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I'm sorry but I forgot to mention that I want to initially invest in multi-family properties. I currently manage an apartment building, so I wouldn't need to hire a property management company off the bat. I would only do so once the workload became too much.
I'm really interested in real estate investment. I would love to do it full time but just had a question about getting started.
I live in Los Angeles and was wondering if I should attend UCLA Extension or just get an advisor? I met with an advisor a couple months ago. He was very knowledgable and has been working in real estate for over 30 years. He has a very high position at a top real estate company. He agreed to help me find an accountant and a lawyer.
So I was wondering what your opinions were? Take a course (I would find an advisor after the course anyway) or just skip the course and hire the advisor now to get started?
I've always believed that someone teaching you 1-1 (whether it be being advised or an internship) is better than taking a class since you'll learn a lot more in that 1-1 setting.
An advisor will never look after your interests as well as you. He simply doesn't have the motivation.
From 1972 till I finally retired, I was a commercial/investment real estate broker. According to the Wall Street Journal and some other publications, the Total Return On Invested Dollar analysis, is the only way to properly evaluate income property. I invented it, and had it published in a professional real estate brokers magazine in 1975, so I do know a little about real estate.
Loans: You are going to need considerable cash in the bank, to invest in real estate, especially since the bubble burst a few years ago now. You are not going to get 100% financing. You will need at least 25% of the purchase price for down payment and closing costs. You also need enough cash reserves, to handle any unexpected problems, and maintenance. When someone asked you if you had hundreds of thousands of dollars in the bank to use to make your play in real estate, they were serious. Lenders would just laugh at you, when you tell them you think you can get small business loans to make it possible to do your dream of being a rich landlord. Income property, falls under real estate lending rules and regulations not small business rules and regulations.
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"
From 1972 till I finally retired, I was a commercial/investment real estate broker. According to the Wall Street Journal and some other publications, the Total Return On Invested Dollar analysis, is the only way to properly evaluate income property. I invented it, and had it published in a professional real estate brokers magazine in 1975, so I do know a little about real estate.
Loans: You are going to need considerable cash in the bank, to invest in real estate, especially since the bubble burst a few years ago now. You are not going to get 100% financing. You will need at least 25% of the purchase price for down payment and closing costs. You also need enough cash reserves, to handle any unexpected problems, and maintenance. When someone asked you if you had hundreds of thousands of dollars in the bank to use to make your play in real estate, they were serious. Lenders would just laugh at you, when you tell them you think you can get small business loans to make it possible to do your dream of being a rich landlord. Income property, falls under real estate lending rules and regulations not small business rules and regulations.
Never said I had a dream of becoming a rich landlord. I've seen a lot of properties so far where there is a pretty good return on investment, even if the building doesn't have a 100% occupancy rate.
I've seen a couple of small properties that with a down payment of $30k to $40k, with a full occupancy rate, you would be able to bring in around $14,000/year after the mortgage is paid every month. Set aside a couple thousand a year for insurance, maintenance, and taxes, and you could bring in maybe $8k to $10k a year, which doesn't seem bad.
Correct me if I'm wrong because you're experienced and I'm still learning.
Isn't this a sort of "give a man a fish he eats for a day, teach a man to fish he eats for life" situation? Ie. you could take a class once or you could give a slice of your pie to an advisor repeatedly?
I say , beat the man with the fish,after that he will leave you alone. Ha ha
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