Thread: Advice on Investing

Here in Minnesota, this is exactly how I started my real estate investing career.

First and foremost, I would plug in with a top real estate agent and mortgage professional in your area. Both who are very knowledgeable in real estate investing (if you need a referral here I can help)

Next I would look for some duplexes. We have a ton of them for sale on the MLS and I'm sure you have a bunch in your area.

Purchase the property, rent out half of it and collect some rent! A great way to start your career in real estate investing!!!

That is a great idea and an excellent way to get started in the real estate investment business. You will gain experience on how the home buying process works as well as how to manager a property and deal with tenants. One warning, if you do not have money in the bank do not buy a house that needs repairs. Repairs can become costly very quickly and can drain your bank account if your not careful.

Originally Posted by tanmaysnv

Hi All,

I'm 23 years old and I am thinking about Investing in property. I'm getting married next year and need some advice on what to do. What me and my fiance want are to buy some sort of a co-op/Duplex to live on 1 side and rent out the other side. We eventually want to get our own house and then rent our both sides of the duplex. Anybody have experience with this or have any advice on the best way to pursue this?

That's a good idea to buy a duplex house and let its other side be rented by some one. This can help you to return back the money you spend for buying it. If you are not much knowledgeable about investing properties, it's better to find a realtor to help you guide on the process of buying and renting a house.

Investing in real estate as a beginner can be done by individually purchasing a property, investing in a mutual fund or stocks dedicated to buying real estate or joining a private group that purchases real estate properties. Discuss real estate investment opportunities with a financial adviser, tax accountant and lawyer with advice from a financial consultant before investing.

As for me, I started my saving in a small amount, in order to have my big amount to start my business.

Look for duplexes (and multi-plexes), townhomes, rowhomes and small single family homes to purchase because they are usually easier and more cost-effective to rent out.

Settle on a home that is reasonably priced. To get an idea of what is "reasonable," put the house price and estimated loan interest rate in a mortgage calculator to determine the mortgage payment (if applicable). Ask yourself, "Can I afford this payment if I don't have a renter?"

Research the average rental prices in the area of the proposed home for the type of unit you are looking to buy. You can get an idea of what people are paying to rent apartments and homes in that area by looking in the "For Rent" section of Craigslist.org or by checking the rental listings in local publications. Your real estate agent can also provide you with guidance in this area, most agents have special statistical tools at their disposal.

One of the greatest advantage of buying a duplex as an investment (by living in one half), is that you can qualify for an owner-occupant mortgage rate and terms. Very nice!

Originally Posted by White Bear Lake MN Homes

One of the greatest advantage of buying a duplex as an investment (by living in one half), is that you can qualify for an owner-occupant mortgage rate and terms. Very nice!

According to me buying a land is better option than home buying. Land is more valuable than home. A land can be used for any kind of purpose, you can fully use that open space for any kind of construction. This will be a good investment.

No doubt that investing in real estate is a great money making. If you are about to invest it is really important to understand first on which type of real estate your are going to invest, its either business or residential.