tired of truckdriving - Posted by james richaards

Real Estate Investing Marina
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Posted by Kim in Kansas City on January 21, 2008 at 12:59:52:

RR is right on the money - don’t jump in with both feet until you have educated yourself a bit, then develop a plan.

  1. what do you want to do -

  2. do you want to use all cash - not on your life, so talk to lenders and find out how you can leverage your equity to buy properties.

  3. check out markets, you may want to invest in your own back yard, and you may want to look at other markets or both.

  4. A good starting point would be the CRE conference or check out the local REIA groups in your area listed on this site and join. You can learn a lot by going to the meetings.

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tired of truckdriving - Posted by james richaards

Posted by james richaards on January 20, 2008 at 07:01:40:

I have about 1 million in equity in my home/boat marina and would like to get out of trucking. Any suggestions would be appreciated. Thanks Jim

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Re: tired of truckdriving - Posted by RR

Posted by RR on January 20, 2008 at 10:00:27:

Study for 6 months, read the archives, buy some books ,and then come back with a specific question, I didn’t mean to be rude.
Take the time to learn about real estate in general. Take a class or just research on the web. You need a fundamentally sound knowledge of terminology and how the real estate market works to make good decisions here.

· Get to know prices. This may seem hard for you, but watch prices continuously so that you can learn what property is going for. If you plan to purchase a piece of property low to sell it high, then you will need to see how well others are doing at this in your area. And, you will also want to know what is available out there as well. Keeping a watchful eye on the real estate market is a great way to know what is happening over the course of time.

· Determine your budget. If you plan to take out a mortgage on the property that you purchase, make sure that you can afford it if the property doesn’t sell. Also, you will need to make sure that if you plan to make upgrades on the property that you include those costs as well. You need to remember that there are no guarantees in the real estate market.

· Look at the trends. If you are purchasing commercial property, is it in the right area and are people renting out other commercial property in the area? Are you purchasing a home to remodel and sell? If so, make sure the markets are doing well there as well or make the needed adjustments so that you can pay for it if it doesn’t sell right away.

· Talk to lenders to get the money you need. Shop around for the right lenders that are offering you a great rate and terms. Make sure that you qualify for the loan if you need it.

· Shop around for properties using a real estate agent that knows the ins an outs of the business. Make sure that they know what you are looking for and can help you to find the best options available to meet those goals.

It is important that you set up a strategy as well as goals when it comes to investing in real estate. Throughout that area, you need to make sure that you have the flexibility to ride out market trends that are going one way or another. You need to be able to invest wisely so that your credit doesn’t end up ruined on what you thought was a steal!