Your Questions About Real Estate Investing Tips

Sharon asks…

I’m looking to invest in real estate?

Im 24 years old and just seperated from the Navy where I was a builder for 5 years. My wifes cousin and I are looking to invest in properties in the Metropolitan Detroit area. We’re looking to buy foreclosed/auctioned off homes, flipping, and renting out for a couple of years while the economy gets back up. Its a buyers market out here right now with the auto industry cutting jobs, but is always up and down, so I figure buy now and sell later would work out perfect. Any tips or suggestions would be helpful.

John answers:

I landlord in Ohio, which is a conservative state without a lot of tenant rights issues. I seem to remember reading a landlord website (www.mrlandlord.com) and on their message board were people going on and on about Detroit and Michigan laws. You may want to check it out and see what you’re getting into. Some of the bigger cities have tenant rights laws that will make you go grey before you’re 30.
If an area has laws that lengthen the time it takes to evict deadbeats, you can still make money but you need to factor the extra time in your cashflow calculations. Good luck.

Steven asks…

Investing?

What are good things to invest in? Also, how would I invest in those things? I need tips, don’t know NOTHING about stocks, real estate, etc ..

I will look it up and buy books if I have to. I’m just trying to make more money.

John answers:

You can invest in stocks.
To explain in a simple way, layman’s language, a stock is the share in the ownership of a company. You may dream of owning a huge company and becoming rich. Although you may not be able to own the whole company, you can purchase a certain percentage of its stock and become its proud owner to that extent.

Stocks are traded-bought and sold-on stock exchanges like the NYSE– New York Stock Exchange, NASDAQ–National Association of Securities Dealers Automated Quotations and AMEX or American Stock Exchange. There are two main types of stock exchanges, physical and virtual.

Check out the link below:

Donald asks…

how much money would i need to start becoming a landlord?

now in 3 years, i can save about 75,000 cash ( cause i’m joining the military), now i want to get started on my real estate investing path. So how many mortgages you think i can get for that money? i was thinking i ccould trade 4 green houses ( 4 small houses, using monopoly language) for 1 red hotel ( a apartment). Or is 75,000 dollars enough for a apartment building? My whole goal is to get 5000 dollars cashflow each month from my assets? Any tips?

John answers:

It all depends on where you want to start your real estate empire and what terms you can negotiate with your lender.

We have several duplexes and 4 houses now, we started with 1 house that we bought outright and lived there. 1 Year later we mortaged that one to buy the next one. Once you get there, you’ll have shown the bank, you are serious, you have assets and will make payments on time and you will be able to borrow more. You will still need a decent down payment for each and every purchase.

Good Luck

David asks…

What’s the best way to select a residentail real estate investment?

I have quite a bit of money with which to invest, and I am thinking of buying a condo or small home to rent out. What’s the best way to select a property? Also, any tips are welcome!

John answers:

The best way is to find a professional in your area and get that person to mentor you. Other than that, you can look to these boards for advice, but you don’t know who is giving it to you. So why not go to the bookstore and start reading up on it? If you notice that the real estate section is huge, well, there is a reason for that. Everyone is into real estate these days. There is a lot of great info out there, but oh so much more bad advice. Best of luck.

Jenny asks…

I Need help with a Real Estate Question……..!!??

Has anybody have any tips on how to go about investing in out of state properties. I currently reside in California and although I make an OK living and have perfect credit, it’s not enough for me to buy my own place here. I’m getting killed tax wise so my goal this year is to buy a home somewhere and rent it out.

John answers:

I work with several California investors who have done exactly that.

The first thing is to locate a good Realtor who understands that you are looking for a good, solid, investment property that isn’t going to need a lot of updating and maintenance.

I can give you referrals to a couple of people who I know would do a good job for you. They can send you copies of the listings and you can winnow them down to ones you are interested in. I would recommend you make a trip up here though to see before you buy.

Next, because you are going to be an absentee landlord, I would highly recommend you engage the services of a property management service to make certain your tenants are well screened and your property is maintained responsibly. There are several up here to choose from.

This (Portland, Oregon metro) area has a nice selection of properties and prices have stabilized in the last few months so now is a good time to get in. Due to all of the colleges (Portland State, U of Portland, U of O Health Sciences Center, Concordia College, Portland and Mt Hood Community Colleges, Lewis and Clark Law School, etc.) there is usually a pretty strong rental market here.

Feel free to email me for further information.

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