i want to invest in real estate, what are the first things i need to do/have to get on my feet with it?
205912
The 3 most important things in buying real estate are: Location, location and location.  It is the mantra of real estate investing.  Real Estate appreciates much better in an area where there will be growth in housing and business.  Older areas that are going decline may look cheap, but could get cheaper as time goes by.
653628
1.  Get property appraised first.  You may be off on your calculations, but get it appraised first to see if your deal is viable.\n\n2.  Next if the valuation is high enough, contact a bank to get a reconstruction loan.  This will be a loan for aquisition wrapped with a construction loan.   The construction loan part will be variable and paid out of a drawing account payable at stages of the reconstruction.  The stages and estimated costs will be estimated at the beginning of the loan process defining what defines completion of a stage and how much money will be released.\n\n3.  Upon completion the loan will convert to a permanent with the entire amount amortized over the target period ie 25yr.\n\nYou will want to get a good flag and mgmt company, but more importantly you are going to need to carry some working capital as you should not expect to break even the 1st year especially considering the size of loans.\n\nIf you are interested you can contact me directly as I've consulted on similar deals.  I can arrange Gen Contractors as well as permits and financing as well as help you with some techniques to minimize your exposure in the deal and maximize your ROI.\n\n\nGood luck either way.  Remember 90% preparation in these types of complex deals.  Your financial structure will dictate your success.
358148
If I were you, I'd add the word, 'honestly'.\n\nThere are no quick fixes or set formulae - plain hard work and perseverance usually does the trick.  And ofcourse your luck and destiny do play a very important part in this scheme of things.\n\nIf you have the money to invest.  Stocks and real estate allow you to make huge profits - also big losses, if you're either greedy, impatient or careless or all three?!\n\nExcept for inheritances, nobody can claim to have got rich quickly by fair means.\n\nAs you're in a hurry, try your hand at multiple options in business.  There are plenty of businesses that require small investments (thanks to the internet, all you need is your computer connected online).  And apply your mind to them - over time you will see your investments grow as you work harder and reap profits.\n\nDon't ever believe people who misguide you to make a fast buck.  They're the fly-by-night operators who thrive on people like you.  Trust your instincts more than anything else and any guidance you can get from close friends who are in the know.  Go for it, Rome was not built in a day...
440343
Congratulations on venturing out on your own!\n\n1st - don't quit your day job.  Try to get a job in the industry that you want to have your own business, and get out there and make contacts.  \n\n2nd - take a class in business management at the local community college.  And take a class in realestate investment (you may not be investing but you want to know the mindset of your clients - they invest in the property only to rent it out)\n\n3rd - keep tight financial records - including how much of your home you use for a home office, how much phone time, etc.  At the end of the year you can write this off - provided that you have obtained a business license.  I would consult a professional tax prep for this, and do not wait until the last minute.\n\n4th - don't skimp on advertising or promoting your company (I am not saying take out a full page full color advertisement - but do go for a higher end business card or brochure).  You want to look like you are already successful - bees don't flock to a flowerless plant.\n\n5th - understand that you will make mistakes, learn from them and go on.\n\nGood Luck!
105411
1) Loan to Value (LTV) - If you have excellent credit, you m,ay qualify for 100% financing if the property is to be your primary residence (not rental property). However, this also means that you are borrowing all you need and your payment will be higher. I recommend at least 5-8% down if you have some savings set aside.\n\n2) Value - try and get something in your price range. This sounds like common sense but you would be surprised. Price out your monthly loan payment options (but don't get an interest only loan just to afford it..that is never a good idea). Get you mortgage broker/lender to help you with this so that you can know in what price range to shop for....\n\n3) Expenses - Utilities are dependent on the condition of the property and your usage. But you do need to remember that you will have to pay annual real estate taxes and annual home-owner's insurance. These are conditions to your loan and you cannot get around it.
115613
You need to obtain a state real estate license.
531480
I have a lot of money invested in real estate. My advice: don't take on partners you don't know well. They will try to screw you legally. You must be in this for the long term. The short term boom has now passed. Buy low and hold tight until the next sellers market in about 3 years depending on a variety of things. Good luck.
373824
Here's the thing about rental properties:\n1.  Make sure you have at least 10% down for the purchase, because most lenders will not go higher than 90% LTV on an investment property.\n\n2.  Make sure you either know how to perform maintenance on the property, or know someone who is both skilled and honest.  You'll need to know someone who can do plumbing, roofing, gutters, windows, drywall, flooring, landscaping, the list goes on.\n\n3.  Start looking for tenants when you sign the purchase agreement.  You don't want that property sitting empty.\n\nRental properties can sometimes be a pain.  But, they can be very lucrative.  I have a former client that owns about 10 of them, and makes a buttload of money of them.  You may also want to look into a property management group.
