How Do We Get Started?
My girl friend and I would like to get into the rental property development in our area. Can someone help us with informative reads and the like. Thank you.
My girl friend and I would like to get into the rental property development in our area. Can someone help us with informative reads and the like. Thank you.
Go to your local library...start immersing yourself in the free books.
Landlording is also a great book...I recommend that to all my clients.
Thank you both for your advice - I really appreciate it.
Any insight on how to go about doing the police sub-station thing would be great.
Thanks again.
Great question and you are right on-- the serious semi-pro investor has a very hard time meeting others of like kind.
I have had the privilege of being involved in two such clubs: One very peripherally, the other intimately. Both were based here in Chicago. The more public of the groups (with which I was more involved) has since been pretty much taken over by 6 flat owners but at one time was a major meeting point for the kind of investor you describe. Among other things we lobbied for changes in the city’s building code and worked to provide educational opportunities for the members.
The other group was a closed club. I noticed they don’t even have a web site because they don’t want anybody to know what they are up to. But the various members all include their membership on their resumes on-line. This group was a real power-house for getting deals done and members frequently did joint projects. It continues to be a source for middle market investors, mostly because they won’t let anybody in until they have done several million dollars in development.
Perhaps your local BOMA chapter will help but here in Chicago, at least (and I have a hard time believing manhattan is any different) its the giants who run BOMA.
I recommend both TCI and www.Meetup.com as places to recruit members. Pick a name that implies apartment or commercial property ownership. It’s a constant balancing act between being open to new members and being swamped with would-be investors who have no real experience. Good luck with it.
http://realestate.meetup.com/24/
The local Chicago Title here in San Jose had a "1st Thursday of the month breakfest".
For $5, they would have danish, coffee and then a speaker followed by brokers pitching their properties.
Networking before and after the meeting
During the one I went to, the land acquisition manager for a fairly large local developer was speaking.
Your local country club is also a good bet.
Kevinb -
I greatly appreciate your enthusiasm, real estate is definitely exciting. The first thing you should do is decide where you will focus your investment plan. That includes what type of strategy (buy-hold/buy-sell) and what type of properties (SFR, multi-family, commercial etc.). You also need to avail yourself of the available resources on this site and some good books.
I agree...I was always told (by my mentors) to have and investment plan with realistic goals. I have definitely met my 3 and 5 yr goals, and have helped others in doing the same thing. All it takes is a plan, knowledge and some action. A good place to start is with your local bookstore, then choose your investment type to match your plans.
hello all.
thank you for the responses i really appreciate your information and consideration!
your great!
i will do as you suggested.
kevinb.
I live in California - and in the same boat which is why I started looking into NC / VA as California rates are just too high .
Once I find a property I try to map it on yahoo / google maps - late I try to find the closest university or school . I try to find how far is walmart / mall from the property which gives an idea.
This is my personal opinion and how I do it.. might not be the right way thought!!!
Good luck !! hunting..
Florida is a great state to invest drive a little north into Palm Bay or Port Charlotte.
You can do quite a bit by telephone. Realtors and Property management companies will give you appreciation, neighborhoods and rental rates and velocities. There are government sites that are good also. A Google search with keywords OFHEO and HPI will give you data on housing price increases for any Metropolitan Statistical Area (MSA).
gemini10,
for your question about NC, western North carolina is a good place buncombe& henderson counties. if you like this area let me know i probably could www.help.otherwise good investing.
One more thing nobody has mentioned, if you are willing to take the time. A lot of newspapers are online now, so you can check out the real estate pages and classifieds from home before you go out. I did that before buying our first property so that I could figure out the rental rates. We live in California and bought elsewhere, but we decided to buy where we wanted to retire.
One more thing nobody has mentioned, if you are willing to take the time. A lot of newspapers are online now, so you can check out the real estate pages and classifieds from home before you go out. I did that before buying our first property so that I could figure out the rental rates. We live in California and bought elsewhere, but we decided to buy where we wanted to retire.
Gemini10
I did a search for "lowly Pueblo " and found nothing. Was it a typo? I am looking for a good cashflow area to invest in.
Quote:
In CO, lowly Pueblo is great for low-cost homes and rental cash-flow, but low, albeit steady appreciation rates.
ready2retire, there is still some big money to be made in Miami right now. However, it is not what you are looking for.
Lehigh county is nuts right now and so is Port St Lucie.
I have some great deals for converted condos in Orlando, close to Disney and close to University.
I refer you if you wish.
What we did, is talk to other investors, like you are doing now, go with your options of what you would like to invest in and go to the area and check it out.
You know what you can spend, investigate in the area and see what the prices are.
I can help you if you like, just send me an email.
If you want your properties torn up, yeah target college kids...I remember some of the things I did back in college . There are developers out there that offer leasebacks, or look for short term rental properties. I am involved in these, but I do not want to pitch any product....
Best
[ Edited by cbrechbill1 on Date 08/10/2005 ]