Hey everyone, i would have to say im wayyy more than new to this investment concept. MY family and i have just moved from massachusetts to maine and are in the process of selling our house. I also convinced my parents(not easily) to give me several thousand to start in the realestate buisness and im looking for some advice. I’ve read several books on rental property and i guess im just looking for someone who can tell me a littlebit about the actual process from start to finish and how much money someone should begin with…a modest amount of a few thousands. Thanks for any and all help!
Dustin 8)
Where in Maine are you? I am in western Maine
Barbara
bangor area, im thinking about investing close to orono thanks to the school and most likely a huge draw of students for tennants
I’m new to investing too. However, my business partner and I purchased a property to use as a rental. We did not put any money down and requested the seller’s pay the closing costs. The property is located out of state and was listed below market value. We acted quickly - it came on the market during one of the three days we were looking at property there. We had it under agreement within a few hours.
What you should do really depends on your own investment goals.
If you know the market values and rental rates in that area of Maine then run the figures of a property that looks like a good deal to you and see if you’re interested. If it has a positive cash flow after considering all expenses (there is a net operating income calculation form in Appendix B of The Weekend Millionaire’s Secrets to Investing in Real Estate by Mike Summey and Roger Dawson and I’m sure similiar ones can be found in other books/resources) then why not go for it?! 