Thread: New guy in Real estate

I would just read as much as you can such as blogs, books, and other resources. That is how I got a lot of my knowledge.

I think I would start with where do you travel to most? If there is one location or several you do regular stops at; contact a local real estate agent there. They are the best resources for what the market is like since they "live" it everyday.

As far as financing, that depends on the a lot of things and changes all the time. Contact a loan officer, or mortgage broker in same area as the properties to get the best advice there.

Good luck and happy flying!

Buy where you live. Once you are landlord there will be tons of things to do on a regular basis. Doing that with the property out of town is almost impossible.

Lending is not based on your experience it is based on your financials.

If I were you I would start with a more manageable project. Like a duplex or so. Get your feet wet and do larger things after that. Ket to know how much work is involved etc...

Toby's right. I have a rental out of town that I only see maybe twice a year and there's a lot of drama with maintenance, etc. Its older (built in 80s), so there's always something that needs fixing.. Get something that you can visit often unless you have a good friend/relative that can check up on it occasionally. Prop managers can be expensive..

The best thing you can do is research and educate yourself as much as you can. And although this may seem obvious, deal with an agent or broker that you trust. Especially if you are interested in property other than where you live.

And in the long run, properties managers may be costly but when dealing with assets that you hold outside of where you live they can be peace of mind. Just ask around see who's good and who's not so good. They can often relieve you of the headache of dealing with renters, maintenance etc...

Have you considered becoming an inspector? I work with an AA pilot here in Dallas, Texas who is also a licensed real estate inspector part time. His passion is real estate and inspecting properties. I refer many of my clients to him and they are always very pleased with his services. This is a great supplemental income.

It's best to start close to home. Once you learn the ropes of landlording, then you will feel more comfortable branching out to other areas. For me, I ONLY invest out of state. But I have been doing this for a long time. If the money is right, then I'm in!

I espouse the creation of a team. Get out there and meet some bankers, RE agents, mortgage folks, CPAs, lawyers. Get networked. Sitting at the desk in your house and hotel will not bring your world to you.

You are a traveller. So get out there among the network. Join an REI club, go to their baseline classes. Don't accept everything at face value because the mass of folks in RE are not the ones that have the creative ideas. Most Investors love to learn, but learn right. there are two sides to the coin. Avoid assumptions and mass-beliefs and avoid the over-the edge frenzy marketing to spend thousands and thousands on trainig.

There is a lot of good training but use common sense and your path is solid.

The REI world is changing and you need to know how to surrond yourself with advisors.
My 2 cents.
Joe

I warmly welcomed you at real estate forum. I'm really impressed from your background. My suggestions for you to improve your real estate knowledge is to take part in blogs and articles more and more. I think you can find some useful articles on ezine. Wish you good luck

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