I have been reading and learning alot about realestate investing for a long time now. I even had my realestate salespersons license 10yrs agao. I llove realestate I believe it is my passion but I am struggling with what way to go. I think my real passion is to rehab older homes and bring them back to life. I enjoy the revitalization of neighborhoods and providing a home for a probable first time home buyer. My problem is I do not have the time to be chasing down these motivated sellers and rehabbing let alone the cost associated with holding cost and closing cost and realestate commisions. I have been studying a lot about holding multi unit buildings and have come close to subbmiting offers on them. But I dont think I want to be a landlord. Not my true passion. Maybe I think I am too nice and i wont be good at it. Any advice on what path i should take in this realestate career that I would like to someday 3-5years from now to be my full time job. thanks for your help
If you don’t have time to find motivated sellers; don’t have the money or credit for costs; and don’t want to be a landlord; I think that just about does it for real estate investing!
It doesn’t sound like you’re cut out for real estate investing.
Good Luck,
Mike
Start small and start with a Great deal, and just get through the process so you know what it’s like. Don’t try anything fancy, you can worry about making a lot of money on your 2nd and 3rd deal. But for the first one keep it simple with a property that only needs minor repairs (carpet, paint, landscaping, etc… No full rehabs for the first deal.
I do believe i am cut out for this realestate thing. I am just stuggling to find my nich. It seems my thinking is all over the place. I go from multi unit rentals to forclosures to rehabbing to tax sales . I think i need to fing out exactly what i want to do and do it. I just think rehabing which i think is my passion I can not do and ballance a family and a swing shift job. I have good money and good credit(780) just thought landlording would be a challenge and something i would be new at. I have already rehabbed one property (my first home through fha 203k so know how time consuming rehabbing can be. it also took a year to sell in my market and it sure wasn’t overpriced. Just thought i could reep the benefits of propertry ownership and rentals would be less demanding of my time then rehabbing.
If you want to rehab but don’t have the time, then you will need to hire all the work out. Nothing wrong with doing that, just make sure you have plenty of room for surprise expenses.
As far as buy and hold for rentals. It doesn’t take much time at all to manage properties. After the first year they are almost on auto pilot. Also you can put a property management company in place. You’ll need to buy very cheap or having a management company in place will cause a neg. cash flow.
Hope this helps
Hi - It sounds to me that you enjoy rehabbing historic properties and seeing them come back to life. I don’t know where you live, but I’d suggest going to your city and locating your “historic neighborhoods” and your city’s historic neighborhood committees. They are out there. Get involved in them and learn all you can - even volunteer helping on projects. You may then run into contacts who might have a home in need of repair or other situation that you might be able to get into and use your REI experience.
Just a thought … good luck.
I am offended, what are you trying to say. You don’t think I am nice? Or do you think you are nicer than me?
u always need a plan. Plans dont always go the way expected because you are dealing with multiple people, Anytime you add people into the equation you invite change. You must make a plan and then learn all you can about the aspect of your investing plan and then work it. First dont go in blindly make sure you do your homework.