I am a total newbie to this whole thing but really want to learn and get started with real estate investing. I have worked some with a financial adviser that I trust. A few years back three now to be exact I refinanced my house and seperated some of the equity from it. This was with the intention of purchasing a property. However, I have been to nervous and scared to be honest to take the big jump. So how do I get started? Where should I start investing? Maybe a better question would be where would you start?
I was originally looking a new construction houses right outside of Huston and Austin Texas tha were selling for 130’s range. I have also looked a little bit at Indiana for houses in the 50 to 60’s range. The lower range feel more comfortable for me to get started becuase if things don’t go as well as planned the payments are not as huge and even backing out I would not lose as much. I am kind of leaning towards this right now but honestly not sure where or how to do this.
I recently found the following report from CNN Money:
And then on the same day found this website which is selling “Turnkey” properties that are rented out with a 1 year lease and most of them are making a positive cash flow of 250 or so.
The nice part about the properties is they are all 50,000 range which feels a little more comfortable for me to jump in. Yet not living in the area and knowing the neighborhood scared me a good deal. Unfortunetly living in Southern California right now there is not a lot of investing in my area for anything under 400,000 or so.
Any comments? How did you get started investing and what should I look for in a first deal? I know the first deal has to be rock solid and I would like to connect with a real estate investor/adviser. I have been looking at the Marshall Reddick’s investors network and even gone to a few meetings. He has mentors that are will to review properties which might not be a bad idea.
Anyway any help would be apperciate!