I Am In A Wheelchair
I am new, What part of Real Estate should i get into? I am in a wheelchair so if I did rehabbing I would have to contract out the work. I have heard that there is not much money in this unless you do the work yourself. I dont think I could be a landlord becuase I could not repair plumbing and stuff. plus i hear that renting out is a pain. Subject to and forclosure sounds to complicated for me. And I dont see why someone would not just file bankruptcy instead. Plus I hate bugging people. What part of real estate can i do?
No offense meant, but it sounds like you've pretty much ruled out real estate investing as a career choice. About the only thing left is if you've got a pile of money lying around collecting dust, you could become a hard money lender.
) There are other reasons people need to sell beside late in their payments. And some people still don't like the idea of declaring bankruptcy (not many, but some).
"Rehabbing" is a broad term and it covers many different levels of fixing up. Major rehabs could be tearing out kitchens, electrical, plumbing, etc and updating. Minor rehabbing is pretty much paint, patch and carpet, though the houses can look pretty bad and only need things minor things. As far as "doing it yourself" some handy people may save a nickel or two by doing it themselves, but pretty much everyone I know that does this (including me) hires practically everything out. Why? because its done faster and better than I can do it, and I didn't have to do it. I even hire the cleaning out now, because for $100 bucks, the lady will spit shine the pipes under the kitchen sink, much better than I would do.
There is landlording and then there is selling/owning. If "sold" thru some form of owner financing, then most of the "landlording headaches" are dealt with because they become the tenant's reponsibility. You, however, still get a monthly cashflow and a good end profit. Refer to above about fixing stuff (I don't do it).
Anything sounds confusing and complicated until you take the time to study and understand the concepts of them, including subto and foreclosure investing. Think back to high school Algebra (wait, bad choice, I still don't know what the heck "X" is supposed to be
Don't really understand the "bugging people." I've never bugged anyone as far as I know about real estate. People call ME if they want to buy or sell, so if anything, people are bugging me, and that's a good thing.
My suggestion is to read up a little more on investing and then narrow your focus a bit.
Roger
I'm not going to address which form of REI would be best for you. Only you can decide that. But I can say emphatically and without any hesitation that using a wheelchair simply is no excuse NOT to dive into some from of REI. How do I know? I use wheelchairs, other mobility devices, technology and tenacity.
Because of my disability, I often have to do business in some unusual places. I've done business from hospitals, rehab hospitals and even nursing homes. If I'm on the phone or using email, who can tell the difference?
If you're really serious, team up with a burly birddog to help you scout out and get into potential properties that aren't accessible. (************Sorry***************)
If you don't think REI is right for you, then don't do it. But don't fault your wheelchair. The wheelchair isn't the issue.
Amelia[ Edited by nebulousd on Date 04/19/2004 ]
"There is landlording and then there is selling/owning. If "sold" thru some form of owner financing,"
I am interested in learning more about this. Does this mean that if I buy a house and my payment on the loan is $300 a month for thirty years that I can sell it to someone for $400 a month for thirty years? Someone on this forum told me that you have to pay off the bank when you sell. If that is true then how could you do it in this example?
Read up on Wholesaling ( assigning contracts).. It's a simple concept, you have a lot of control with very little liability
There are many people who are not chair bound, but don't know a hammer from a garden rake, and have no interest in either one. There are many aspects of REI that are fully within your reach. Just like any other 'newbie' you'll have to explore what area is of interest to you.
I know this sounds cliche, but you must assess your strengths (as you've expressed your limitations) and build upon those strengths.
The short answer: muni tax lien certificates (if applicable to your jurisdiction).
[addsig]
Hi there,
I've been reading a lot about Tax Lien investing lately and you might find that an interesting avenue to pursue. TCI has an entire Forum on that subject alone!
I wouldn't rule out contracting work out, if the numbers work, hey a deal's a deal!
Explore some of the articles and forum posts and I think you'll be surprised by the many opportunities available to you.
Best regards!
Amelia,
I'm impressed with your spirit and determination. I don't know any bird-dogs in NE Ohio but I'd be proud to work with you. You have understood the most basic rule of real estate investing, that it is your passion and your abilities that determine success, not your deficits or your weakeneses.
I gotta tell you, though, that I think this Heyshid guy is a practical joker with a warped sense of humor. If he's actually any of the things he claims to be in this post I'd be amazed. He makes an odd figure, poking fun at those who are his betters. Feeling smug when he should be humbled.
Heyshid:
Who on this forum told you about having to pay the loan off when you sell?
I've been seeing your posts pop up here and there (and answered 1 of them, the same 1 you're asking above): take some more time to read through the posts on Wholesaling and on Lease/Options to understand that you can certainly sell a house with owner financing, using your tenant/buyer's monthly to pay your monthly.
Andy
heyshid, not at all.
And this is what people do not get, if you are paying on a note, you have no right to sell anything in terms of owner financing.
It is the person CARRYING the note that can choose to, instead of collecting monthly payments, they can sell that note/cash flow for a lump sum of cash NOW, and let someone else take over the collecting, servicing, risks involved with holding owner financed paper.
Not sure what the last person was saying about selling via owner financing and combining it with lease options to have one pay for the other. Maybe they meant buying via owner financing, and selling via lease option to the monthly lease option payment covers the owner financed note, plus some cash flow on top.
Best, Dave
What about buying and selling paper?? We will be adding in a Note Buyers area at a later time this year.
"Does this mean that if I buy a house and my payment on the loan is $300 a month for thirty years that I can sell it to someone for $400 a month for thirty years?"
Wyou are describing is a wrap around mortgage. Basically your note payment is $300, and you are charging them $400. They write the check to you, you write the check to the mortgage company. You make your money off the spread.
I'm not sure if it is truly considered "selling" or not, but a good overview can be found from the top link in a google search for "wrap around mortgage".
It's not a method I would try, personally.