Hey I'm New to investing and Real estate . I only have what I've learned from The books I've read and the Videos I've seen on YouTube on the subject of Wholesaling and Buying property seller finance.My question is Do you have any tips or tricks or guidance to help and starting Investor.Back Ground : I live in the suburbs of Detroit MI
Wise old saying: There Is No Such Thing as a Free Lunch Keep that in mind, along with the popular If it looks too-good-to-be-true ... it IS
I feel mortgages in these days are strolling round three.7%. I in no way heard of what you are speakme approximately. Only the ones rapid speakme men and women who write truly property books and exhibit you ways rapid men and women made cash their manner are those who manage not anything down or say they do. No financial institution in these days (for the reason that the 2008 loan fiasco) will lend with out being brilliant certain they'll get their a reimbursement, and a individual with not anything down manner they don't seem to be liable ample to save lots of the 20% wanted for a downpayment.
Get current up to date material that deals in the real world of what is happening now in the world of real estate investing. There are plenty of good buys for any level of real estate investor in many parts of the country now however when you buy a property you have to have a clear working idea of how you are going to make your money from that property. Now when you look at the job situation in your market and the available houses in your market then you need to exercise caution because it is a good time to buy however it is a very difficult time to sell your property so you don't want to buy and look for a quick turn over like the market would allow you to do in 2005. However if you can buy and hold and rent with an option and you are not forced to sell and become yourself a motivated seller then maybe you can survive and see better times for the type of market that was around in the early 2000's. Many investors are looking at the jobs available in the area that they want to invest because unless you have a source for your houses to become positive cash flow properties you will be some one who will lose their investment dollars because it is not a get rich game any more. If you want to invest now look at your long term goals and your lasting and staying power. That is what will make you or break you. Study hard be careful of any advise you get go do a deal and learn as much as you can about everything that has to do with houses. The more skill you have whether it is carpentry or electrical or whatever even if you plan to use contractors to do your work the better off you will be because in most jobs it is the labor and not the materials that causes the problems.
There are some situations where you might be able to buy a property for no money down. Read up on double escrows. Since you are new to investing you might find a few low cost projects to work on, selling them successful or renting them. Keep pictures and an account of each property you do as well as the outcome, weather it sold or you kept if for a rental. This becomes your resume. Once you have done several of these, you might now place an ad in your local newspaper or real estate trade papers that you are seeking investors. You might also check for properties that are being sold where the owner is financing the property. If you get this property below market, at times you might be able to negotiate that the owner pay closing cost. Detroit might be a good place to work as there are many foreclosures and other distressed properties there. These are techniques, but you must understand the method in how to do these techniques to be successful as an investor. Because the technique is there you might not want to use the same technique for certain properties that you would buy. One of the things you might consider is finding the local real estate investment group in Detroit, Michigan and joining it. As a new investor you would be given hands on experience about the investment climate in Detroit. You might also find someone that might want to personally mentor you about real estate investing. I hope this has been of some benefit to you, good luck. FIGHT ON
