Beggining investor/homebuyer

**MHoggard87** · 02-04-2011, 07:55 PM

Hello,
I am a first time home buyer/ investor and i am currently trying to decide my
best rout to take to start a good real estate investment career.
I was hoping i could find some advice on this forum. I currently stationed in the Virginia Beach
area of Virginia(my wife and i currently reside with her mother to save up money) but
I am in the military and have traveled around a lot. I recently
stopped in Florida, where I realized how low the prices were in many areas
(Cape coral for instance, where I have found many almost new houses in good neighborhoods for around 50000 dollars.)
This sounds like a great buy and hold investment opportunity so
I have been talking with a friend of mine about investing in a house down here, and splitting the mortgage.(we have about 20k between us)
but i am worried that if we do, I will not be able to receive good financing on a multi-unit in Norfolk.
Could anyone tell me if:
1. they think it is a good idea to invest with a partner in an area where i will not be staying
2. I will still be able to receive another(larger) mortgage for a home to live in.(multi-unit)

i have a pretty good credit score(above 700) and have an income of about 2500 a month.
Any help and inputs would be much appreciated, Thank you very much.

**Greg** · 02-05-2011, 05:12 AM

1. Rental properties should not be located more than an hours drive from where you live. If you can not stop by unexpectedly and check up on your renters then you will end up losing out in the long run.

2. The reason those properties are so cheap is because there are no renters for them.

3. before you buy any property to rent out you have to research how much demand there is for rental houses. If there is a glut of rental houses sitting vacant on the market then you will have a hard time renting it out.

**Chrisopher Moltisanti** · 02-05-2011, 07:56 AM

Re-read what Greg wrote.

There's a reason why those places are vacant.
Study the surrounding market.
Don't even bother going out of a 60 minute drive from "home base".
One reason why those places are vacant is because: there's no work.
No work = no pay rent.
People don't want to drive over an hour just to pay their rent. So, they moved.

Good luck, thank you for your service.
Keep your head down and get your *** home, tomorrow. F'em.

-CM

**First Time Home Buyers** · 02-07-2011, 07:00 AM

More than anything you need to find a local mentor in whatever area you want to invest in.

No amount of book reading or CD listening will prepare you for the actual real estate business.

Trust me...I read them all before I become an agent, and STILL am learning things after 3 yrs in the business. You may think you know what you're doing--but you don't.

Find someone local who has the experience to help you on your first deal(s). They will know better than probably any of us on this forum in various other parts of the world.

Best of Luck!

**Yballe55** · 02-07-2011, 08:03 PM

All you need to do is deal with real estate agent near from you. Actual presentation on how to sell house is the best training for you to start in real estate business.

**James_alex** · 02-07-2011, 11:09 PM

Originally Posted by First Time Home Buyers

More than anything you need to find a local mentor in whatever area you want to invest in.

No amount of book reading or CD listening will prepare you for the actual real estate business.

Trust me...I read them all before I become an agent, and STILL am learning things after 3 yrs in the business. You may think you know what you're doing--but you don't.

Find someone local who has the experience to help you on your first deal(s). They will know better than probably any of us on this forum in various other parts of the world.

Best of Luck!

I like the advice that you have provided here and it is completely will helpful and beneficial. Contacting experience person will benefit in many cases for future exposure.