In search for experienced real estate investors
October 15, 2007 4:14pm CST
I am just starting to invest in real estate. I still haven't found a property yet. Right now I mainly want to buy a cheap junker that only needs cosmetic work on it and sell for a profit. But I am having trouble finding any propertys that people are willing to sell low. To anybody out there is experienced in this, please give me some tips.
2 people like this
• United States
20 Oct 07
Try looking for foreclosed homes. Both Fannie May and HMBI are selling there homes at greater discounts than in the past due to higher volumes of inventory. I just closed on a HMBI home. It sold in 2004 for $70,000 I got it for $32,250. Will have around $55,000 including 6 months holding costs and selling commission and other selling costs. With a new roof, brand new kitchen, flooring, paint, central air, etc I should be able to get $72-75,000. Check to see what kind of foreclosures are in your area.
16 Oct 07
Have you looked on e-bay? There appear to be multiple properties for sale for a few thousand dollars (of course they may or may not be very good ones). I live in Australia so my experience is specific to my country, however we have several real estate sites where you can search on "location" and "price" - for example "houses in whatevercity under $100,000" - I would think you would have some similar ones in the USA. From my experience people want houses that are near to some form of employment (or a great holiday place), transport, schools and entertainment are also drawcards. If you can find somewhere that hasn't been popular but is heading that way you can do well. Do some research - for instance areas that have been quiet but there is a new industry starting up there in the future. To give you an example I once did really well from buying an old house in a small country town which subsequently became very popular when several large companies opened branches in the area and the population grew very quickly. It's also a good idea to carefully check over anything you think of buying for structural problems, whether the area is subject to floods, future plans for freeways going through etc - sometimes houses are cheap for a good reason. Good luck with your search!
• United States
22 Oct 07
Thank you for your comment, I know e-bay is a great resource for locating cheap propertys of all sorts. And I will probably buy some off of there. But that will probably come later when I am more knowledgable and more sure of my capabilities of identifying a great property and a great deal.
31 Oct 07
hey mlhuff12. Everyone seems to want to know about the industry, but it's another to be fair and equitable about learning the industry. If you're willing to put the effort out there, like juggling 20 or so deals at a time, you might be worth an investor training you. Just like starting any business. You have to pay your dues at first, in order to learn the business. If you're serious about this, I suggest you find your local Real Estate Investor's club meeting, and join it. (ask chamber of commerce etc to find out where the meeting is) Ask the club officials to help you find an investor who can help train you while you both make some money. I consider the entry level positions to be Bird Dogging (deal finding) & then wholesaling. The investor can tell you what to look for & where to look to find the deals. Of course, he'll help you work the deals once you find them, and he/she will make some off that too, so it's a win/win arrangement. Local RE investor's are good also because they know the state laws...very important. Read all you can, and teach yourself all you can about the industry. It will help you turn more houses into cash in your pocket, instead of frustration at a deal that never materialized. Adhere to a good moral code. The last thing we need is another "ya hoo" going out there giving the industry a bad name. Be a solution provider - a people helper. Hope this helps. Visit my website...you'll learn something. www.buyALhouses.com
• United States
30 Oct 07
Hello there, What is your goal to invest in real estate? Are you looking to buyresidential homes for rentals? or are you looking into commercial and industrial building? and HOw much you would like to invest? if you'd like to know more in details you can email me to firstname.lastname@example.org so I can answer more to you.