I want to make investing in real estate a full time thing but im not sure how difficult it will be. any investors- any advice or knowlede will help
2007-01-20 08:50:25 · 4 answers · asked by thepopcornplaya 2 in Business & Finance ➔ Renting & Real Estate
I would suggest contacting a Realtor in the area in which you are wanting to invest. Try to find one that specializes in such properties and that may be able to 'manage' the property for you while you are away. They typically find renters, collect rent and handle evictions only and the maintenance is up to the owner. If you explain your situation to you Realtor . All of this I know because this is what I do here in Ohio. ;-D
2007-01-20 09:09:10 · answer #1 · answered by Dani D 2 · 0⤊ 0⤋
My first question to you is are you active navy? If so your constant moving will make it almost impossible for you to purchase and do flipper since you can get orders and have to move within a 30 day period or less in some cases.
If you are in the middle of a flip, you might not be able to finish the project before your shipping date.
However there is still away for you to take advantage of the good ole U.S. Military and do good at it.
I was in the U.S. Army and retired, this is what my wife and I did to get a foothold in the real estate market.
I was able to find a 4 plex that needed a little repair, but not enough that my GI bill would not finance. You see with your GI bill you need not come out of your pocket for any reason what so ever. The other thing is now you can live in one making immeditate repairs when necessay and rent the other 3 out so they can help you make your mortgage payment.
Now you will be transferred before you finish paying for it, just find a property management company and let them rent it out for you. (Not your friends-unless they are extremely mature with lots of common sense) The property manager will chare you 10% for their services,but it is tax deductable.
Since you will be living off base you will be entitled to your housing allowance which will also assist you with the mortgage payments.
After about 3-4 years refinance this property so you can pay off your GI bill for housing.
When you find another 3-4 units you want to purchase you can use your GI bill again to purchase your new 3-4 unit. This will give you a tremendous net worth as well as a good income you can rely on.
Now once you are out of the navy you can buy flip and sell as you wish, because you will not be subject to moving about as often.
You should go to the nearest book store and purchase a book on buying, flipping and selling. You should also purchase one of the TV gurus distressed property seminars.
They will give you some legal forms you will need when writing an offer. The program will also have a script to use when you have found a client that want to sell. The program will also have a formula that determine if the property you want to purchase will be a good deal for you.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-01-20 09:31:02 · answer #2 · answered by Skip 6 · 0⤊ 0⤋
You are of legal age to contract. You can purchase investment property as non-owner-occupied...or, if you're planning on living there when your state side.. you can purchase it as an owner occupied residence and get a better interest rate.
You can get 100% financing if your middle score is 580 or above and you're not in a bankruptcy. There may be some other conditions depending on the lender.
2007-01-20 09:28:01 · answer #3 · answered by dreamdefender7 1 · 0⤊ 0⤋
If I may mention this I offer a good course teaching you all the special techniques, mindset etc. Go to http://www.universalclass.com/i/crn/14666.htm
REAL ESTATE THE ROAD TO RICHES
2007-01-22 12:12:13 · answer #4 · answered by jbmmer 2 · 0⤊ 0⤋