Are there are Real Estate Investors in the house? I am interested in fixing up houses that need minor cosmetic work and selling them upon completion. Does anyone here have experience in flipping houses or any other area of REI like being a landlord, buying foreclosures, etc.? Would love to hear your experiences in REI along with any tips / advice that you have for someone just getting into this.
REI People??
- Thread starter in2fitness
- Start date
Fitness, That's part of what I do for a living. I actually list and sell Real Estate and buy, fix and sell about 3 to 4 properties per year.
I do this in Mass(15 years) where the R.E. prices are at an all time high, but there are always opportunities.
My wife and I bought a foreclosure on 1/8/02 for $ 145,000 once we are able to gain access(previous owner becomes tenant after foreclosure
) we will clean it up, make minor repairs and sell it for about 200-204K.
We bought one in Oct 00 for 75K and sold it on 01/02 for 111,000 and didn't do a think to it.
I've never lost $$$ "flipping properties" and can't wait for the R.E. market to crash in Ma.
If you want more info, jack has my e-mail address.
GL
Tom
I do this in Mass(15 years) where the R.E. prices are at an all time high, but there are always opportunities.
My wife and I bought a foreclosure on 1/8/02 for $ 145,000 once we are able to gain access(previous owner becomes tenant after foreclosure
) we will clean it up, make minor repairs and sell it for about 200-204K.We bought one in Oct 00 for 75K and sold it on 01/02 for 111,000 and didn't do a think to it.
I've never lost $$$ "flipping properties" and can't wait for the R.E. market to crash in Ma.
If you want more info, jack has my e-mail address.
GL
Tom
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I am a real estate investor.Since I am not handy I bought relatively inexpensive houses at first by putting 10% down.The difference between the monthly mortgage & the monthly rental ranged between $200-$400.But these houses started breaking down & started spending money on repairs.So I slowly started selling these old houses & started building houses in planned communities that are popping up.There is nothing to do other than finding tenents.There are warranties that cover problems that may arise in the first few years.However if there is one drawback,the difference in the monthly rent & the mortgage is less,but the appeciation is greater on a new house vs. an older house.I don't know if they have these communities where you live but if there are,I would look into that.Also try to one of the first buyers in the communities.
As far as being a landlord try to find a handbook on the real estate laws.I went to the courthose by me to get a handbook.Also see if there is an association that you can join.I joined the Arizona Mutihousing Assoc.& pay $75 annually.In return I can purchase forms from(leasees,forms if a tenant is late paying rent, & many more forms).There is also a toll free number to to speak to a legal expert(no charge for this).To me this is money well spent.
Good Luck & if I can help don'y hesitate to ask.
As far as being a landlord try to find a handbook on the real estate laws.I went to the courthose by me to get a handbook.Also see if there is an association that you can join.I joined the Arizona Mutihousing Assoc.& pay $75 annually.In return I can purchase forms from(leasees,forms if a tenant is late paying rent, & many more forms).There is also a toll free number to to speak to a legal expert(no charge for this).To me this is money well spent.
Good Luck & if I can help don'y hesitate to ask.
