How to get start in Real Estate Investing?
Posted on March 5th, 2010 in Renting & Real Estate | 4 Comments »
MP3 asked:
I have been doing research about real estate investing and have a few questions about the process. Is the first thing I need a broker, banker, or a seller? Do I need to see mortgage company or can I just take a loan out form the bank? What kind of down payment do you need? Does anyone have any information about tax break, cuts, or property taxes regarding real estate. Any additional information would be helpful, I'm still in a learning phase. Thank You
Palm Springs homes
I have been doing research about real estate investing and have a few questions about the process. Is the first thing I need a broker, banker, or a seller? Do I need to see mortgage company or can I just take a loan out form the bank? What kind of down payment do you need? Does anyone have any information about tax break, cuts, or property taxes regarding real estate. Any additional information would be helpful, I'm still in a learning phase. Thank You
Palm Springs homes
4 Responses
Chula Vista homes for sale
That is a very broad question. I would recommend buying a book on real estate investing. It can be very complicated and not something you can learn about on here. Take your time and learn all you can before making your first investment. Also see if you can learn from someone locally who has experience investing in real estate. If you go to most any real estate office, they should know someone to hook you up with.
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Chula Vista homes for sale
First thing you need is a plan. You ask a lot of good questions, and as Eddie G said, a real estate book may be your best bet. Once you are done with that, meet with an financial planner and an accountant. This way you have a better idea of what is your strategy and what direction you want to go in.
Are you looking at long term residual income? If so are you looking at Commercial, residential, land opportunities, easement options? Do you want to flip properties for short term capital growth? Do you want to start off on your own home and growth from there? Know the tax advantages of all as well as exit strategies.
You can go to your own bank for a loan, but you probably want to work with a lender that knows what they are doing and can help direct you. You also want to make sure you get the best rate/service for the price. Banks have less options then mortgage lenders.
Down payment depends on what you buy: Land and commercial can be difficult to impossible to get now: the were requiring about 30-50% down. Residential properties that are rental require a larger % down then residential that is owner occupied. Owner occupied can be al low as 3.5% for FHA loans (be prepared for closing costs so up to 5%), or for conventional loans where you don’t have to pay for PMI (private mortgage insurance) it is usally 20% but can be 25% is you live in an area that is considered trending down.
As you can see, from the few questions I answered, you have a lot of options. Read some more and make your plan.
Good luck!
Boston Real Estate
Make a review about real state… Get an education…Though there are those who have made “quick riches” in real estate investing, before you start investing in real estate, be sure you’ve done your homework. It can be quite profitable, but the knowledge you’ll need covers a lot of territory.