Your Questions About Investing In Real Estate

0
0
0
0
0
0
0
0
0
or copy the link

Michael asks…

Getting started in Real Estate Investing At a Young Age?

I’m very interested in real estate investing. I’m 18 years old and have no source of income (job) or signficant capital to speak of, so I have decided to just read and listen to as much as I can about the subject of real estate investing. Is it possible for a young person in my situation to get started in real estate investing with no real capital or job? I have read about methods like raising capital through private investors and seller financing. Could I use these methods during the beginning stages of my journey?
Thanks

Justin answers:

The methods you mention exist RARELY. If you buy on your own, you will certainly need a significant down payment on any property you purchase for investment (probably 20% or more) You won’t get any sort of loan to buy a property unless you have the requisite down payment, PLUS a steady source of income to insure a lender that you can make payments as agreed.

Private investors ? Forget that notion. Those who have such sources of money are NOT going to trust an 18-year old to handle that investment as they desire.

You need to get a regular job with a good stable source of income, save for a down payment, and then proceed from that point.

Daniel asks…

whats a no bs real estate investing book for young investors to get started in real estate investing?

im a 20 year old male that wants to invest in real estate and stocks. i kno more about real estate than stock which i kno absoultely nothing about. i need a book that gets right to the point i dont have time to waste i need one solid book for real estate and one solid book for stocks.. answers are needed thanks

Justin answers:

I am a real estate developer and your question is one that a lot of people ask, but the thing is, there is no single book that can teach you this stuff. A lot of it comes from experience, and despite what you hear or see on TV, it’s not a quick and easy thing, especially right now given the credit crunch brought on by the housing market. If you truly want to get into real estate, i would recommend you signing up for real estate classes and getting your license. After that, go get a job with a commercial brokerage firm or property management company somewhere and learn what it takes to buy, manage and sell property. After you have a couple years under your belt doing that, you might consider doing it on your own, but in all honesty i wouldnt recommend doing it any way other than that. You need time to truly feel out your market and the type of property you would want to invest in so that you dont get hung out to dry like a lot of people who rush in thinking they are going to make millions and instead lose everything. Real estate is a lot of fun, but it isnt a get-rich-quick industry as a lot of people would have you believe. It’s a relationship business! Good luck!!!

Mark asks…

What is the best option for real estate investing for a novice to get started?

I am just starting out in real estate investments, and do plan to get a real estate sales license. I was wondering what would be the best route for the beginner.

Justin answers:

Buy a duplex, live in half of it and rent out the other half and let them pay for your mortgage for you. Once you’ve built some equity in the property, borrow against it to purchase another property and move in there and rent out the other half of the duplex to help cover the cost of your next mortgage.

Chris asks…

I have a question about Real Estate Investing. It has to do with rental property. Can u help?

Ok. Lets say a Real Estate investor buys a 20 unit apartment building (20-Plex). And this landlord has paid off the WHOLE building. It is 100% occupied and he charges 600 per month in each unit. And wonderfully everyone pays on time every month 😉 SO it grosses at 144K a year. ALL i want to know is what will be his NET after that, because i know there are expenses that hes gonna have to use that 144K. Can u tell me what these different expenses are and how much u estimate his net will be after all the expenses? Thank YOU! Sorry about the long paragraph lol im just curious because i want to learn about RE investing.

Justin answers:

Cost of operation: heat, lights in public areas. Fixing things that break. Insurance. Real estate taxes. A new roof every so often. Cleaning service. Snow removal for some places.

Powered by Yahoo! Answers