Posted by Mike (STL) on March 22, 1999 at 03:32:37:
bob,
in my opionion, people should start with single family residences.
when you are investing with SFR, you are probably buyin properties from individuals that are motivated by emotion. when you get into multi-family, you are dealing with seasoned investors and logic dictates their actions.
i think
SFR = checkers
and
Multi-Family = chess
gain some knowledge with SFR and then you can graduate to multi-family.
just my opinion
mike (stl)
Newbie ? which first SFH or multi Family - Posted by Bob (STL)
Posted by Bob (STL) on March 19, 1999 at 10:46:28:
What really is better to start with or does it really matter?
I’m looking to build net worth , cash flow.
I will be doing this partime to start and what to start off in the right direction.
thanks in advance for your experience and input
Re: Newbie ? which first SFH or multi Family - Posted by Pat
Posted by Pat on April 02, 1999 at 24:26:43:
BOB,
If you have questions please write
My wife and I have been doing this for almost 1 year, last year I watched tapes( I bought
3 yrs prev. and set them on a shelf-)
Our lives are a day and nite difference we own 38 now (i think) put in aprox 5 to 8 offers a week
we stand to make aprox $80,000 over the last 4 mo. work and were having the time of our lives
doing it - at first Annette was a bit skeptical but now she loves it …
I tell you this not to brag but to find a direction and GO…
1st know your limmits
2nd leave the house and drive for dollars . Go hunting for deals drive streets that you want to own
houses in , look for signs of vacancies empty houses— (things like no electric meter on the side of
the house , yard not mowed NO curtains or signs of life) write down addresses.
3rd find out who owns the houses ( you can ask people around the house)
go to the court house and find out . ( get a copy of the tax card, ask them for help figuring
out what it’s worth) ( in Tenn. its on the net — for free) !!! then call from the phone book and
ask is the house for sale get a price tell them you will call back–
4th find out how much its worth look at the tax card it will tell you what it sold for in the past , call a
Realtor ask what they think a house is worth on that street ? dont tell the number unless you can trust
them. You can tell year , size, bdrms,bath
look at how much It will rent for , call on the for rent houses ask a Realtor
5th AFTER YOU GET HERE WRITE ME BACK WITH 3 OR MORE DEALS
Bob, you have to become a deal finder-- a person who is looking for good deals
trust me when I say there are so many you will NEVER NEVER NEVER run out of great deals
if you found someone who has a bike for sale for say $10. you look at it and say this is worth $100
and you had 5 people on a list at home that would buy it today for $100 . would you buy it today ?
a house is the same thing just change the numbers a little…
IT’S YOUR JOB TO FIND A GREAT DEAL bikes or houses----
GOOD HUNTING PAT