Just Getting Started
I am in Utah and still studying Real Estate Investing. I haven't done any deals yet. I have been wanting to do real estate for years, but I am not sure where to start. The Utah housing market is very soft. It is way overbuilt, new developments are popping up everywhere and older buildings are becoming increasingly harder to rent out. I am interesting in pre-foreclosures, but there are a lot of competitors. "We buy houses" signs, billboards, mailers etc. are everywhere. I just recently lost my own house and avoided a foreclosure but do have a bankruptcy on my credit now. I know my situation sounds difficult, but is there any opportunity that a market like this might offer for me even with my poor credit? Any suggestions on where I could start?
Keep reading the posts in the forums and read everthing you can. There are plenty of Cindarella stories out there so don't be discouraged. I would start looking for some creative ways to find those motivated sellers for instance drive a different way home each day. Or start briddogging for some of those competitors. Call one of those numbers and offer your services. They will know how to structure a deal and you could make some money while learning the ropes. Look for John Lockes book on birddogging on this site. It will help you with how to find some properties in your area and then maybe even outside the state in stroger regions. It sounds like you are renting now? You could potentialy write that off your taxes if you run your REI business from your residence. I would consult a qualified tax specialist of course.
yes it is very possible. keep studying and decide your direction. maybe "bird dogging" to get you operating captial. just don't give up. keep reading tci it's probably your best source and you can't beat the price for the info. you can recieve.......kenmax