Posted by Steve Heller on March 27, 1999 at 07:41:44:
Joel,
I overcame my fear of rentals after I ran my first ad. I must have gotten 20 calls. I could pick and choose who I wanted in the property. The key is you need to buy property in desirable areas.
Hope this helps,
Steve Heller
REAL ESTATE BREAKTHROUGHS - Posted by joel
Posted by joel on March 26, 1999 at 23:20:01:
This message is for those of you who have purchased real estate. Please tell me about your first (1st) successful real estate deal, excluding owner occupied, and how you overcame your initial fear of buying property. Thanks, Joel
Re: REAL ESTATE BREAKTHROUGHS - Posted by guru
Posted by guru on March 28, 1999 at 09:33:28:
Ask an older person what their best investment was and most often they say their house. If 1 is good would 5 be great? Your timidity and fear is good…it stops you from playing in traffic! To motivate yourself requires more than an email, it requires you to appraise who you are & who you want to be; then determine where you are and where you want to be in 5 or 10 years financially.
The idea of running an ad for a unit you have looked at - but haven’t bought yet - will help show you the demand in your market.
By the way, my first deal was with my saved money for the down payment + sweat equity (with my dad) for the repairs, followed by a good tenant selection and then a refi to take my cash down payment out & put about $3000 in my pocket = a 3/1 no maintaince bungalow appraised at $49,000 with a 8% 29,000 loan on it that I net $200+ per month on…with long term tenants.
Good luck - you can do it if you think you can and act on your beliefs.