a lot in less period so due to this dealers and investors prefers to invest in properties and estates.
payment protection insurance
|
|
Wed Sep 07, 2011 12:01 am |
|
|
|