225275
I WOULD TRY AND INVEST IT. POSSIBLY TRY AND GET REALESTATE PROPERTY. I WOULD WANT TO SEE WHAT REALESTATE  THE GOV. HAD FOR SALE. FORCLOSURES GOOD DEALS ON THAT KIND OF LAND
119735
Well, first off you need to figure out how to get the capital so you can have cash on hand at all times to be able to buy properties when yu see them, rather than waiting on a mortgage to go through.  \n\nThe best way to start is a couple ways.  1.)  Find a money partner.  Someone that has the money on hand and make sure that his split is more than yours for the time being until you have your own money.  2.)  You could finance the first couple of homes.  I deal with a couple investors and this is how they have started.  I do these types of loans, so if you would like more information, feel free to contact me at timothy.kazee. com and we can talk about this more.  \n\nFinancing the proerties is going to be your best bet for right now.
285982
Contact a commercial Real Estate Agency and give them a list of your requirements. They will find the properties for you.
566537
As you have already discovered there is much to learn before you invest in the purchase of auctioned homes.  There are some wonderful classes that are offered by reputable real estate firms, such as Century 21, and Coldwellbanker.\n\nIf you want to try to learn on your own, I have provided links to some excellent how to guides.\n\n*Please choose best answer.  There is a contest that requires best answer to enter.*
111640
It depends what you want to do. If you want to work as an agent with a multiple listing service you will need a licence. You can also buy foreclosures or power of sales and try to sell them for market value. You can rent property out. You could try to gather some investors and start a real estate investment trust, a REIT. The internet has opened a massive potential for for sale by owner websites. You could do all of these. \n\nBe frugal and take things slow. Learn to understand interest rates. Are rates currently rising or falling? Why?Learn about insurance, taxes, utilities, upgrades, etc. Learn to perform the duties of a home inspector or hire one!\n\nGood luck!
267741
Try contacting your local Housing & Urban Development office or FHA office.  They've got some great programs for first time home buyers available IF you qualify.  When buying a house--look before you leap, measure twice and cut once, easy does it and save for a rainy day are all good rules to follow!  Why?  Just because a house has a great bathroom doesn't make it a great investment--look honestly at it.  Does it need a lot of fixing up?  Are there any hidden things wrong with it?  Get an inspection done by a qualified building inspector before you buy!  Make sure this house is going to fit your need for space for at least the next 10 years.  Most affordable loans are for 15 to 30 years--is there enough room for the family in that time?  Don't want to get stuck needing to add on in a year and not being able to afford to or not having the room to add on because your addition will exceed your property lines!  Don't go into massive debt for a house--yes it's a big investment and a big responsibility, but don't go buying a palace if all you can afford is a mobile home!  Save your money!  Every penny you can save will help you out and help lower your debt--if you apply it wisely!  That extra money from Aunt so & so--add half of it to the next monthly payment.  Put the other half away for home repairs--you never know when you'll need to call the plumber or the electrician or some other repairman!\nGood luck and happy home hunting!
205577
Different parts of the country are good and some are bad for developing new real estate.  A first project needs to be successful so that you can afford more, and for that reason I'd simply invest in a "spec" house.  Meaning you build a house and sell it while its under construction or immediately after its done.  Manage the process closely and you can make a few dollars.
21068
More than likely you will obtain a conventional loan where you desire to purchase. This will be a new mortgage.\n\nYou may want to pre-qualify with a lender of your choice and be given the mutiple of options.\n\nMore than likely the loan will be secured by the property itself.\n\nBest to you
142990
WOW you packed a lot into this question!\n\n1. Real Estate investment in a primary residence is typically a good idea.\n2. You say you have okay credit.  Does that mean you owe a lot or you have some derogatory credit on your profile?  This would affect your ability to qualify for a loan from both a debt ratio situation or challenged credit issue.\n3. A rent to own, lease option, or contract of sale it typically a good way to go if your credit is questionable as you may not be able to obtain traditional financing.  You would need to find a seller willing to cooperate with this type of financing.\n4. If you buy outright a Realtor is always recommended.  There is no cost to the buyer.  The seller bears the burden of all costs incurred.\n5. If you use a Realtor they can assist you in finding a source for financing.  Generally that would be a loan officer the Realtor has an existing relationship with that can cater to your individual needs.\n6. Lastly you say you are starting a new job.  Typically a lender is looking for 2 years in the same line of work with your new earnings similar to your past earnings.  If your new job is a significant increase in pay, the lender will evaluate your ability to secure employment for the same earnings should you lose your new position\n\nI know how overwhelming all this can seem to someone who is unaware of how the process works.  Don't be discouraged.  You may contact me if you need further help and if I know the answers I'd be happy to share my knowledge.  \n\nGood Luck!