real estate investment information
Real estate investment information?
I’m 20 years old and I’m looking for sources of information for buying real estate properties and renting them out. I’ve read many books and purchased many programs on the subject, but am looking for the complete deal. With subjects such as insurance, property management companies, loans, etc… I need a really technical resource with not a lot of fluff. The real meat and potatoes of the business. Thanks for the help.
Where do you find a mentor?
You do not need a single resource. You need a team of resources. A good mortgage broker will be able to tell you what you need to know and what you will need in terms of money to buy your homes. A good Realtor will be able to help you to understand what to look for and expect from a rental home. Your Realtor may double as your Property Manager or you may want to use another company or even go it alone. If you choose the last option you will need good repairmen that you can trust. You will need an insurance agent who has good rates and customer service. You will need to learn the landlord and tenant laws of your area. Rentals can be a very profitable business if managed correctly, and if you have been doing all the research you say you have then you are well on your way to understanding that.
I can give you some basic info here about the Realtor side, and if you have any specific questions or need clarification on anything you can feel free to email me. But the basics are that you will need to put some money down, so start saving now. Probably about 20%. Also you need to understand the difference between looking for a home to live in and a home to rent out. You are looking for two completely different types of home. For a rental you are not looking for the “just remodeled, granite countertop & stainless appliances” homes. You need a sound structure that will be as low maintenance as you can find. Ugly is o.k. Research the market you want to rent in. What are homes selling for in that market? How much are they renting for? What are the property taxes? All of that will factor into how much profit you will make. You should also have a budget for vacancies and repairs. Plan for the worst and hope for the best.
Hope it helps,
Josh
Tiger Wood’s Real Estate Investment
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