Posted by Ronald * Starr(in No CA) on July 09, 2003 at 24:25:47:
no text
Advice - Posted by Mike Romer
Posted by Mike Romer on July 08, 2003 at 11:35:11:
Ok. Here it is. I am committed to becoming an investor. I have been looking at properties for the past few months. My issue is I am not sure of all the strategies and techniques I can use. I just purchased my own 2-family home in NY. I have about $16,000 in savings. I don’t really have any equity in my home yet. My goal is to purchase my first home within 2 months from NOW. How can I do it? I have been looking at 4-families in Queens, NY and looking at 1-families and multi-families in Pennsylvania. I am not sure how I can do it…loans, down-payment. What is my next step…I read about people buying 2 properties a month or more…Any advice will help.
I think I am looking at the RE game a little too traditional.
Mike
What is “too tradional?” Why is it bad? - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on July 08, 2003 at 14:42:41:
Mike–(NY)-----------------
Nice to talk to you. Contratulations on having some funds to invest. Good for you buying a house in which to live and watch TV. Keeps you off the street corners, and, hopefully, out of trouble with the police.
The tradional ways to invest are fine, if they work where you are. Many of the so-called “creative” real estate investing techniques are for people who are not in a good financial position. They tend to be riskier than the more traditional approaches to investing, it seems to me.
Just be sure that you are “running the numbers” on the types of properties that you are considering buying. Know what to expect in expenses and in income. Buy only if you get a deal that makes good sense to you. There is no big rush. There is no “real estate investing hero” button for the person who rushes out the fastest to spend their money on real estate. That you have been studying the markets for a few months is the preferred way to proceed, in my opinion. So, you are doing fine.
Nobody can tell you which type of investment is the best. Certainly they can’t without knowing your goals, your resources, and your personal feelings. Either small multi-family properties or single family properties could be good. Just try to understand the difference between the two investments, project how you think they will perform over the next 10 years or so, and then make up your mind which one you will buy first. You can always change your mind later and buy other types of investments if they right to you.
If you have not already read it, I recommend my post for beginners which can be found by putting “beginners success” into the search function of the main board of this CREONLINE.COM website.
Good Investing***********Ron Starr**********
Where did THAT come from??? - Posted by IB (NJ)
Posted by IB (NJ) on July 08, 2003 at 16:33:49:
“Nice to talk to you. Contratulations on having some funds to invest. Good for you buying a house in which to live and watch TV. Keeps you off the street corners, and, hopefully, out of trouble with the police.”
Good advice as always Ron but what’s with the ‘street corner’ and ‘police’ bits? I know the guy is from NY but that doesn’t mean that all New Yorkers who don’t invest in RE hang out on street corners and get in trouble with the police. I think you’re spending too much time in OK 