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Updated over 18 years ago, 07/21/2006
general questions.
I am looking into real estate as I have read many books that point out 7 out of 10 millionaires have made their money in REI. Ill give some back ground info that will probably help answer my Qs. I am 20, im in college with a soon to be big loan. So I have very little start up money, though I do have possibillities of doing a cheap flip or possibly a one family rental.
So I have some general questions.
First off I am kinda of tipsy on where I should be looking to start. I like the idea of rental property. but when I think rental property I really like the idea of condos/apartments. I am looking for a long term investment eventually leading to a massive company of building apartments. That is my goal. So where would you start if you were a college student and could do a cheap flip/rehab or a starter rental property. (I would most likely be renting to college students)
Second, are financing options hard to get? I have read alot of investment books (Which brought me to the idea of REI) that point out that you can get 100% loan. So if I could get a 100% what kind of money to I need to have to say do a rental house. Obviously people arent going to flock to the house but (I know there are alot of questions and answers here, but im just looking for general information, im in the process of getting a bunch of literature to read) what can I expect to pay (assuming I get a 100% loan) out of pocket to get the rental property started?
Also if you were aiming to be a millionaire which type of property would you shoot for? rentals, commerical or buy/sell business? which makes the most money over all?
This looks like a great forum and ill be looking forward to asking more questions and eventually answering them. Thanks guys.
BV