Need Advice

I just found this website today. I have read all the messages so far. I have never invested in property before and I need to know where to start and what are the best books and resources. I have no groups in my area. I live in Wisconsin.

I have $20,000 that I would be willing to spend and $10,000 saved. I have filed bank bankruptcy 7 years ago. I have had perfect credit since. Including financing my own home and car. I have no debt as of right now. House is gone due to divorce and my car is payed off.

I am a single mother and don’t know anything about repairs. I have a full time good paying job. I am also extremely motivated in anything I do. Real estate has interested me very much.

Where would you start?

Howdy Tammy:

Do not spend your money! With what you have you can build an empire. I would like to know how aggressive you are? With a little money you can control millions of dollars of real estate. A lease purchase deal can get you started where you do a lease purchase deal and turn around and lease purchase to another buyer for a profit every month and a kicker at the end. The idea is to find sellers who do not want their house and need to sell. I would like to know more about your area too? Are there foreclosures and a lot of property for sell or is it a sellers market? Buying in bad times when prices and values are low can be really great. I hope all this helps some as I am just kind of rambling than AM.

Good luck and thank you,
Ted P. Stokely Jr

Hi Ted,

Thanks so much for getting back to me.

As to your first question. I am very motivated. I have had all to many people want to go into business with me because of my motivation and my willingness to learn and put hard work into things. Several members of my immediate family own there own business. I think I was born with there drive.

As for lease buying…how do you go about finding owners who do not want there home? Also, would I be purchasing the property and then leasing it to another buyer? How long would I hold on to the property or would they rent to buy?

About the area…It’s hard to determine whether or not it’s a seller’s market or a buyer’s market. Because of the interest rates going up soon and the home values around here sky rocketing, I would say it’s a lot of both right now. I bought a home 6 years ago, did nothing to it and sold it for $90,000 more than I bought it for. I then bought another home 2 years ago, again, did nothing to it and sold if for $22,000 more. So Yes, the values are very high right now, but they believe it’s going to level off soon. Would it be smart to wait a while, learn what I can and move forward after the big boom around here.

Also, about the foreclosures. I live in a suberb of Milwaukee. There are usually no foreclosures around my area, but Milwaukee which is about a half hour away always have many. The down fall is, the schools are not the greatest and they do not appreciate like the suberbs.

Thanks so much for all your help. If you think you ramble on, remember you are talking to a woman. LOL

Hopefully I will talk to you soon