hi, i live in tampa fl where the market took a huge hit, i dont own any real estate yet there for im a beginner but i have been learning and studying and looking out for real esate for about 2 years now. to be specific i have 8k in cash saved and i would like to buy my first investment property. I called a realtor and she put me onto this software where when a property goes on sale i get an email. My question is what are some strategies i can do in order to keep some of my cash or as much as possible. I also own my own home and ive owned it for a year now im 22 and i want to become a successful investor. Would my best option be to get with a bank and have them send an appraiser to my home and see what its worth and hopefully take out the quity? what do they look for when they appraise a property? for example i did some fixing myself i tore out the carpet that i bought it with and put down laminate the bathroom is being completely redone as we speak. so im trying to find ways to invest and take loans out so that i dont get hit hard with my credit so that the banks dont look at me as high risk. Please im looking for advice from people that been there done that. Also i found alot of nice condos for sale, condos that sold for 220k in 2005 and now are selling for 65-80k some are short sales some are not im guessing people just wonna get out or something. Also i checked them out on zillow even tho you cant always trust zillow for value but also shows that alot had been sold in same are in the past 4-5 months is that like an opportunity to buy? when you see people are buying in one specific are? because it seems like it is to me im just trying to get advice and strategies.
Thanks to all that reply.
Sorry but this doesn’t make alot of sense. You say you don’t own real estate and then say you’ve owned a home for a year. You say you have studied RE for 2 years but don’t know what they look at to appraise?
If you want to know what your house is worth, ask your realtor. If you want to know if those short sales are a good deal, ask your realtor.
Good Luck
I think you first need to decided on a strategy. Just becuase something is a good deal does not mean it is a good deal for you. Are you going to invest in Codos, or Single Family homes. Many people say they are the same classification and technically they are correct, pratically they are wrong. There is a big diffrence. Are you wanting to get rental properties to manage or are you wanting to Rehab and Retail.
My advice, since you asked… The days of waiting for real estate apprcaition are OVER. It is time to Turn and Burn. And while you are rehabing and retailing if you get stuck with a property you just cant sell then keep it as a rental property.
So only by properties that would be good rentals if you have to keep them this way.
Make a plan on what you are going to specialize in. We have a client that only buys 4 beds, 2 bathroom, Homes in certain zip codes. They know exactly what the homes are worth. They have purchased, fixed up and re sold 2 homes on the same street this year. They really know values. Become an expert, it pays!
Happy Investing