Thank you for the great advice! We really appreciate it.
So after musch consideration, we have decided to focus on pre-foreclosures and short sales. I have since gone to puchase a few books; however our local Barnes and Noble did not have much to offer.
Brian P. - We are already researching our local competition. We are joining the REIA in order to start networking and hopefully to find some experts we can have on our team. I have not come across a state reference book yet, but I will start looking for one. Thank you for that tip.
Michael Lauther - I currently am employed as a sales professional and do not plan to leave for at least 2 years - I have acheived top sales professional for the past 4 years. I have hit my plateau and become bored (for a lack of a better term) plus why am I helping to build someone elses empire. I have the same desires and drive as the president of my current company. My husband owns his own company in tele-communications and computer networking. He has no plans to leave all that glory behind. We are starting this venture, so I can have a better work/life balance. Thank you for your guidance. We will need to conduct research to figure out what our exit strategy will be rent then sell or "flip" to sell.
Joe M. - I possess your same logic - "that people still need places to live. Just because the market has busted and people are losing their homes to foreclosure doesn't mean that these people simple disappear....they have to live somewhere right?" I could not agree more! I am seriously considering the buy/rent/hold strategy as well. Thank you for the insight to your business strategy.
Ali Y. - After much investigating, there is way to much risk with sheriff sales. I do believe that we would be better off purchasing during pre-foreclosure to obtain the lower purchasing price. What type of tax benefits are typically offered when holding a property? Sorry, I am a complete novice at this.
Mark P. - Excellent advice - deep breaths! Well, I have calmed down a bit since I purchased some books. One foot in front of the other. I love many things about real estate: interior design, marketing (I love!!!!), and I am a huge people person. As far as financials are concerned that is where my husband will come into play. He is a numbers man and I think with the other side of my brian.
Steve B. - The properties that can be purchased cheaply in this area are in the slums. I have no interest in working in the city since it is one of the most crime ridden, poverty stricken cities in the US. per capita, it has the highest drug, murder, and crime rate in the nation. Slum lord - no thanks! I highly suggest not venturing into the city at all. The entire area should be leveled in order to drive out the undesireables and the problems they bring with them. I think that even it the city was leveled that the roaches, rats, and mice would still be there and no property owner wants to deal with infestation.
Again, thank you all for the words of wisdom!
Kind regards,
Tiffany G.
