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Real Estate
- Thread starter qwerty
- Start date
G
Guest
they have general guides to real estate that are a good introduction, but aside from those I'd look for 2 things:
1) A college textbook for a 300 or higher level real estate class (usually in the fin. section)
2) Each state (if you're in the US) has specific guides on real estate for certification, those are a good read too, and if the subject material really clicks for you - then pay a few bucks and get your license
1) A college textbook for a 300 or higher level real estate class (usually in the fin. section)
2) Each state (if you're in the US) has specific guides on real estate for certification, those are a good read too, and if the subject material really clicks for you - then pay a few bucks and get your license
G
Guest
dont forget the state specific landlord/tenant laws
That's a whole lot of responsibility & money wrapped up in there.....Unless you want to pinch pennies, break codes & be known as a slumlord, the upkeep a landlord needs to do can be very costly. I hope you have enough financial surplus ahead of time to cover any potential expensive fixes you might encounter.qwerty said:
qwerty
Member
half_lotus: Excellent.. 
rkrone: Cool. Will be doing the research.
Nikijad4210: I've already purchased and completely remodeled my first real-estate investment property. It is quite nice. Of course I have financial surplus savings. I'd rather be a landlord than a tenant.
NPK: Great. Will look into this..
Pops: I have heard horror stories. Got any good ones? I think it basically boils down to who you choose as a tenant. Same thing as hiring employees.
Anyone else? Some good reads I've had are "Why We Want You To Be Rich" and "Rich Dad, Poor Dad." Any landlords favor any marketplace for advertising their properties?
rkrone: Cool. Will be doing the research.
Nikijad4210: I've already purchased and completely remodeled my first real-estate investment property. It is quite nice. Of course I have financial surplus savings. I'd rather be a landlord than a tenant.
NPK: Great. Will look into this..
Pops: I have heard horror stories. Got any good ones? I think it basically boils down to who you choose as a tenant. Same thing as hiring employees.
Anyone else? Some good reads I've had are "Why We Want You To Be Rich" and "Rich Dad, Poor Dad." Any landlords favor any marketplace for advertising their properties?
Rubberband Man
Member
^craigslist is a favorite. You'll get big results there if you're in the U.S. and if you include a photo of the property in the ad.
qwerty. it does indeed depend on your tenants and how carefully you choose them. Always try to get references from their past landlord. Shortly before I retired and sold my apartments, I had a tenant who did $4,000 in damage to a 2 bdrm apt. The roaches were so bad in there that it took me 3 weeks to get rid of all of them. I rented to the young couple because I knew his father, or thought I did. Dad turned out to be a drunken asshole who gave me as many problems as Jr.
I owned apartments for 15 years. Had a lot of good tenants and a few bad ones. One guy decided to rebuild the engine of his motorcycle in the living room and permanently fucked up the brand new carpet I had put in. I have had to sue a couple tenants for damages, won the lawsuits and never collected anything. People can disappear so fast when they owe money.
You are better off owning high rent property rather than lower rent property as you get a better class of tenant. Rather than try to fill you with horror stories, I'll suggest that you check with local landlords to see how they are doing.
You might want to wait a little bit as right now the real estate market is going through a correction. There has been a lot of appreciation and interest rates have been low. Many people bought property with little or nothing down on no-interest or interest-only loans. Now that rates have climbed and lenders have tightened up, there will be some bargains on the market as people find out that they cannot pay for what they bought. Try to check the foreclosure and pre-forclosure market, as there you will find the best deals. Real estate can be an excellent investment if you choose the right property, the right financing and the right tenants. If you don't, it can be a nightmare. Right now might not be the best time until all the corrections are through.
I owned apartments for 15 years. Had a lot of good tenants and a few bad ones. One guy decided to rebuild the engine of his motorcycle in the living room and permanently fucked up the brand new carpet I had put in. I have had to sue a couple tenants for damages, won the lawsuits and never collected anything. People can disappear so fast when they owe money.
You are better off owning high rent property rather than lower rent property as you get a better class of tenant. Rather than try to fill you with horror stories, I'll suggest that you check with local landlords to see how they are doing.
You might want to wait a little bit as right now the real estate market is going through a correction. There has been a lot of appreciation and interest rates have been low. Many people bought property with little or nothing down on no-interest or interest-only loans. Now that rates have climbed and lenders have tightened up, there will be some bargains on the market as people find out that they cannot pay for what they bought. Try to check the foreclosure and pre-forclosure market, as there you will find the best deals. Real estate can be an excellent investment if you choose the right property, the right financing and the right tenants. If you don't, it can be a nightmare. Right now might not be the best time until all the corrections are through.
