al audi
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Any other NTrs have cash flow from real estate? Are you part of any investor communities? success/fails, tips etc?
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Originally Posted by Al Audi
Any other NTrs have cash flow from real estate? Are you part of any investor communities? success/fails, tips etc?
huh??Originally Posted by 4318MichaelJohnson4318
Why contribute to rising real estate price?
Originally Posted by ooIRON MANoo
Tip #1- Don't believe the BS that informercials try to "sell" you.
It is a lot of work, flipping isn't as easy as it was before the housing bubble burst. If you plan to be a land lord, it is definitely time consuming.
Tip #2- If you plan on being a landlord, interview your tenants and treat them well. CUSTOMER SERVICE!
why would you ever take a leap of faith when it comes to money?Originally Posted by Al Audi
Originally Posted by ooIRON MANoo
Tip #1- Don't believe the BS that informercials try to "sell" you.
It is a lot of work, flipping isn't as easy as it was before the housing bubble burst. If you plan to be a land lord, it is definitely time consuming.
Tip #2- If you plan on being a landlord, interview your tenants and treat them well. CUSTOMER SERVICE!
tip number 1...............true and false. i have no shame in sayin i took a leap of faith an found it to be very valuable, education is an investment right? last i checked it was.
tip number 2, def..............a great piece of advice i got from scott from the show income property at a seminar was he was always leave a nice lil welcome gift for new tenants, especially those near college/universities
students would always leave the place in good shape, itd lead to great leads down the road etc, something of that small nature, gesture makes ppl feel like they are at home.
renter walks into a card and some cookies. bottle water etc youd be amazed how much ppl appreciate that.
Originally Posted by I AM THAT DUDE
My sister made money off this back when it was "in," and the market allowed it. It's not as easy as it was back then, but I think it can still be done, especially if you buy multiplexes (duplex, quadriplex, etc.) For example in my city, I saw a 6 plex for 179. It wasn't the nicest, was in a kind of shady neighborhood, but they were all 2 bed 1.5 bath units that would likely rent easily for about 500 ea. Mathematically, at 30yr loan with 10% down and 5% is 1256$ a month. 500 rent x 6= $3,000-$1250= $1750 a month if you rented them all out. Say you don't want to be bothered with the trouble of being a landlord and thereby contract it out to a real estate management group, they usually charge 15-20% so still 3k a month- 600= $2400-$1250= $1150 with minimal work on your part.
Originally Posted by I AM THAT DUDE
Oh yea, those infomercials are totally bogus and don't even explain the process correctly. I assume you're talking about the tax lien, I bought this house for 11 dollars because the previous owners didn't pay their taxes ones.
Originally Posted by WITNESSkb24
Know a few people who have been trying to find forclosures to flip, some succeed some don't. Back in high school we had the top real estate agent in our area come in and talk. Dude rolled up on a Segway and went into detail about how his goal was sell 365 houses in the next year (equates to a house a day), one of the most inspirational speeches ever
PoeticJays NOW IS A GREAT TIME youre right
3) Foreclosures + short sales = more supply of tenants = rent increases
You know rents have dipped in the last year? People are sharing dwellings due to the economy. You up the rent, tenants will up and leave.
Originally Posted by Al Audi
Originally Posted by WITNESSkb24
Know a few people who have been trying to find forclosures to flip, some succeed some don't. Back in high school we had the top real estate agent in our area come in and talk. Dude rolled up on a Segway and went into detail about how his goal was sell 365 houses in the next year (equates to a house a day), one of the most inspirational speeches ever
can you remember the guys name? did he tell you his background on how he got started? real estate success stories REALLY are inspirational though.
trying to find foreclosures isnt hard at all, well i have software that helps me do this before the general public even knows about it, part of the "BS" i guess from the informercial i signed up for.
there are also companies out there who do the all the foot work for you if you got that money, property direct kind of companies.
before even finding foreclosures in your area id get a list a tenants, hell even runnin fake ads yes FAKE ads for a test run to get you leads before you even have property is a great technique. no joke.
Originally Posted by DanzInRealLife
You've got to look at a) what you want to get out of it, b) how great a risk are you willing to take, and c) are you willing to put in a bit of work?
a - are you looking to buy and then flick them off at a later date or are you looking to keep it as a rental? What kind of costs are involved in both situations eg: agent fees, property taxes etc
b - how financially well off are you? Will you have to take out a small or big loan? Is the property worth it?
c - you can make a lot of money by revamping houses, it's amazing what a bit of paint, new floor coverings or knocking out non-structural walls can do for a house. Are you willing to put a little elbow grease into the property yourself or would/could you hire somebody to do it for you.
And last of all, will it be a rewarding experience? Monetary and otherwise.
Edit:
You've also got to look at where the house is, is it in a good neighbourhood? Is it close to school's? If you're wanting to flick it off, you want to take into consideration what buyers are looking for. A young family will always want a bathroom with a bath. Ensuite's (a private bathroom for the master bedroom, I'm not sure what you call it there) are always a big selling point, internally accessed garage and so on.
I'm not from the States so I don't know what the infomercials are etc, but this is what I would do in the market here in New Zealand if I was in the position to invest.
You know rents have dipped in the last year? People are sharing dwellings due to the economy. You up the rent, tenants will up and leave.
You know rents have dipped in the last year? People are sharing dwellings due to the economy. You up the rent, tenants will up and leave.