yup, I buy, renovate and sell to investors and carry the financing, and manage them for out of staters. I personally will not own any. I had over 40 units at one time and got rid of every one of them. There are no middle income rentals just low income housing and the people you have to deal with, honestly it isn’t worth it. However I have other investors that are easy going, things roll off their back they do wonderfully, me, I am too tightly wound. When I manage, it’s their call, not my problem, not my building I’m just the middle man
Posted by Aaron Horn on July 13, 2006 at 18:25:33:
Hi, my name is aaron and this is my first time to the site. I’ve always thought that if you don’t have land america then you don’t have much. I have wanted to invest in real estate for some time now but i’m only 19. i’ve read your typical rich dad poor dad and i loved it. From there i read the richest man in babylon and then is where i decided that owning as many properties as i could was going to be one of my goals indefinately. I was just wandering if there was anyone out there that would be willing to take an ambitious young college student under their wing and give me some sort of real estate direction.
I started when I was 20 so don’t let your age discourage you, I bought rental property before I could buy beer, go figure. Not only does investing depend on what your aptitudes are i.e. are you a tradesmen, do rehabs light your fire, do you just want to slowly build cash flow via rentals? But also the area you live in. If you lived in the carolinas I’d say go to the mobile home forum, if you lived where I do I’d say rent rent rent!!! 4 families that cash flow at 1800 per month for 65-80k can’t beat it. Know your market and neighborhoods like the back of your hand. Give me the block number what street and what side of the city and I’ll tell you the value. You don’t need a mentor just an unquenchable thrist for knowledge. Go to every open house, call on ads, get to know other landlords, do their dirty work just to get to know what they paid for the property, how much it rents for, how they market it, when they bought it, etc.
My 17 and 19 year old sons will be mentored by me. They will also get the benefit of advice from my business partner who is a lawyer.
My 19 year old son is currently taking courses that will prepare him to get his General Contractor’s license. His 17 year old brother will take the same course once he graduates from high school.
Both sons are are Doorknocking 2-3 times a week chasing after NOD’s offering our “Fog the Mirror” Loan. Basically a Hard Money Loan for those in Default. My mortgage company requires all my mortgage consultants to Doorknock every week. My sons are learning how to think on their feet. They are also getting an education on how loans work.
Besides learning about loans, they are being educated as to how a Loan Package flows—from the time a 1003 is submitted to funding.
My busines partner and I are building 10 homes at the moment. My sons travel to the sites and talk to the project manager and are encouraged to ask all questions. They are learning how to purchase raw land. They are learning how to deal with the city and county and how the permit process works.
On top of that, they have plans on attending the H&R Block Tax Course.
As you can see, they are studying SPECIFIC subjects that will help them develop as Real Estate professionals.
Their goal is to buy their first rental on May 24, 2007 using their own hard-earned funds. They do not want to use any of my cash!
P.S. I was 21 years old when I bought my first property (Al Lowry’s Nothing Down AITD idea inspired me). At age 38, I had the privilege of retiring to raise those two and be a stay-at-home-father during their grade school and junior high years.
P.P.S. Now we are planning to be partners in many real estate endeavors. God has truly blessed me!
Upstate NY. I’m heading back there in a couple months.
If you are serious about buying something, keep in contact and I’ll find you something up there.
Luke