Okay I’m back. I was going to wait to move into my new house to get back into this, but the title company is taking forever.
Here’s where I stand on everything:
Wholesaling: putting 25 signs out within a one mile radius in about 3 hours, don’t have enough money to do a mass mailer, I am putting an ad out for bird dogs, but I would like them to do much more work this time, such as contacting the owner and see if they are interested in selling.
Rehabbing: I think that rehabbing may be more my style than wholesaling (or both), how do I find houses to rehab other than the MLS? Bird dogs? This would obviously require a down payment, which I don’t currently have.
Rental properties: I want to start in single family houses. It makes sense to try to find owner financed properties, because why would I use $25,000 as a down payment on one house rather than 5. I have found some of these on Craigslist, but the owners haven’t gotten back to me. I don’t expect any more than $500/house/month of income. But on the plus side, I can do the maintenance myself from what I’ve learned at the RV park.
Commercial rental properties: one day, I would like to own apartment complexes and hotels and I would do this by sending out a mass mailer. I wouldn’t go through realtors, but all the realtors I’ve talked to have told me that 100% owner financing is extremely rare, but this is what I would be relying on.
I believe my motivation before was to buy a Lamborghini. I already have a 4 bedroom house with a pool. I don’t care about a Lamborghini, anymore. I have a Lexus that I am selling to buy an old pickup.
This should provide me with about $20,000, which I would like to do something with.
To me, the only advantage of investing in real estate as opposed to the stock market is that you can take out 30 year loans to do so.
(I know this isn’t all in the right category, but I just wanted to include it all under one so I didn’t make a million posts)