Anyone Involved in Real Estate Investing?

[thebritskie]

I was thinking of getting involved in flipping properties. Once I get the hang of that I would like to own a few rental properties. Right now I am doing mad research. I am mostly interested in how other people got started and how much money you were able to start with vs. how much - and what types of - loans you used. In addition to REI books I've been reading Robert Kiyosaki's Rich dad Poor Dad series. Those books are GREAT and I think EVERYONE should read them. I digress.

If you've ventured into real estate investing I would love to hear your input!
Thanks in advance.

-Britt

[j3374]

I've got a duplex and live in half. I think flipping RE is a great idea conceptually, but a lot more difficult to get into than everyone thinks. It takes a lot of $. You might need a partner with some change. I've read "Rich Dad Poor Dad" too. It's a good book.

[StoneGRMI]

I've flipped a few homes with a business partner and did pretty well on them. I started with only about $12,000 upfront with included: down payment, 2 months mortgage and half of the money we put in for renovation. I was able to get in with a minimal down payment and it was already a foreclosed property. Do a lot of research! I was already familiar with a lot of the aspects to flipping since I'm a Realtor and deal with a lot of other people flipping properties. It's nowhere near as easy as some of the TV shows make it out to be. If anything, those shows have gave people the wrong idea of flipping homes and now they're a bunch of idiots buying properties to flip but they just mess it up and lose all their money.

Buy the WORST house on the NICEST street.

[big L 17]

i no there is a lot of money to be made and alote to be lost just no what ur getting ur self into

[STYLE74]

i no there is a lot of money to be made and alote to be lost just no what ur getting ur self into

Exactly! You need to know what you are doing or else you can get hurt. Buying and flipping properties was the thing to do years ago, now it's harder to make money because everything is so high. People are selling houses for 7 & 8 hundred thousand that need to be taken down and rebuilt. This is what's going on in NY because I know many people that do it. Where you live it may be easier and things might be cheaper but it's still not like it used to be. Get this months issue of fortune magazine, it has a yellow cover and the title reads Investors guide 2007. There is alot of great info in there regarding the housing market and what is going on allover the country.

[StoneGRMI]

Also be careful going into investment property areas that may be a bad neighborhood! I just had a little run in while appraising an investment property in really bad neighborhood.

[SHOCKER2]

Yes u will need some money mostly for the mortgage down payment... I am a mortgage broker and thy have special loan programs out there for investor's that are looking to add more value to there home or just trying to flip it, along with many other programs out there, If anyone is interested plz send me a private message. Also thebritskie send me a Private message and i will give u some ideas about house flipping aswell.




Good luck

[auslifta]

my experience and knowledge in investing is mostly in my country, same basic principles.but there is alot of differences.


some of my tips;


1)buy something with land you own eg house rather than units
2)keep an eye out in the paper for new freeways or industrial areas or big projects that will cause a spike in prices eg new train line
3)dont over commit to burrowing too much
4)be patient
5)look for all the things someone renting looks for schools, restaurants
6)public transport
7)remember property prices always moves in cycles
8)buy something that wont need alot of attention
9)research,research,research

[firmechicano831]

Flipping could be alot of work but money is needed in case the market turns on you.