This is for the more seasoned real estate investors.... I personally like to invest in Condominiums and rent them out. What other kinds of real estate do people like to do, why and have you been successful at it? (ie. Flipping, hold and rent, buy land, etc....)
2007-02-08 16:20:48 · 4 answers · asked by Kenneth C 6 in Business & Finance ➔ Renting & Real Estate
to towanda and ga rei, I thank you for your input and suggestions. However, you can make money with condos as I have. The only caveat is that you have to find the right location in order to do that as I have. I am able to cover all of my expenses, set aside money for repairs and still make a profit.
2007-02-09 19:58:30 · update #1
Try investing in farm land near commerical or resort areas. The increase in value over a period of five years will amaze you.
2007-02-08 16:25:20 · answer #1 · answered by Rick O 2 · 2⤊ 0⤋
I can't say that my approach is for everyone. I am primarily a buy and hold real estate investor. While there are a few times I may flip a property, it is because I have too many on my plate at that moment and I couldn't pass up the deal.
So far, it has been single family homes. But this year is where I am starting to invest in commercial. There my focus is on 30-50 unit apartments and 5-8 store retail strip malls.
The challenge that I see with condo's is that you can't really do anything to them to make them stand out fromt he others and thereby generate more value/equity. At least when I buy a SFR, I can get a good discount, fix it up and have instant equity. You aren't going to have as many opportunities to do that with condo's.
Hope that helps
2007-02-09 06:12:41 · answer #2 · answered by ga_rei_guy 3 · 0⤊ 0⤋
I've had success with run-down apartment buildings. The current owners are barely making enough to cover the mortgage, so they sell. With some minor upgrades, rents can be raised and you can make well over what you are paying.
2007-02-09 00:32:15 · answer #3 · answered by ? 5 · 1⤊ 0⤋
Kenneth, condominiums do not make $ or even pay for themselves. You need mulitiple family dwellings for each loan. One unit pays taxes & insurance, one pays the mortgage, one pays for repairs and the fourth is profit-if you play it right. That's a reasonable plan unless you are trying to shelter your income and earn equity.
2007-02-09 02:45:08 · answer #4 · answered by towanda 7 · 0⤊ 0⤋