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rimma
New Member
Cash: $ 0.90
Posts: 3
Joined: 25 Feb 2006
Location: NY
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| First Time Investor Seeks Advice. |
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I am saving for a downpayment for purchasing a residential rental property.
Can you please advice me if I as a beginner would benefit from making a long or short term investment?
And what is the most efficient learning approach in regard to financial growth through real estate investment? (barnes&nobles?  )
Thank you.
Time, needs, and wants.
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Sat Feb 25, 2006 4:16 am |
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Jaszbo
Preferred Member
Cash: $ 35.90
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Joined: 03 Jan 2006
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If you are seriously going to drop a lot of money, edcuate yourself as much as possible.
My advice would be to try and put a good down payment in an investment. I would also suggest living in your first investment for two years. There's a few reasons to live there for two years. One reason is the taxes, second reason is you'll most likely get a better intrest rate and the third reason is that if you are there living for 2 years, you can slowly start painting the house yourself and slowly fixing up things that improve the house. In a few years generally the house would be ready to rent out or sold.
Don't listen to my advice. Read a few books first. Look for good quality investment books. I've read a dozen real estate books and only about 2 or 3 are really worth anything. One of the latest real estate books that I thought was decent was called the million real estate investor. It's nothing that's going to make you reach, but the more you educate yourself the better off you probably are.
Also my own point of view is that right now might not be the best time to start getting into real estate. If you like real estate as much as I do, then I would suggest right now is the time to invest in other areas and while that's growing in a few years when the real estate market returns to normal, you'll have a better time negotiating and also a large down payment.
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Sat Feb 25, 2006 5:45 am |
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rimma
New Member
Cash: $ 0.90
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Joined: 25 Feb 2006
Location: NY
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What about real estate investment meetings/clubs? Does anyone participate in these? Recommendations?
Time, needs, and wants.
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Sat Feb 25, 2006 2:02 pm |
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Jaszbo
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Cash: $ 35.90
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Joined: 03 Jan 2006
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Personally if there's any great deal out there, do you want people in a club to know about it? If you are low in cash you can though go in with other people to share the returns. I personally would rather take on the risk and return completely myself.
Take baby steps before you start running. Don't jump into any investment until you've educated yourself as much as possible. Don't get me wrong real estate isn't like studying the stockmarket that people without a high school degree have been very succesful in real estate, but you'll hear about these people more often then you'll hear about people who lost their shirts. These are the people who didn't know what they were doing and now refer to real estate as the "money trap". Just take it nice and slow and as your investment starts growing and your education and confidence grows with it, use some of the earnings to build even more earnings.
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Sat Feb 25, 2006 5:50 pm |
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rimma
New Member
Cash: $ 0.90
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Joined: 25 Feb 2006
Location: NY
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Basically, there is no advice. I know about education and information I can obtain from literature. However, if you' ll get to a certain level, no metter how many books you've read, you will still need to communicate to sellers, lenders, attorneys, and other investors. And suddenly you'll realize how important trust and relationships will be for you. 
Time, needs, and wants.
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Sat Feb 25, 2006 11:11 pm |
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Jaszbo
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Cash: $ 35.90
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I have a family member that owns over 100 properties and she does not have an attorney. All she has is a tax consultant she sees once a year and a real estate agent and that's it. No meetings, nothing else.
Her husband though was a construction worker for years, so he does all the repairs, but besides that she doesn't have any other relationships. Each person has their own opinion though.
As far as lenders are conserned, I don't have a relationship with my lender, but my lender is way below the national average, my lender gives me a quarter less than the advertised rate, since I'be been a customer for so long. My lender never charges PMI if you put down 3% compared to the 20% as other lenders requier. My lender also gives me intrest on an escrow account if I decide to have an escrow account. I do not feel I need a relationship with a lender to improve my investment in real estate.
A good friend of mine is a laywer, but I've never once had to get any help from him or use him what so ever in real estate. Maybe one day, but so far, I haven't.
If you have a good real estate agent, they can provide you with so much information and contacts.
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Sun Feb 26, 2006 2:14 am |
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aaa1
Contributing Member
Cash: $ 1.00
Posts: 33
Joined: 11 Jun 2006
Location: Florida
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If you're really interested in making money with real estate, let me tell you about a company in Canada that is helping buyers and sellars, and YOU can make a % as well. PM me.
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Sun Jun 11, 2006 2:27 am |
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Blue Eyed Cat
Contributing Member
Cash: $ 2.90
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Joined: 12 Jul 2006
Location: Central Florida
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Real estate investing is generally always long term.
But that is simplistic. There are so many ways to invest in RE. Flipping is short term but is most easily done in the market we saw in 2001-2005. Now most places have a lot of houses on the market and they are selling in months not days.
Getting sufficiently educated about real estate inveting is primarly. Take classes, go to free seminars, talk to anyone who has ever done it.
I have made money in RE but truly feel that I worked harder to earn that money than anything else I ever did in life.
You need sufficient money, high tolerance for risk, a sound knowledge of the area where you will invest, and a willingness to work hard.
Good luck.
Blue Eyed Cat
My adventures in making money on the net--
http://home.cfl.rr.com/msannie/
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Wed Jul 12, 2006 2:20 pm |
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BecomeWealthyForLife
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Joined: 03 Aug 2006
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| NEED MORE MONEY TO INVEST WITH? |
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Zach Watkins
Online Business Consultant
Earn $3000-$9000 a week or MORE!
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Fri Aug 04, 2006 9:57 pm |
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