I have also talked to a few real estate agents, but none were a good match for my investing strategies. Should I just skip them altogether?
You might just try responding to ads that sound like what you are looking for. Contact the agent and pick his/her brain. Sometimes some agents specialize in areas and/or types of properties, and sometimes focus on investors.
There was an ad in a local paper that I responded to and ended up buying the place,and still have it today. The funny thing was I wasn really looking but the ad sounded so good and it ended up being everything I could want.
I bought almost all of mine with bank financing, subject to, with owner financing, and on lease option. However, if I was very young; had some cash and very low expenses, I would work hard and pay CASH. You would be amazed at how fast your portfolio would grow and everything would be paid for!
A buyer agent will work with you if you are serious and they know you are looking for multiple properties. My agent bends over backwards for me as he is also my PM and knows I am looking to buy more.
by buying properties with my brother in law money and then refinancing into longer term bank and private money loans. The only thing you up against there is qualifying (should be no problem with a 9 5 and no debt GOOD FOR YOU!) and making sure you keep your loan to value under 60% (that just my number, and I keep it lower if I can). You sound like a smart dude so just be patient and make sure you doing something you understand. I gotten anxious about deals and it always clouded my judgement about some aspect and I ended up mis stepping on some part of the deal. That is the best way to learn though, cuz you never want to do it again!
2. Who should I talk to/get acquainted/meet in my area (PM me if you like)?
Also, learn values and how your local market is acting. Time on the market is important. Is this time increasing overall or decreasing. If decreasing market is improving and values likely to increase.
agent would bother with a cheap property. The answer is, if it is his listing, he will love to sell his own listing because when you are an agent and you do this everything works so much better, plus he makes double. Also, some agents prefer cheap properties. It is just a different business. Good luck.
I am 26 years old currently working a 9 5 job. I am debt free with 16k cash in the bank. I don pay rent since I live with my parents :roll:. Annually, I stand to bring in a net of 26k for the purpose of investing (outside of IRA and 401k). I have been lurking on BP for about 2 months and consuming every bit of knowledge I can get hands on.
Two questions, before I go.
Hello, BP. Newbie from Houston, TX. I wanted to introduce myself here to gain some contacts, potential deals, and knowledge. First, I want to apologize for the generic "dollar sign dude" as my profile avatar. I will remedy that shortly.
Find areas in great school districts and they will rent all the time. Get multiple bids on everything, call multiple PM, call multiple mortgage brokers, call multiple insurance agents, you will be surprised how everything is negotiable.
I believe you are referring to the listing agent in the first part of this paragraph. I was referring to working with a buyer agent, but I understand what you are saying. I just need to keep looking for the right agent. Thanks for the advice.
I have lined up to speak with two intentional landlords in my market to gain more insight, but I am always excited to speak with other investors in the Houston area.
Originally posted by Jeff Sielicky:You ask why an Nike Flyknit Racer Mens Black And White
I am slowly narrowing my buying criteria. Right now, I am targeting SFRs 3 bed/2 bath with 1000+ sq ft in non war zone areas of Houston. Let me know if this criteria is till too broad.
You ask why an agent would bother with a cheap property. The answer is, if it is his listing, he will love to sell his own listing because when you are an agent and you do this everything works so much better, plus he makes double. Also, some agents prefer cheap properties. It is just a different business. Good luck.
I believe I bring enough capital from my 9 5 job not to focus on cash building REI strategies; therefore, I am aiming for cash flow and wealth building strategies. I plan to finance the properties conventionally because this is what I understand right now, but have never ever taken out a Max Flyknit
1. Given my current situation, am I on the right path or would you employ a different strategy?
Attend some kind of class or lecture that teaches you the ins and outs of landlording. Our city offers classes put on by the city about protecting yourself against dishonest tenants and how to screen tenants in general.
Last Nike Flyknit Racer Oreo 2 Buy thing, take it one property at it time and don make it emotional! Look at the numbers, look at the area, if your gut feeling is bad, walk away, there are plenty of properties to choose from at great prices. I started out Flyknit Air Max 2015 Orange
Originally posted by MikeOH:Magi,
Well I am not familiar with the Houston area but I started when I was 24 and am now 27. I started in a similar situation to you, I had money saved up and not much expenses. I am now up to 12 properties and am doing ok compared to some of my friends. Some think I am rich but I am far from it. I still work my 9 5 but have decent cash flow each month from my properties. Don get discouraged when it takes a while to find the first property. I looked for months then bought 2 houses at the same time. Good Luck
Saver with an Investing Problem
I am in the same position as you. Just turned 26 this month and I am on my third rental property. Take a look at FannieMae foreclosures and utilize HomePath loans with 10% down for investment properties that are SFH. Don ever stop asking questions. Don always take everyone word. People don always paint the whole picture for you. Whatever you think your expenses are to bring something into rental shape, add 50% to be safe.
mortgage. I am aware of other ways of financing, but am a little wary of them because I don fully understand them (currently trying to understand how to purchase with private loans and cash out via refi). Am I being apprehensive for no reason?
I don want to start a cash vs leverage debate. I merely want to pick your brain. Seeing as how you obtained most of your properties by some type of leveraging, yet you still preach buying in cash, what was it in your experience to have this perspective? If you bought with cash, do you think you would have the same cash flow and portfolio you have to date?
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