: i apologize



Devillethrill
12-04-12, 07:03 AM
hello there people i apologize for being a troll and not listening i think you were right i am no longer seeking replacement, reason got to me and i guess all these fancy stuff got to my head, now i know it took some time to reply, but i think saying sorry was necessary because you did a great job on giving me solutions and sharing opinions.

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next time i will open my ears more after all you guys have more experience then me sorry

talismandave
12-04-12, 08:11 AM
No problem. I, (and I am sure all others here who responded to you), understand.

The reason we do, is that most of us have been there to one extent or another. We only got so agitated because we had hoped to help you avoid further mistakes that we made. Life can be a real B*t*h sometimes, and the only way to get through it with a little less pain is to learn from your mistakes, and the mistakes of others.

Glad to hear you decided to struggle through with your current situation.

Devillethrill
12-04-12, 10:19 AM
yeah thanks :)

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i would like to ask you some suggestions as i am getting a real job with a really good salary being young and with no major debts what should i do i think on keeping studying part time and invest maybe in a proprety that i will be paying off and later buy a second one and rent the first one to people so the rent would pay off the second house and if it goes bad i sell the first one for financial security what do you think ??

bigm57ict
12-04-12, 10:58 AM
Owning and renting property can pay off, but it takes a lot of work.
To do well, you have to be willing and able to do most, if not all, the maintenance work yourself. If you pay to have things done, you will not make anything.
Be very careful who you rent to and become very familiar with the laws governing this, especially the rights of renters. Many of them are very familiar with these rights and will push it as far as they can. Getting non-paying renters out of a house can be a nightmare.

talismandave
12-04-12, 12:25 PM
That was how I got started at 26. I was lucky to have a friend I worked with that was a landlord with a couple of duplexes and a three flat on campus in Madison. He advised me on what areas to avoid and what to watch out for. (Info you could find on line now.)

bigm is right. A key ingredient is the ability to work on whatever comes up. If it weren't for a few friends who were able to teach me what to do and help me I would have been repossessed in the first couple of years. (Now days there are probably forums to fill that role.) Being underfunded was a mistake I made but at 26 to buy a duplex I had to put everything I could beg borrow and steal into the down payment.

I also had built a strong relationship with a loan officer at a local bank by buying multiple cars over the coarse of a couple of years and paying them off. I was turning them for a small income. When it came time for a home loan he walked me to the real estate officer and introduced me and it made the loan go through where I may not have had quite the income normally required.

I got to know a Realtor who would give me the books of HUD repo's and let me drive around on my own checking them out to find a bargain. (Probably all on line now, but then it was a big no no!)

That all being said, it really was a great way to go. I could afford a much more expensive property than I would have otherwise and could pay it down quicker. It allows you to leverage the value you build in the first property and the track record of managing and maintaining it into a second property.

It was a great way to get a start but like starting any business it is work. You are basiclly buying yourself a second job, but it is worth it if you work it smart and hard. I would think it would be a bit easier with the internet now, as stated above.

orconn
12-04-12, 12:58 PM
Good thought, but it could be a problems getting started at this time, i.e. the banks seem very unwilling to lend to well qualified buyers right now, so it may well be impossible to get a loan to buy rental properties right now.

It might better serve your future to really apply time to your academics and wait until things improve before trying real estate investment.

cadillac kevin
12-04-12, 02:46 PM
Good thought, but it could be a problems getting started at this time, i.e. the banks seem very unwilling to lend to well qualified buyers right now, so it may well be impossible to get a loan to buy rental properties right now.

It might better serve your future to really apply time to your academics and wait until things improve before trying real estate investment.

^this

Also, unless you are handy yourself, fixing up a property will eat you alive (its costly no matter what though). A friend of mine (whos in his 40s and is pretty well off) bought 2 homes for under 8000 total (4k a piece). He has spent another $8-10000 BEFORE he has made a cent on them....and these weren't horrible looking buildings....just normal wear and tear combined with being broken into.
After new furnaces/ condensers (stolen), water heaters (burnt out), both water (stolen) and waste piping (worn out), painting and floor refinishing, and refreshing the kitchens and bathrooms (nothing fancy- appliances were used) he was in pretty deep. Now he'll make about 1000-1200 a month from these 2 properties (before maintenance, etc) and he'll be back in the black in 2 or 3 years from this venture, but the initial outlay was pretty steep, even for 2 mediocre properties. He admitted to me that the flipper TV shows made everything seem so easy and cheap so he thought he could do it and that if he didn't have a great paying job (high 5 figures), buying property would have ruined him financially.

orconn
12-04-12, 03:16 PM
The flipper shows are way out of date with current market conditions in the real estate market .... even if the flipper were able to get a loan to buy the property.

Devillethrill
12-04-12, 03:39 PM
yeah thanks for the info guys i am not thinking of jumping straight into it right now but buying a proprety and raise my credit is a must fine i will buy a house worth 120 000 lets say a not that bad house canadian standards of course, i will pay it off and get some credit history after that the bank will be more willing to loan me 160 000 or 200 000 more on the next house and that way i keep evolving my credit going up the scale if i rent i will always stay at the same point of credit not accomplishing anything i think i could team up with some friends and upgrade the house resell it since i will be moving a lot during my job. after o resell i buy a 200 000 house save the money of the last house split it ine half pay off some of the loan the other for upgrades and so on in 10 to 15 years once i am 35 i would have a great history and situation hopefully