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sounds like carlton sheets and robert allen all over again. anyone can be a multi-millionaire in real estate. what could be easier. in fact you need no money down.
the only thing wrong with the books and seminars from those guys is they didn't start them out with "ONCE UPON A TIME"
lol couldn't stop laughing when I saw carleston sheets name come up.I used to work in a call center for the carleston sheets no money down real estate program. he was one of the early ones out there before flipping becamea cool thing to do and all these tv personalities came out with books and programs.
its really sad they basically prey on old people and disabled people who are the only people up at 3am watching tv. they would give you a 6 week trial for $9.99 but not send it out for like 5 weeks. by the time people got it their time was up and their cards would be charged something like $600 to $800 depending upon which program and materials they got.
the program was a joke as well. it was things like if you have a boat and the person you want to buy a house from likes boats you could try to use your boat as a down payment. another scenario was if you like a property that has a lot of trees get a lumber company to come cut the trees down and pay you to which you can use that as the down payment. first off how can you log a property you dont own and if that was a possibility dont you think the origional owner would have done that.
What do you think a mentor will do for you that you can't do for yourself?
I don't know how to go about finding a mentor if you don't have family or friends in the business. No one wants to help create competition for themselves. Perhaps if you use a realtor who specializes in rental properties (
What type of advice you are looking for and for what circumstances? You said no to flipping, so buying a rental property that you would own and manage?
You already know how to manage a property and deal with tenants, yes? That's the hardest part.
When it comes to finding a property you have to do the homework, the math and determine if it's worth your initial investment.
Do you want an investment property that is going to appreciate over time & you are willing to break even every year or do you want an income producing property? If you want an income producing property, what is the rate of return you would be comfortable making off of your initial investment? 10%? 20%?
If it makes sense to you and for you - then go for it. You don't need a mentor.
In my city ther's a real estate broker who kind of has a niche of specializing in investment properties, forclosures, etc. They run seminars on various topics a few times a month basically hoping to bring in new wanna be landlords and get potential clients.
I do get the feeling they take a lot of money for their services however they also seem to have some best practices in place, give you very favorable deals on commissions and waive the selling fees on your property if you use them to buy it I believe. They als have bulk buying deals if you need appliances or appliance packages and they have contractors they know and trust lined up. If can basically be full service where you usut bring the money and they fix and either flip or rent the property for you or you can kinda do ala carte and just pick and choose what you want.
Checkout their website it's Christrian Chase foreclosure properties, not tryin to pump them just trying to show you some of the speciality realtors out ther and how htey can maybe help a newbie landlord.
So let me get this straight
You have only been a resident manager for a month? You already know how to deal with tenants? How many have you screened personally and what was the success rate with them as good tenants.
I think you might want to gain more experience before you invest.
Are you planning to move to those areas that are cheaper and manage them as a local? I ask because you say there are places other than where you reside that have cheap properties so how will you manage them if you keep your job managing where you are at now?
I think you are underestimating the expenses. A lot of times a good rough number would be 50% of the rents for all expenses then you have to take out your mortgage payments
I get your point but even a month as a property manager probably puts him above 50% who get into real estate in experience. I'm not saying he's an expert but many people jump in with no clue so he's ahead of the curve.
Not taking anything away from successful real estate investors or property manages but there are services out ther to check for foreclosures, do credit checks background checks. Its not exactly rocket sciece.
eventually real estate leaves you with same tax bills as every other asset that qualifies for long term capital gains. you can't spend the living room so eventually things stop getting exchanged and most pay the piper as they do any other asset.
Regardless of your religious beliefs, this wise verse will stand the test of time: "Plans fail for lack of counsel, but with many advisers they succeed." --Proverbs 15:22
Getting good help is key, but the type of adviser you get will determine the type of lifestyle you'll ultimately have too. Some teach you need lots of money to invest, and that you need to drive around town looking for vacant property, etc. Others teach to low ball lots of home owners, and through the law of averages, you'll finally land your first deal. Not to mention the months it can take to get paid on the deals you do close. There are lots of ways to invest. Some require money and credit. Some don't. Personally, we believe in using little-to-know money at all, so you can buy up as many properties as possible with as little risk as possible.
As your income taxes accrue, you simply invest in assets that the government wants you to, like more real estate, oil and gas, and jobs. And thus, avoiding a big tax bill, saving your money, and then reinvesting it once again in, you guessed it, more of the investments the government will legally help you to avoid paying taxes on.
And by the way, with the power and leverage of the internet today, you no longer need to drive around looking for vacant homes, and there's no need to send hundreds of insulting offers to home owners, only to get a fraction of them to respond and do deals with you. Then wait months to get paid on top of that. No fun.
In fact, you can actually offer them their full asking price, help them to avoid paying any commissions or fees, and do it all in 7-14 days, start to finish. You can learn more here: PushButtonInvestor.com
if i send right now do i get the steak knives too if i pay for shipping?
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