Just Starting Out

Another Newbie here ! My friend and I are interested in getting into the real estate market. Our goal is to pay for our children’s education. We have approximately 10 years to get it right. I live in Delaware county, PA and my friend is in Northern New Jersey.

We are all over the map with ideas and would appreciate the “voice of common sense” from contributors. We have learned a lot from reading many of the postings and apprecaite the time and consideration given to answers.

Should we buy: a rental property ? foreclosure? New Jersey shore property? My friend is also very interested in the Naples FL area rental market - I’m a bit nervous about owning property that far away.

Thanks in advance for any orientation. We understand that many variables are involved, even help in narrowing the focus would be appreciated. There seem to be success stories posted for every venture, is any one choice less risky than the other?

There’s a risk associated with any activity, whether it’s real estate investing or not. The point is to select activities that minimize risk, and that requires being aware of all significant risks associated with a given activity. For example, if I like a property that’s in foreclosure, it is less risky to purchase the property than to acquire it Subject-To.
I define risk as the probability of a bad event occurring coupled with the cost associated with that event (i.e., probability x cost).

So I guess what I am saying here is follow your market

If others are selling Buy,If others are buying Sell.

If the market is highly increasing and you are finding great deals RENT IT, FLIP IT, WHOLESELL IT it really does not matter just make money!

As far as the Flordia Idea why not? Find a property manager to do it for you if that is what he wants to do!

I really hate to put it so blunt but as far as partnerships go There are two types and that is it! Those that work! and those that don’t! I have had both…


Many thanks for the pointers.

Glad to help!

Where in Delaware county? I, too am in DE county and today I knocked on my first door - couple facing sheriff’s sale - just had it stayed to list it for sale.(If anyone replies, I’ll talk about the details and hopefully I can get some feedback and advice from the experts)
It was a good experience. . .he told me about all of the “sharks” that had already swum up to his door! Opened up alot about what he wanted/needed. He took my number and I expect a call. If I don’t hear from him in a week, I’ll stop by again.

We’re just west of Philadelphia.

My friend and I just bought a rental property in Estero, we hired a property managment company and plan to sell in a year. I hope that it pans out.