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| cena2020 |
 Posted: Wed Jul 14, 2010 5:59 pm Post subject: What does it take to get into real estate investing? |
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Investing Associate
Joined: 12 Jul 2010
Posts: 11
This Month: 11
12169.22 e$
Net worth: 12,169.22
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What does it take to get into real estate investing?
I am 19 years old and i am trying to figure out my career. I have a big interest in getting into Real Estate investing. But I don't know how to get into it. Everybody tells me to find a mentor, but they are either so expensive or theres the decision if its worth the money or people tell me you have to be rich to start. There has to be a way around that. What does it take? Whats the best way? How do you start out? What are the steps?
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| rachelle |
| Posted: Thu Jul 15, 2010 5:03 am Post subject: |
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Investing Sr. Associate
Joined: 05 Jun 2010
Posts: 187
This Month: 187
58262.99 e$
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| Joshua13and1 |
| Posted: Wed Jul 21, 2010 2:16 am Post subject: How to start investing in Real Estate. |
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Investing Sr. Associate
Joined: 03 Jul 2010
Posts: 128
This Month: 128
3428.55 e$
Net worth: 90,498.15
Portfolio Value: 87,069.60
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You start slowly.
First spend less than you earn on your day job.
Second. Never buy real estate as an investment unless it has a positive cash flow. (at least when fixed up)
Third. Don't let anyone talk you out of your dreams.
Fourth. Get a college education, Starting at a public 2 year college. And don't borrow any money to do it.
Fifth. Find a place to live that is less than you can afford so you can save up for the real place.
Sixth. Save up at least $5000 for emergancies
Seventh. Save up for closing costs ($10,000)
Eigth. Save up a down payment
Ninth. Buy a primary residents that you can pay off in 15 years on your income but finance it for 30 years with at least 20 percent down (to avoid PMI)
PLan to buy a foreclosed home that you can fix up with Sweat Equity.
Get a home inspection done before you buy. Spending $1000 up front will get you a good idea of what it will cost to keep the place in good shape and you may save thousands buy not buying.
Good luck.
and remember unless the Lord builds the house the builders labor in vain. |
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| keilysmith |
| Posted: Sun Aug 29, 2010 8:51 pm Post subject: |
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New Poster
Joined: 29 Aug 2010
Posts: 5
This Month: 5
6934.89 e$
Net worth: 6,934.89
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| If you want to invest in rental real estate are many activities that come with the owner. When the oven no longer works in the middle of the night, she receives a phone call. If you do not mind the work handyman, this does not worry, if not, a professional manager happy to take the problem on their hands - at a price of course. |
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