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- May 2, 2001
I have to agree...if you already have money...RE is a good investment no matter what.
REAL ESTATE INVESTORS CHECK IN!..."FORECLOSURES", "SHORT-SALES", starting a business 101
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- Jan 14, 2001
You really, really need to get a college degree or at least a realtor's license.
Owning real estate can be a good long-term investment, as most residential property doubles in value approximately every ten years. Attempting to compete withreal estate professionals when all you have is a highschool degree and an illogical business plan is ridiculous. And the Northwest, just like the rest of thenation, is in fact "tapped" as you put it. This is a buyer's market, not a seller's market. Yes, properties are at an all-time low, butonly because there is more supply than demand. Invest your 10K in a low risk/low yield fund and use the interest to supplement your college tuition. Forexample, with a bachelor's degree from a public university, if you earn on average 10K more a year than with a highschool degree- over a forty year career,that's 400K more.Your increase in lifetime earnings will far outweigh any profits from real estate right now.
Owning real estate can be a good long-term investment, as most residential property doubles in value approximately every ten years. Attempting to compete withreal estate professionals when all you have is a highschool degree and an illogical business plan is ridiculous. And the Northwest, just like the rest of thenation, is in fact "tapped" as you put it. This is a buyer's market, not a seller's market. Yes, properties are at an all-time low, butonly because there is more supply than demand. Invest your 10K in a low risk/low yield fund and use the interest to supplement your college tuition. Forexample, with a bachelor's degree from a public university, if you earn on average 10K more a year than with a highschool degree- over a forty year career,that's 400K more.Your increase in lifetime earnings will far outweigh any profits from real estate right now.
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- Aug 14, 2005
Originally Posted by sidneylov23
I'm hearing a ton of wisdom, yet I'm still hearing weak advice. You guys have to turn off the CNN lol. The market is an absolutely beautiful condition for someone who is investing in Real Esate, it really couldn't get any more beautiful. The main issue these days is that no one can qualify for a loan, that has nothing really to do with the actual Real Estate. The bank has set down some hefty requirements due to the fact their have been so many foreclosures, and you gotta remember the banks make their cheddar off years of interest! So if someone has a house for two years and then goes into default, they are losing tons of money, and then they gotta seize these bad boys and get em sold, point blank they're losing.
Housing prices and Interests Rates are so low right now, if you have good credit, you are a very happy camper. But what about the people who don't have such good credit, are they going to sleep in a mini-van with their family? Of course not! That is where a good investor comes in! A good investor would acquire a couple properties right now, there are many way to do this. He would then put the family in a nice home in a great area under a lease with an option to buy when the contract is up. That'll be enough time for them to straighten their credit out. The investor makes a hefty wad of cash, and the family is happy in a house they love(of course their are more steps to the process, its simple but tedious). Voila! This is just one example out of like 20, that shows why some people are millionaires, and why some people just give up after they watch CNN.
Building wealth in Real Estate is more then going to Barnes n Noble and picking up a book, you need a mentor, someone who has been doing this thing for a while, someone who thrives in all markets. I'm confused, I thought a hustle was to buy low and sell high, why are so many people crying then! Real Estate is so damn sexy. I love it!
Shhhhhhh............
Let them keep thinking what they want.
Buy and hold baby buy and hold............
Then cash the *%%! out.
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- Aug 14, 2007
The main issue these days is that no one can qualify for a loan, that has nothing really to do with the actual Real Estate.
That has EVERYTHING to do with real estate.
The less people that can qualify for a loan, the less demand there is for real estate.
If you're purchasing it to live in, its not an investment. It happens to be an appreciating asset, unlike a car.
My condo was a short sale. Biggest pain in the $$* ever. Luckily, my immaculate credit, virtually zero debt, and my 5% down payment got me a solid loan andinto the place. I'm sure it would've sold later for a bit less, but my WORST case scenario is "toughing" it out there for a few more yearsthan I intend to.
www.propertyshark.com, is straight crucial.
My GF and I are already looking to upgrade within 2 years. We can't be in a 1 bedroom more than a couple years. I'd like at MINIMUM a 3 bedroom, and IKNOW there's going to be inventory. Therefore, back to stacking as much savings as I can. Hopefully I can keep my condo and rent it for some cash flow andget the house.
Meanwhile, my buddy who was canned from countrywide is "trying" to flip houses. Bought a place for $515k or so, a SMALL 3 bedroom, built in the40's. Luckily its on a sizeable lot. However, he claims (after $50k worth of renovations) that his WORST case scenario is ONLY selling it for $630 andhe'll "make" 75k or so.
But when I follow up with questions on, how fast he has to sell it, interest, taxes, and then capital gains, his "75k" has simply become half that,if that. Luckily he used his parents retirement money on this "first" deal.
My condo was a short sale. Biggest pain in the $$* ever. Luckily, my immaculate credit, virtually zero debt, and my 5% down payment got me a solid loan andinto the place. I'm sure it would've sold later for a bit less, but my WORST case scenario is "toughing" it out there for a few more yearsthan I intend to.
www.propertyshark.com, is straight crucial.
