Newbie
Good Day all,
I would like to get into the real estate bit but i dont know where to start. I'm from NJ and all i see in this state is very over price real estate. Good example my mom bought her house 3 years ago for 125k know its worth 200k...in Toms River NJ. The new buzz around here is Asbury Park NJ but i see that most of the people there are section 8 rentors....a house there 3 years ago sold for 50 / 60k know selling for 150 to 200k....and they are not nice houses...so i dont think asbury park is a good area....anyway with very limited savings i think i may have to go out of state to do my first investment....which is a little scary since i alreay have a property in Orlando FL what i lost some money on as it is...right now i'm trying to do long term rental not the month rental i have tried to do for over a year.
anyway i'll take suggestiongs from anyone...i'm open to any ideas....
Oh a friend suggested binghamton NY by the university...he told me that i can get a property there for 50 or 60k i could get the monthly rentals from students every year but the property will not appriciate in value since this is not a popular area to live in....
Quote:
the property will not appriciate in value since this is not a popular area to live in....
Property doesn't just appreciate because people want to live there. Commercial property is good example. The nice thing about Section 8 is the government pays a portion of the rent and therefore that portion is guaranteed. Remember you must also give back to the community, and if you can do that through Section 8, ...
A common mistake with beginners is falling in love with the property, not the deal. Unlike buying a personal residence, you don't have to like it. Just because you don't like, doesn' mean no one else will. What is more important to ask is, will this appeal to renters? To new families? To people just getting started? To people who are living on government assistance?
I'm not saying you should invest in these areas, just that I hear you looking at this more like a persona residence, than an investment.
BTW- You should probably check the local REI groups. Click on Groups above to find investment groups in your area.
HTH,
Robert
[addsig]
Hello Guidance,
Seems like you have chosen the buy/hold form of investing. That's O.K. depending if your trying to build wealth down the road. Being that this is a wholesaling forum it may not be the proper forum to answer the question based on your preferred style of investing.
Question. Any particular reason you like being a landlord. I'm not judging or saying there's anything wrong with it. I'm just curious. Good Luck.
Dave
[addsig]
I am just interested in building wealth I don’t care much for long term investments I much rather go with a short term investment....I talk with two co-workers and they are interested in investing as well...I figure this first investment we can all share the risk on the investment for less of a profit but we would all at least learn something before eventually investing on our own. Anyway... I read one of the real estate books and right now I’m reading a second....the basic teaching is look for a property that is under value (which I don’t think you can find in my area) do a quick fix and sell...it all sounds good but with prices starting at 200,000 it would be nearly impossible for me to come up with a down payment....if I cannot quickly fix it and sell it I would be in serious trouble. So what I’m looking is hopefully for some advice from people in my area...perhaps a real estate investor who will be willing to go on one investment with me (or at least how do I find one) so that I can learn from his/her experience. Please make any comments and suggestions....any advice is very well appreciated.
The problem I have w/ remote rehabs, is the completition & cost of the work.
If it's say >20mi, it's doubtful that I would be willing to driver there ea. night to work.
Where as if the property is local that's not an issue.
"scary since i alreay have a property in Orlando" look at why you lost money, and if thy're correctible error, try not to repat them
I still have the property in Orlando...bought it 3 years ago for 80k but the area where my home is located (by the way the home is concider a mobile home and i also do not own the land but rent it)in an area where there is alot of constroction going on...and there are new home sellig for 70 and 80 which means i cant sell my home for the 80k i purchased it for....i figure as long as i can rent it out for the next year...once development has finish i can probably sell for the 80k if not more.
What part on Orlando do you own? Does anyone here have property in orlando that they are currently renting? My property is off Rt 27...about 5 miles from Disney World doors. Perhaps someone has a property in this area that can help me rent it or can refer me to someone how can....Right now the property is rented for 2 months on a short term rental. I was planning on putting the property for rent with Century 21..they suggested a price of $750 to $800 per month...which i guess would cover expences..but i dont know how soon they can rent the property.
I don't I'm a CA guy.
Sorry if I wan't clear.