Thread: New investor - Need advice from the Pros

Well, at least your head is on straight. But it will take commitment to be about to do what you want. Books tend to make it sound great and that the pitfalls are few in coming and riches are there.
The biggest thing you want to worry about is the rate of return that property is going to give you. After, add 12% to that for a security cushion because tenants come in all shapes and sizes. Some will accept a little wear and tear and some will complain on a scratch on the wall that they caused just an hour ago and want the whole wall repainted.
I will say, if you are working full time, get a manager. I run an investment company in New York and to say it mildly, it is a full time job and if the property is only getting you $100 a month after all expenses, then you just traded a paying job for a very cheap full time job.
If you ever have any questions, we have some great free webinars on basic real estate investing. You can see the schedule and register (email isn't used for spam and will never be sold or given to anyone, but to be safe while you go on your investing quest, you should make an email with gmail that you use to contact brokers and other sites) and our site will email you when the seminars are going to start.
Would love to talk.

Yes, I agree that you go get a manager to help ease things out.

It sounds like a very ambitious goal, given you have a full-time demanding job. First of all, you do need to have some capital to start out with. Depending on your income level and cash saving, you may be able to afford some pre-foreclosed homes and some banks may lend you some money. Don't forget you may need to spend more than you like to put the home in a rental condition.

After you purchase the home, managing renters can be a breeze if you find the right ones, or it can be a nightmare if you get the wrong ones. How much time committment do you have for this? As you line up more properties, the amount of work can be huge. You need to prepare for that with a solid plan.

Best of luck!

Sounds like you are off to a good start with your ideas and knowledge. Keep adding to your knowledge by networking with other investors, reading, and evaluating each deal you do. Never stop increasing the number of knowledgeable people to your network.

Originally Posted by businessjohn

Sounds like you are off to a good start with your ideas and knowledge. Keep adding to your knowledge by networking with other investors, reading, and evaluating each deal you do. Never stop increasing the number of knowledgeable people to your network.

Thanks for the insight John!

If you are looking for something much profitable, I can suggest you unbeatable offers.

I am a property investment advisor based in Istanbul - Turkey. You can at least make 10% profit in total over your investment value.

For instance, 1 bedroom properties are apprx. 45.000 Euro in here and 4500 Euro rental income per year !! Easy rent without any single hassle.

I have both commercial and residential deals now for my American and European investors bringing between 10% and 17% realistic rental incomes. All you need to do is to take a flight and visit Istanbul to see all opportunities on the first hand.

For example, I have a residential building now in the right centre of Taksim area in Istanbul ( the most popular and dynamic place in Istanbul). It costs 450.000 Euro bringing 72.000 Euro rental income (comes to 16% profit)

The purchase cost is only 4 % off the purchase price in Istanbul and you will be guided by international solicitors based in Istanbul who will help you giving you all legal informations and the process. Its as easy as buying a car

Anyone interested can contact with me so I can send all options I have in my portfolio and we can move forward with further details.

Best Regards

Melih

ASM PROPERTY INVESTMENT

The most Important skill that earns you profit is to learn how to buy

properties below market value.

Originally Posted by zurry

The most Important skill that earns you profit is to learn how to buy

properties below market value.

Yes. Its a basic skill that every realtor should possess.

Hello,

It sounds like your first priority is to determine what method you will use to acquire the properties. I'm not sure how much capitol you have to start with, but you will need some no matter what arena you choose to go with.

The most inexspensive way of acquiring properties that I know of in North Carolina, is to go to a Tax Deed sale in any of the counties. Each county in NC will hold an auction to sell off the properties where the property owners are delinquent on their property taxes. The starting bid for these properties will usually be the total amount of unpaid taxes. If you research the title to the properties you are interested in that will be up for sale, and there are no liens or assessments that will survive the issuance of the tax deed, then you should be able to acquire a property for as little as 10-20 cents on the dollar.

You will need the money up front to buy them, paid normally in cash or certified cashiers check. Maybe you can find some friends or family who can help you purchase the first one, after you have purchased a few, you should have no trouble finding other investors in your area who may be willing to put up the money for some type of return.

If you need any further info just let me know, I will be glad to help point you in the right direction.