My GF and I are already looking to upgrade within 2 years. We can't be in a 1 bedroom more than a couple years. I'd like at MINIMUM a 3 bedroom, and IKNOW there's going to be inventory. Therefore, back to stacking as much savings as I can. Hopefully I can keep my condo and rent it for some cash flow andget the house.
Meanwhile, my buddy who was canned from countrywide is "trying" to flip houses. Bought a place for $515k or so, a SMALL 3 bedroom, built in the40's. Luckily its on a sizeable lot. However, he claims (after $50k worth of renovations) that his WORST case scenario is ONLY selling it for $630 andhe'll "make" 75k or so.
But when I follow up with questions on, how fast he has to sell it, interest, taxes, and then capital gains, his "75k" has simply become half that,if that. Luckily he used his parents retirement money on this "first" deal.
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- Dec 31, 2005
with the 10k i have put aside, it was over-time that i saved that money to invest towards a business. I have a ROTH IRA account, and a few mutual funds that ihave sitting in a nest. so as far as long-term investments, i rely on those, atleast for now. I'm still young, i got to have fun too. My credit is good,not superb. I'm only 20, but it's on the right track though.
On another note. The real estate market is only bad if you make it bad. I mean on a broad general opinion. HELL YEA the market sucks. but you're not tryingto invest in each house available. you have to snatch the one for YOU. there's 100's of ways to come across it, but 1 way is not to keep tellingyourself that the market sucks. I talk to real estate investors who are still making pretty good income a month through what they are able to snatch from themarket. they agree that, they could be making much more if the market wasn't in the ditch it's in, but you just have to work a little harder. Theystill manage to close flips and short sales or re-sales of foreclosed homes for anywhere from $15,000-$60,000 profit after all costs consumed. not bad for a1month-6month project. more than what i'm making for sure.
I know little about politics and world issues. i'm a full-time student, and work full-time. but the little i do pick up is from mentors and in theclassrooms.
I just don't really get how A MAJORITY of responses are targeted towards the bad side of REAL ESTATE. i appreciate all the advice, but if the market is sobad, if real estate shouldn't be a interest, why are millionaires still getting rich. and agents still making more money than me? What can that fat whitedude really do, that IIIIIII can't? that's atleast what i tell myself all the time...lol. but yea.
i think people just need to think on a positive note. Unless you're happy with what you got going, then that's koo. for some people, money isn't apriority. but for people like me, it is, not because i want it, but because i need it to give back to all my broke %!# family members who are strugling. Ican't settle for a 9-5 job forever, things get old too fast for me. so you just have to start asking questions.
I made this thread, because it's my current question in life. if all fails, then hell, come up with another question. but only till i do fail, will i tellmyself, that this real estate thing is not for me. i'm into riding bikes, scraping my knees at 60mph right turns. maybe later i'll start a threadcalled "MOTO GP RACERS CHECK-IN....LOOKING TO BE ONE"....i dunno.
but let's turn this thread around. points to the positive comments and posts in this thread
On another note. The real estate market is only bad if you make it bad. I mean on a broad general opinion. HELL YEA the market sucks. but you're not tryingto invest in each house available. you have to snatch the one for YOU. there's 100's of ways to come across it, but 1 way is not to keep tellingyourself that the market sucks. I talk to real estate investors who are still making pretty good income a month through what they are able to snatch from themarket. they agree that, they could be making much more if the market wasn't in the ditch it's in, but you just have to work a little harder. Theystill manage to close flips and short sales or re-sales of foreclosed homes for anywhere from $15,000-$60,000 profit after all costs consumed. not bad for a1month-6month project. more than what i'm making for sure.
I know little about politics and world issues. i'm a full-time student, and work full-time. but the little i do pick up is from mentors and in theclassrooms.
I just don't really get how A MAJORITY of responses are targeted towards the bad side of REAL ESTATE. i appreciate all the advice, but if the market is sobad, if real estate shouldn't be a interest, why are millionaires still getting rich. and agents still making more money than me? What can that fat whitedude really do, that IIIIIII can't? that's atleast what i tell myself all the time...lol. but yea.
i think people just need to think on a positive note. Unless you're happy with what you got going, then that's koo. for some people, money isn't apriority. but for people like me, it is, not because i want it, but because i need it to give back to all my broke %!# family members who are strugling. Ican't settle for a 9-5 job forever, things get old too fast for me. so you just have to start asking questions.
I made this thread, because it's my current question in life. if all fails, then hell, come up with another question. but only till i do fail, will i tellmyself, that this real estate thing is not for me. i'm into riding bikes, scraping my knees at 60mph right turns. maybe later i'll start a threadcalled "MOTO GP RACERS CHECK-IN....LOOKING TO BE ONE"....i dunno.
but let's turn this thread around. points to the positive comments and posts in this thread
