Hello everyone,
I am new. I thought about getting into rental properties for passive income. I know nothing about buying houses or this industry. I am thinking this might even be way over my head as I have been scrolling through the forums, but I am willing to learn and give it a shot. My dilemma is there is so much information here I am already confused and have no idea where I should even attempt to begin. Could someone please point me in the right direction on where to begin. How to find financing, what kind of property I should look to invest in and how to go about it. Thank you have a great day.
Eric
Hello Eric, I take it that you want rentals since you mentioned passive income. What i would do is first find out where the real estate people are in your town. Find out what makes money where you are and do that. After you do that you will have a direction to head. Where are you?
I felt the same way getting into real estate.
Here’s what I would suggest. First, embrace the confusion. Confusion isn’t a bad thing. It means your mind is trying to build a framework. So all the bits and pieces you’re picking up are useful.
Take notes. Write down questions, and keep moving. No shortcuts. Just learning and doing.
Hi,
As you are looking for rental properties, consulting with a real estate agent in your area is a great option for you. A local agent knows everything about the rental properties like the owner and price of the property. He/ she will help you in finding the right property at a fair price.
Thanks!!
Unless the agent actually invests in real estate, and/or is a landlord, and/or (perhaps) manages real estate, he is generally a last resort for profitable information and decision making.
Without that experience (and sometimes regardless of it), ignorant agents, cum part time housewives, will call just about any deal a ‘terrific investment.’ They’ll call 10% off the asking price a “steal.” Never mind the average seller jacks up the price 10% just to have somewhere to go during the negotiations (if there is any in the first place).
And never mind that unless the agent is signed up as a buyer’s agent, working and negotiating on your behalf, you’re not gonna get straight information. Even then, agents work for themselves first.
Here’s a story to illustrate how this works…
[b]Two Banditos, Juan and Pablo,[/b] held up a gold-carrying stage coach near the border and robbed the passengers of their chest of gold.Later the Sheriff caught up with the Banditos near town, but the gold had vanished.
Unable to speak Spanish, the Sheriff called for Enrico, the town land broker, who spoke both Spanish and English to translate for the bandits and himself, and find out where the stolen gold was buried.
Enrico happily obliged.
When the Sheriff asked the Banditos where they buried the stolen gold, Enrico relayed the question, but the bandits wouldn’t talk. Enrico informed the Sheriff that they wouldn’t cooperate.
So the Sheriff pulled out his six-shooter, spun the revolver, and told Enrico to relay the message that the Banditos had exactly one minute to fess up, and reveal the location of the buried gold, or he would shoot them each in the head.
Enrico relayed the Sheriff’s threat, and so frightened the Banditos that they gave up the location of the gold, explaining that it was buried under the Oak tree in Dead Mans’ Gulch.
With that new information Enrico turned to the Sheriff and said, “The Banditos say, ‘Go ahead and shoot!’”
Javipa,
LOL…now that’s funny!
There’s good info here. I’d also recommend you get a book or two and read them front to back.
Maybe avoid training groups that tell people to go head first into high interest loans. I just heard someone say this to a group and it made me sick to think how many people are going to rush in with no idea.
Eric. I appreciate your enthusiasm. I would find a local investor to be your mentor. Offer to run errands and do the things he/she doesn’t want to do.
Good Luck !
Hi,
If you are looking to buy rental properties, then you can easily find on the real estate portals like Zillow, Trulia etc. You can also take
help from local real estate agent.
Thanks!!