I'm looking to start buying real estate. I'm looking for a good web site or any advice to start goal setting.
2006-12-25 00:56:02 · 8 answers · asked by David R 2 in Business & Finance ➔ Renting & Real Estate
The first goal is to live within a budget. You'll need to do this to properly handle the house payment and still put some aside for retirement.
The next goal is to aggressively save for a down payment.
While you're saving for the down payment, read and research the home buying process.
2006-12-25 02:25:17 · answer #1 · answered by KC 4 · 0⤊ 0⤋
Hi,David R, I own real estate, I started by saving my money until I had a down payment, Now which is twenty years later I have substantial holdings, enough that I don't need to work for anyone else. My advice to you is to be very frugal, be willing to work very hard and at anytime of the day or night, learn to do your own work , (painting, carpentry, and plumbing, especially plumbing). Believe in yourself, learn finance and do your own books, don't trust anyone just because they wear a suit and tie, if anyone tells you that you can't do something ignore them. I agree with one of the previous answers, books on getting rich quick are bunk, have a five year plan, never buy beyond your means, and be careful of creative financing. Once you get started stay the course, and keep your goal insight, and one day you will be rewarded and become the envy of your old friends. I am not an overly educated person, I don't even have a high school diploma, but I became a millionair, so if I can do it so can you, work hard, stay the course and you will make it happen, I believe in you, now you believe in yourself.
2006-12-25 03:59:29 · answer #2 · answered by niddlie diddle 6 · 1⤊ 0⤋
First off, find someone near where you live who already owns property and ask if you can pick their brain. You'll want to emulate them, as they already are successful in doing what you want to do.
Don't fall into the trap of buying all of those books and programs on how to get rich buying real estate with someone else's money, etc. It's all crap. You just need to be financially savvy and it will come to you.
Since it's a bit of a down market now, it might be a great time to start buying. Make sure the rents cover most, if not all, of your mortgage expenses. If there's some left over, save it for future expenses in maintenance or other items.
Best of luck!
2006-12-25 03:29:46 · answer #3 · answered by trblmkr30 4 · 1⤊ 0⤋
Start out small. Buy a duplex or something for you to live in and have the tenant pay all or most of your mortgage. Then save up your salary from your day job and continue to buy cash flowing properties that cover there expenses and make a couple extra bucks for a rainy day, and again sit back and save save save. once your rents go up over time and your hopefully fixed interest rate mortgages stay relatively low you will be ready to purchase your own dream home and move out of your duplex. All of your rental income from the properties should cover all of the mortgage of your own residence. At that point you own numerous properties with growing equity and you should have a nice cushion to survive on. It worked for me!!! And Im still investing.
2006-12-25 05:54:32 · answer #4 · answered by Rob B 1 · 0⤊ 0⤋
start out from a small scale ...get loan and then buy property .I would say the 80-20 arm is the best .write to kishaloy_bhowmick@yahoo.com
regards,
kish
2006-12-25 12:10:22 · answer #5 · answered by kishaloy_bhowmick 2 · 0⤊ 0⤋
ANY REAL ESTATE IN A PRIME LOCALITY IS GOING TO APPRECIATE, IF YOU HAVE LIMITED FINANCE JOIN WITH CLOSE FRIENDS TO PROCURE PROPERTY.BUYING AND SELLING YOU CAN MAKE A VERY GOOD MARGIN.
2006-12-25 02:53:40 · answer #6 · answered by ak 123 3 · 0⤊ 0⤋
buy low sell high try fixer uppers make them renovated and sell after a while. good luck
2006-12-25 01:06:38 · answer #7 · answered by jo jo 3 · 0⤊ 0⤋
Try some tips from this site:
http://mysite.verizon.net/resnwm24/realestatetipsforbuyers/
2006-12-25 05:28:05 · answer #8 · answered by Anonymous · 0⤊ 0⤋