Please Will Somebody Tell Me How To Begin?
Dear all,
I have been trying to get into real estate for about 10 years now. Well, let me clarify that; ten years ago I bought the Carlton Sheets course, got really motivated, and tried to invest in RE in NYC but got discouraged because of the prices and the fact that most properties are coops and you actually buy shares, rather than the real estate per se. So I moved to Puerto Rico and tried to do it there thinking that my family would jump in at the chance to help me with their contacts and support. It didn't happen. I moved back to NY, went to law school out of desperation (although I really didn't want to be a lawyer), and after passing both the NY and NJ bar exams, picked up the Carlton Sheets course again, reread it, went to a Robert Allen seminar, paid about $3000 for the course and studied it in detail. I have read at least ten real estates books, joined forums and real estate investors groups, tried to invest in Brooklyn and Jersey City, because the prices there are more reasonable, but nothing has happened. I know that I have to make offers, but somehow the spread has not been attractive at all. So I moved back to Puerto Rico (on my own) and have tried to buy REOs there, or maybe some rental properties. Nothing has panned out. I am now considering Baltimore, MD and that seems promising, only because the prices are more reasonable, I wouldn't mind living there, and I have just about had it with my "no results" situation. Does anyone have any suggestions on how to approach this? My husband does some construction, we'd like to some a few rehabs and eventually rentals. But we would not be employed if we moved to Maryland (although we have enough savings to see us through 8 months or so), and we wouldn't want to get jobs, because we want to do real estate full time. Help!
Thanks,
Olga
Where are you geting your leads? Are you looking in the papers, and MLS like everyone else, or are you engaging in a marketing plan designed to get people calling you first, before they list with a real estate agent? It may be about your approach.
Jeff
Well Olga you begin by begining. Do something, even if its wrong. Go find a realtor. Have him pull houses for sale in your area for less than $40,000 if there are none then go to $50,000, etc. until you find the cheapest dozen or so properties in the book. Buy one of them. Figure out what to do next. Don't worry about getting an absolute bargain. Don't worry even if you loose some money on thedeal. At least you will be in the game instead of standing around onthe sidelines which is where you are now.
I am curious, you mention finding houses via Real Estate Agent under 40,000
Why is that? I am curious! Is there an advantage here?
MarkB
I think commercialking is telling you to concentrate on getting in (at ALL), even with very cheap housing. There you will have the last risk and (presumably) the least trouble aquiring the property.