Hi, I would like to know what is the best way to get started in real estate investing. I need to get started but I really don’t know what to do first. Thanks!
Howdy Sue66:
There are 65 other Sue’s that have asked this question. I wish I could wave a wand and answer your question. Decide what you want to do. Do you want to buy rentals and hold or just flip contracts? What assets do you have. A friend wanted to get started and got some help from his dad. Dad had millions in assets and within a year or so the son owned 200 houses in Waco, Tx. and he was off and running.
The best thing to do is to learn your market and be able to know when you have located a bargain. How much are the houses selling for in your neighborhood or your part of town. I know most commercial class A buildings are selling for $80 to $100 so to find one at $50 that needs a little work would be a great deal.
:-*Thanks for responding to question,Tedjr. Sounds like you’re doing good in real estate. I just don’t know who to listen to. I don’t have any resources to fall back on and I really need to get started on some deals. I see a lot of signs out “We buy Houses” and I’m wondering if the field is getting a little over crowded. What are your thoughts? I live in Ohio. Again, thanks for responding to my question!
Hi Tedjr, it’s me again. Just to let you kow I would like to flip a few houses for the immediate cash and then have lease options going to a cash flow. Is that a good idea? See ya!
Sue66,
I am not tedjr but I agree with him that it all depends on what you really want to do! I do not do lease options or subject 2’s as the state guidelines in most states are really cracking down on them. My advice is to keep the best and wholesale the rest.
Robb
Howdy Sue66:
I started out just keeping them all and lost them all too. I like your idea Robb to sell some and keep some. I was going to keep my 31 units but then decided to sell. I just got a 30,000 foot office warehouse and was going to keep and name it Stokely Business Center. I renamed it Agnes Business Center as it is on Agnes Dr. With the name change I will not mind selling if that is the best thing to do. When I get thru it will have about $4K per month positive and $300K equity. I may try to sell 50% and get some cash and still have 50% of the cash flow, the best of both worlds perhaps.