Question:

Anyone invest in real estate?

How did you get started? How did you get the money to purchase your first house? How many homes do you own? Do you flip houses? Please explain...Any pointers to a young female trying to get involved in investing in real estate?

Answer:

the only advice I have is don't try to flip if you know nothing about real estate...especially in this market./.....buy yourself a good solid house to live in that is in a great area but needs some work that you can do....good luck
for the first house if you don't have the money you should make a mortgage , now the market is slow , so you can find a cheap one the best is to buy foreclosers . when the market goes up sale the house and with the money you make from it put 10 or 20% down for other houses , depends how much money you have ... it is not easy, so you buy cheap and sell expencive.... you can have more than one mortgage but it depends on your income , fico score, .... and be carefull cause for more houses you'll pay hell of taxes
i have invested in real estate for YEARS here are a few things to know the carlton sheets of the world are full of (@(@@ , never buy a house that the mtg payment is more then 20% of your take home pay that you plan on renting out , or 30% if you live in it also your ltv (loan to vaule ) should never be higher then 80% if it is you simply can not afford the house , another thing , ya want to be wealthy or live the good life STAY OUT OF DEBT , nothing builds wealth faster then staying out of debt
All those answers are excellent. There is one sure way of making a lot of money in real estate but you must be smart and know ALL the figures. This method is NOT for amateurs: Seniors everywhere are downsizing, pssibly selling their homes they bought in the 50's or 50's and giving the money to their children in order to avoid death taxes etc. These people are looking to rent but only a BANGALOO, one floor is a must and about 1500 sq ft or so. Now if you can search and find such a home, even a fixer upper that needs a new high efficicency furnace and some insulation and perhaps new windows and you can buy this in a decent district and within walkiing distance of some stores and at a price about $130,000 (thisis just an example), you can spend $10,000 and rent it easily for $1000 a month. Your bank will want $10,000 down and you can get a 5% open mortage for the balance. After taxes you will be earning $3000 a year on this small investment. And if you put it up for sale within a year or so you will likely make another $10,000. Little packages like this is what millionaire friends of mine tell me they did, over and over, e.g. buy one little house, rent it and sell it .

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