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And what if the property isn't listed yet? Can you do anything then, or just wait? Another thread on here seemed to indicate that it might take a while, for various reasons.

Thanks for the reply!

I've been reading on here for some time now, planning, watching and saving. Here are some questions I've come up with based on reading here and there.

Once you've located a property and searched public records to find out who owns it, how do you go and get it from them? For me, I've been keeping an eye on other condos in my area, because I feel better working with something I know a bit. I've located several that are in different situations - some in the early stages of foreclosure, others have already been foreclosed on, some have been empty for months.

My question is pretty simple...when you find something like that, can you just call up the bank and say, 'I'm interested in the property at (wherever)?' My brother is a commercial lender in the area, and he has a lot of resources for things like this. Do I need to have him call up one of his realtor friends to call the bank for me? How does it usually work?

Thanks,

-Mike

Anthony,

I'm a n00b right now, too. I'm 27, have a mortgage on my current residence, but haven't made a purchase for investment yet and I work the rat race still, just like any other aspiring investor here. That's just so you know who you're hearing this from.

But it's two words that give me unwavering confidence: LIVE DELIBERATELY.

Ever since I was about 12, I've had a vision in my head about where I wanted to end up, what I wanted to do, what my lifestyle would be like, etc... Every major decision I make and have made up to this point is pretty much based on the result of one question: "Is this going to help me get there or not?" It's probably not surprising, then, that I'm a single guy who still works full time and lives well below his means. Heck, I still drive the same car I drove in high school. OK, so that one's a bit wierd, but it's a neat car and I enjoy it. No one said you shouldn't have fun along the way!

I'm learning what it takes to get started in this, and I'm working to get myself into a great position to begin. When thinking about my excuses for not yet starting (thread topic), I made two lists: reasons for not starting, and reasons why I should. The end result was 4 and 4. They cancel each other out. So I do nothing.

The main reason for not starting at this point is that I just don't know enough yet - how to find a place, how to finance it, what to do with it, how to market it, how to deal with the taxes, etc... There's a lot to know! Once I can answer the main questions from the beginning of the deal to the end of the deal, the tally will be 5 reasons to do it and 3 reasons to not. That's 2 more reasons to do it. I'll know what to do, and I'll do it because that's what will get me to where I want to be. I can't wait to get started!

I hope I'm not overstepping my bounds as a n00b, but I read this thread about an hour ago and then just a few minutes ago stumbled onto something that might help you with a decision. It was in the "What Excuse Do You Have for NOT Investing?" thread:

"Quote:
But anyone who thinks that appreciation is going to bail them out of a low or negative cashflow situation is gambling, pure and simple.

I couldn't agree more bigmoneysalsa! As far as I'm concerned, positive cashflow is the price of admission for a long-term buy & hold and appreciation is a bonus. People go bankrupt because they take risks beyond their means "

I figured I'd post this to show that even when independant of this specific example, the recommendations are still the same for this type of situation. Just trying to provide some reassurance that you're getting good advice here. I hope you are able to work things out!

-Mike

Hey Ryan, thanks for the reply; I didn't see it until just today.

I've been doing a lot of reading on here and I'm loving it all! It's nice to see all the different ways that people go about their deals. It lets one know that there's no single best course to take.

Thanks again,

-Mike

FWIW- from a total 'car guy'...

You may not need a truck, as it was mentioned before. Some cars have a surprising amount of space, especially hatchbacks! Why they're not more common nowadays, I'll never know... If the Civic is working, why change?

My current car is a 1984 Ford Mustang hatchback (the somewhat rare SVO model - oh yeah...LOL). Once you drop the back seats in that thing, I swear there is nothing it won't swallow. I moved back and forth to college in it, moved to FL in it, moved engines from OTHER cars in it...you name it. I've had it for 10 years now, and while I can very easily afford to get something newer, nicer, (whatever), I don't need to so I have yet to do so. It's cheap to operate and maintain, and I know how to fix everthing on it in the dark with my hands tied behind my back. IOW- there's no need to change for me, so I don't worry about that.

Hi everyone,

I'm glad I found this site; it seems to be a pretty amazing community you have here! I've been reading for a little while and I've already had many questions answered. I'll probably continue to lurk before posting, because I'm pretty sure all of the things I'm wondering have been asked already. I think I'll find those threads with a bit of searching, and getting through all of that will take some time.

About myself... I'm 27 and have lived in Fort Myers, FL for nearly 4 years (originally from New Hampshire). When I was a kid, I would fix and flip music gear so I could get the stuff I wanted. Later on, I began to do the same thing with cars and car parts so I could indulge in that (notoriously expensive) hobby without hardly costing me a thing. I always figured it would be natural to get into something larger to enjoy even greater rewards, and not surprisingly, real estate and property have been on the radar for quite some time now.

I bought my current place about 3 years ago. It's a small townhouse that I got from my brother (who is a finance guy - good to have in my corner). As many of you know, that was a very good time to buy in FL, and now I find myself in a good position to make a move. I'll be reading here to help figure out what that move should be!

While I know I'm teh n00bz (haha...), I'd be more than happy to meet up with others in the area. I don't know how much I'll be able to add to the conversation at THIS point, but I'd be more than happy to meet and just listen to others who have the same interests (I'm sick of talking about cars over and over with my current friends...though if you have any car problems, please feel free to ask!).

Once again, thanks! I'm very glad to be here!

-Mike