New to investing ... need some help

[JustStaring]

Hey all, I am new to real estate investing but I am very dedicated to making it work. I just finished reading a book called "Buying Real Estate without Cash or Credit" by Conti and Finkel. It did have some useful information but not really enough to get started. I was actually considering joining their mentor program but after reading some forums online I found that it wasn't worth the 6k. I am not really sure what to do in terms finding foreclosed homes, or finding motivated sellers. What types of property is good to invest in right now? Would it be 1 family homes? Duplexes? Commercial? and so on. Can someone please give me some suggestions as to where I can start.

Thanks

[komplookers]

you can invest into all real estate but i would recommend 2 units.

the reason being is that you can live in one have and rent the other half out. commercial demands more money . when you purchase a commercial property it will cost at 1 thousand dollars to appraise it, verses a 2 unit it will only be 350 dollars, start small then build your self up..

[JustStaring]

Thanks. I will definitely look into that. I just want some positive cash flow and the only way to do that is to buy multi-family homes and rent them out. I don't see how rent for a single family home can outweigh the mortgage. Please correct if I am wrong.

[steve111111]

You are right, most of the times. A good advice would be to start with two or four, from the reason you mentioned.

Some tips - for start. There are many more but not now.
Most important: write down goals (simple ones, like: no negative cashflow, or so) and time constraints (what your lifestyle allows you to do).

Make sure you have a complete plan for about 12-24 months. Make sure no money is paid out of your family monthly budget. It's best to plan generally to see this is true for a longer period as well.

It's also good to start with something familiar. Commercial is less familiar for most of us.

Plan as if the second purchase is within six months, so you're sure to plan with enough cash reserves.

Steve.

[komplookers]

the one good thing about renting a single home is that the resale value
is or much greater than a 2 unit home.

[JustStaring]

I was actually thinking about getting into buying foreclosers as well. You think it's a good idea to start their for a beginner? And what's the best way to find listings of these houses in their pre-forecloser stage? I read that realtytrac.com and foreclosure.com all have outdated listings and are not worth subscribing to.

[nancyarora2020]

Anyone can learn about real estate investing, anyone who considers purchasing a property as an investment, provided that they are educated with this field before doing the buying. There are a lot of strategies and techniques that real estate investors have tried everyday such as rentals, foreclosure, lease options and so on. Certainly, those real estate investors who gave their time to learn and educate themselves will be successful in this type of business.There are lots of ways to gain knowledge about real estate investing. One way is by purchasing books to get several advices and guidelines. Another way is through the internet, there are a lot of websites that cater about real estate investing. There are websites that can give you explanation, trainings, education on different topics in real estate investing.You can also find some mentors online to give you advices and guidelines about real estate investing. Nowadays, there are also some universities that teach real estate investing.Absolutely, real estate investing is a profitable business. But of course, you do not have to enter into such business just that, you have to gain the valuable knowledge needed in this type of business, in order not to fail. It would be too risky in your part, if you enter into real estate investing without the necessary knowledge; you do not have the immediate techniques and strategies in handling some problems. So a proper education is a must in venturing out to real estate investing.I have shared more on the Real Estate sector in my blog.

[JustStaring]

Thanks for your replies. I was actually thinking about joining Nouveau Riche. Good/bad idea?

[janie]

Since you're just starting out, you'll need to define what you want to accomplish. Do you want to buy a hold property for cashflow or buy a flip property for quick cash? It all depends on the amount of money and time you want to invest. For example, a mobile home investment can be a flip transaction that doesn't require a lot of capital or could also be a hold transaction if you do owner financing (sometimes a great and profitable alternative to just renting). Any kind of property can cash flow if you can buy it at the right price.

[bpoker]

I would recommend to invest in multi-unit properties. In this slow market, buyer is in control. Use this golden opportunity for you advantage. Do not rush. Do you homework and use Realtor to cover all bases.

[bwiley]

You will learn alot as you go, but your 1st house can be your last if you if you don't do your home work. There is a ton of things you need to know and I can even start to list them. Financing, inspections, how do you knwo if you found a good deal. I have a lot of article on what to look for when looking for an investment property. You can check it out if you want at houselistedfree.com

Hey all, I am new to real estate investing but I am very dedicated to making it work. I just finished reading a book called "Buying Real Estate without Cash or Credit" by Conti and Finkel. It did have some useful information but not really enough to get started. I was actually considering joining their mentor program but after reading some forums online I found that it wasn't worth the 6k. I am not really sure what to do in terms finding foreclosed homes, or finding motivated sellers. What types of property is good to invest in right now? Would it be 1 family homes? Duplexes? Commercial? and so on. Can someone please give me some suggestions as to where I can start.

Thanks

[manish123]

There is no specific field in real estate where there is surity that you will get maximum benefit on your investment. All this depend upon the area if a area is dominated by commercial activity then invest there in commercial property and if it is dominated by residential or other such activity then invest according to that.

[jamesww]

Find a good agent and have them hunt down properties for you. If you can afford it start with a 4-plex that you live in one of the units this will allow you to get an owner occupied loan and still have 3 renta units.

[rainier]

I will also suggest to invest in real estate. Learn the steps how to make a sound financial decision when buying a house. Understand what considerations are needed when it's time to decide how much to spend and whether it is better to rent or buy a home.

[TJ2007]

$6k!!!!!!!!!!!!!!!!! DON'T DO IT!!!!!

that's crazy. there are other people out there that would be willing to mentor you without big upfront fees.

[rainier]

you are on the right track just continue participating on forums and you will see what you're looking for and learn what you need to know...

[REGuru99]

There are four ways you can gain from investing in Real Estate:

Positive Cash Flow
Market Appreciation
Building Equity
Reducing Tax Liability
Weigh your options site by site, a small multifamily is a good way to go, but you never know how good till you do a little number crunching.