All Forum Posts by: Gilbert Ryan

My sincere thanks for all the replies. Forgot to mention, low taxes is a huge consideration in my calculation.

Would add Texas to my final list, I stayed in Houston a while back.

Need more input from residents of these states Atlanta, Chicago and Florida, Texas

Thanks to all!

Your question is too front loaded to be answered correctly. Why $100,000 monthly? Best to find a large apartment building and the financials will give an indication of how much you would be making based on the mortgage terms.

It is best to follow a simple logic when looking for investment properties. Find a very rich area and buy at the edges of the rich areas.

Personally, i would not invest in areas of high crime with constant gun shots. If you cannot safely visit at night, stay away.

Real estate depends largely on the residents. In Certain areas, people are determined to destroy anything good rising and that might include your investment property.

Please Kevin, stay away from that condo as your first deal. Condos are fraught with dangers in a bad real estate market.

Do you know it is much easier to buy a three or four family house, than a one or two family house.

You should be looking at multi family buildings and have the tenants pay your mortgage.

Personally, i dislike one or two family homes as investment properties, unless you're looking to flip them.

I would concentrate on four units and up and as a beginner, look for properties with solid rental income. Verify everything and assume sellers will tell little lies regardless of how nice they look.

In the beginning, stay away from properties in need of rehab, unless you know about construction. Construction is not an exact science and is not as easy as most people think.

I say

5 - very good handyman

6 - first name basis with a very good local plumbing company, with 24hrs service.

7 - familiarize yourself with eviction proceedings and laws in your area.

8 - Have a robust website and make the tenants use that for complaints and repairs request during off hours.

9 - make sure your fee is just your fee and make sure real estate owners pay for all repairs in your contract.

Might be better to look for owner financed properties.

Be upfront with the owner as to your financial situation. I would emphasize about your skills (if any) and bring that up.

Read up on some creative financing techniques and come prepared to present them in the best positive light.

I would say, dress conservatively as you go around looking at properties. You need to make a good first impression and later on when you present your offers, they would listen.

Knowledge is key, when you have no money. Read up on financing real estate techniques. Remember, the only person that know you're broke is you. Act confidently and bold, because a seller would soon say yes, after so many rejections.

The problem here might be the real estate agents. If they know the property is worth a lot more, be ready for more tricks. I have seen agents hold up offers, to see if any more offers would come in.

It might be prudent to find out the person responsible for REO properties at the bank and let them know about your frustration. If it is a very large nationwide bank, then be prepared to wait longer as your bid is been passed on to headquarters.

First, determine how long it has been on the market. If the owner wants 50k down, i would make him a ridiculous offer as a starting position.

I would look closely at the tenants by driving by at night and talking to one or two tenants as a prospective tenant.

Personally, the downpayment is too high. If the property has been on the market for a while, offer the seller $100,000 with 50k down and see what happens.

I would ignore the doctor and enjoy my life. If you enjoy what you're doing, then you must be having fun. Tomorrow is promised to no one and you should enjoy your life accordingly.