im thinking about gettin into real estate, good idea?

Discussion in 'General Chat' started by whiteblue1942, May 7, 2008.

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  1. #1
    i have a little extra money and i am thinking about getting into real estate, i would like to buy a house and rent it out as soon as possible.

    I will use the rent to pay my mortgage and the left over money for profit. this all seems all too easy, anyone have any advice or experience in the field?
     
    whiteblue1942, May 7, 2008 IP
  2. TheMarketingMadman

    TheMarketingMadman Well-Known Member

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    #2
    Real estate is a bit rough right now. I guess alot of it depends on where you are at....

    JR
     
    TheMarketingMadman, May 7, 2008 IP
  3. whiteblue1942

    whiteblue1942 Peon

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    #3
    i live in raleigh, nc which some say is a recession free city
     
    whiteblue1942, May 7, 2008 IP
  4. w3bmaster

    w3bmaster Notable Member

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    #4
    I think real estate will soon colapse .....
     
    w3bmaster, May 7, 2008 IP
  5. TheMarketingMadman

    TheMarketingMadman Well-Known Member

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    #5
    I completely hear what you are saying....but after every hill there is always a valley.

    JR

    WhiteBlue....if your interested in a 2nd income and real estate....do what i do.....Help folks pay off their homes in 1/2 the time....and never do anything different.
     
    TheMarketingMadman, May 7, 2008 IP
  6. .Essence.

    .Essence. Peon

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    #6
    My dad just got his real estate license today, I'll let you know how it works out.
     
    .Essence., May 7, 2008 IP
  7. amedia

    amedia Well-Known Member

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    #7
    It may seem easy, but being a landlord and having a rental is a lot of work. Lots of little things start to add up that might lead to not only no profit, but a lot of debt. If there is a problem with the plumbing, a leaky roof, mold problem down in the basement you're required by many state laws to fix these kinds of things when they come up which can be costly (not to mention tenants that dont pay on time).

    If all you're counting on to pay the mortgage is rent money that may be a mistake.
     
    amedia, May 7, 2008 IP
  8. pioneer1

    pioneer1 Peon

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    #8
    Real estate is a good investment
     
    pioneer1, May 7, 2008 IP
  9. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #9
    Real estate investment is really a good investment IMO. You just need to invest in that at right time, thats all i can say.

    DON.
     
    deluxdon, May 7, 2008 IP
  10. kingofsanda

    kingofsanda Peon

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    #10
    I think the real estate business is a very lucrative business but with the current
    state of America's economy it's difficult to predict what will happen in the future.
     
    kingofsanda, May 7, 2008 IP
  11. WebmasterB

    WebmasterB Peon

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    #11
    I was thinking of getting into real estate too. I was thinking of starting my own real estate company and having my own teal of real estate agents, but with the economy the way it it right now (no thanks to Mr. George Bush), I might have to rethink that idea.
     
    WebmasterB, May 7, 2008 IP
  12. sarahk

    sarahk iTamer Staff

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    #12
    It's a very good plan but you have to buy on figures, know the market and listen to the advice of people who aren't selling stuff. That means the realtor is not your friend, but someone who stands to make a commission based on your decisions. Take the advice but weigh it up carefully.

    Head over to the non-commercial forums like PropertyTalk and ask questions, learn stuff from the people who have been there before. Read the real estate magazines and visit the library to get out books from guys like Dolf de Roos. Talk to the people who have already done it and if possible join your local investors group - they should be open to newbies who haven't yet bought, after all you don't want to learn from your own mistakes - you want to learn from theirs!
     
    sarahk, May 7, 2008 IP
  13. shop4

    shop4 Peon

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    #13
    I agree with the others, it's a great market, but a little hard to get into at this time. property will most likely go back words soon
     
    shop4, May 7, 2008 IP
  14. sarahk

    sarahk iTamer Staff

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    #14
    Remember that the experts work counter-cyclically.

    When everyone else is trying to get out they are picking up the bargains.
    When everyone else is buying and driving up prices they are sitting tight.

    If you are calm and calculated and prepared to work very, very hard you can do very, very well. As with anything it's about effort and reward.
     
    sarahk, May 7, 2008 IP
  15. soniqhost.com

    soniqhost.com Notable Member

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    #15
    No city is recession proof, as for getting into real estate if your in it for the long term there are good deals out there, your problem might be getting a loan.

    You know what they say, when there is blood in the streets by land.
     
    soniqhost.com, May 7, 2008 IP
  16. swedal

    swedal Notable Member

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    #16
    Prices are low and interest rates are low which you never see at the same time. Buying real estate is a good move.
     
    swedal, May 8, 2008 IP
  17. selfhelpebooks

    selfhelpebooks Peon

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    #17
    Good idea! Go for a real estate sales & brokers license.
     
    selfhelpebooks, May 8, 2008 IP
  18. TheMarketingMadman

    TheMarketingMadman Well-Known Member

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    #18
    I have a home inspection business in Western PA and I'm tied into the local real estate. One thing that is for sure...it's been a tough year.
     
    TheMarketingMadman, May 9, 2008 IP
  19. tribulus

    tribulus Peon

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    #19
    I work in real estate and as far as a "recession free city" is concerned, unless everyone has the funds to fully pay for their homes in cash; it is futile to begin a career now unless you are looking for a hobby. The lending companies have restricted the flow of cash for purchasing just about anything. Just my 1.5 cents.
     
    tribulus, May 9, 2008 IP
  20. cool_78

    cool_78 Guest

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    #20
    With the sub prime crisis still in effect, now is a great time to invest in real estate. You will get great properties at bargain prices.
     
    cool_78, May 9, 2008 IP
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