A few Real questions - Posted by chris

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A few Real questions - Posted by chris

Posted by chris on June 12, 2004 at 10:46:42:

Hello “Real” world… I’m a newbie… I’ve been studying realestate for about 3 years faithfully…I’ve read every book I’ve seen, and even looked over the Carleton Sheets program… My question is?.. I just had a home built this year, (a month ago)… My brother- in law is also willing to start looking for potential prospects… With an annual income of 70k and no debt, Where should we start?? Is it best to go to foreclosures, seek an agent, newspaper, etc… We would like to complete at least one deal b4 the year is over… Thanks… Chris----Ga…

Re: A few Real questions - Posted by Junaid

Posted by Junaid on June 12, 2004 at 19:07:28:

I was in your position about one year back. I started REI in March 2003. I was earning about 63K, with very few debt.
The first RE course I purchased was about buying apartment buildings.
Wish I knew what I know today.
My first investment was a mess.
After one year this is what I learned:
Plan entry, exit and everything in between before you start investing. Entry means how you will buy the property. Who will put the money. How you will pay back. There should be no negative cash flow.
In between means, you should decide who will maintain the property, who will pay for emergencies. How you will handle vacancies.
Exit means how you will profit. In which situation you will sell. What will happen if things turn wrong.

Single family house makes more sense investing wise than multi-family.
Cash flow at the start of your investing career is more important than equity or appriciation.
Don’t just concentrate on one type of REI. Go for other types also. You can choose from wholesaling, retailing, sub-2, lease-option, buy and hold, apartment bldg, RE notes, etc
You don’t have to do everything but have knowledge. Sometimes it will be useful.

Re: A few Real answers - Posted by Matthew Giegrich

Posted by Matthew Giegrich on June 12, 2004 at 11:29:51:

1.you and your brother need to designate what type of investments-= rentals, fixxers or resales.

2.area and price - this will determine what type of customer you will be dealing with.

3.find out who is majopr source of finding property in the area- fsbo’s, realtor or word of mouth.

4.get pre-qualified and run some numbers on perspective buys to see if you can live wuith them.

best regards,
Matt investor and lender

Re: A few Real questions - Posted by Chris

Posted by Chris on June 12, 2004 at 11:26:48:

Preforeclosures are very good. Look for motivated sellers!