How do I get started? It seems like I’m never going to find good opportunities by just looking in the paper. How do I go about finding properties and then how do I know how to evaluate them?

My goal is to buy and rent so that I can build up monthly rental income and have appreciating assets.

Thanks

 

  • Jo Blo 5:04 am on February 3, 2010

    figure out how much return you want on your money from the rental activities. Then when you look at a rental property, figure out how much rent you’d have to get to earn that percentage of return,, if you can get that much,, it is a prospect. Don’t forget to deduct expense on property, like property tax, repairs, insurance, etc. After all,, you can get in excess of 5% in a CD. (with no risk)

    So,, if you can get $750./mo rent on a house,, and you want 15% return on your money,, you’d get that if the house cost you $60,000. (after expense you’d be closer to 10%)

  • Courtney P 5:04 am on February 3, 2010

    Texas is a great marketplace to be investing right now. Properties are affordable and because rents are relatively high there is great cash flow and appreciation.

    First of all, I highly recommend going to a local real estate club. You can learn so much from spending time with other investors, and there are often many people willing to answer questions for beginners.

    Also, I recommend finding an agent who specializes in working with investors and helping them identify properties that fit their goals.

    Our company, Invest in TX, is a real estate brokerage offering hands on investor support from agents that are also investors. We have properties all over Texas and most go pretty quickly.

    If you want some examples of some properties we have available you can contact me. At the very least it would give you a good idea of the type of properties our investors are buying right now.

    Courtney
    investintx@gmail.com

  • bcauble1 5:04 am on February 3, 2010

    I also do real esate in Texas. Here’s what you need to do buddy. Go to your local tax office. (it will be in the county court house) Within you will find a foreclosure dockett. Within this dockett you will find where the homes are as well as how much they borrowed on it and when they borrowed it. With this information you will be able to estimate what the payoff on the home is.

    The way you want to pick your home is find homes that have been being paid on for atleast 10 years preferably on a 20 year note. This will allow the home to have appreciated as well as being half way paid off. This is how you buy a home for $30,000 thats worth $100,000. You take a note out on the $30,000 in which your payment will be 250 to 350 a month on a home that will rent for 800 to 1000 a month. Instant asset! :)

    Now the good part about this is if the market drops (as it did in detroit) you will still be able to get out of it. Or you can still rent it for more than your payment.

    When doing this make SURE that you get a gauranteed title search on the home to make sure that it has no other liens on the home. (i.e. tax lien, construction lien, judgements…etc.)

    Well buddy here is a very raw answer to your question. If you have anymore feel free to e-mail anytime bcauble1@yahoo.com

    Hope this helps! Good Luck!!!!

  • Closer 5:04 am on February 3, 2010

    Many people can do it on their own, but many people do their taxes and deal with their legal issues on their own too. Do you?

    Maybe I can offer some help
    I am an agent/investment consultant for one of the nation’s largest and most successful real estate investment firms. We specialize in Texas and The Carolina’s. We work with first time and full time investors to safely and successfully build wealth and cash flow through real estate.

    We are a complete full service company, working with thousands of investors we specialize in buying, managing and maintaining real estate across the country.

    The services we offer include:

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    Send me an email ryanmeltcher@sbcglobal.net
    Or give me a call (714) 404-1267

    and dont forget to make me your best answer :-)