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  • cologero
    started a topic Some questions about real estate investing

    Some questions about real estate investing

    Hello,

    I've really taken an interest in learning about real estate this past year. I guess being 39 years old, I feel like I've wasted time not investing in assets that could generate some level of passive income for me in the near future (vs. my 401K and IRA's that will not be available until I'm in my 60's). I guess my goal would be to eventually have $1-$2K coming in each month in profit so I could at least cover the bulk of my bills?

    I spoke with a friend who has a successful real estate business, but unfortunately felt like I wasn't getting advice as a friend...moreso advise on how I could start while he could make money off me. Let's just say, I felt a bit uncomfortable, so I decided to post here. Some questions off the top of my head are:
    - How much cash is normally needed to begin?
    - Is crowdfunding a good option? For example, my friends company pays investors 10% annually.
    - Any books that are must reads? I just finished up Rich Dad Poor Dad and the The Millionaire Real Estate Investor
    - Is it ever ok to buy a property with a friend or relative you trust?
    - I have maybe $10K to invest or use as a downpayment on a rental, but is using that type of cash the right move? Does it always cost a lot of money to start up? I'm single and have time and energy to invest in the evenings and on weekends.
    - Probably doesn't matter, but my background has been in Management, Operations, Client Services, and Sales at an executive level over the past 15 years.
    - Are there other more realistic ways to generate passive income outside of real estate investing?

    Maybe my questions aren't the right ones because, I don't know what I don't know...but I do know I am a very hard worker with drive and ambition. Unfortunately, I do not have any real estate mentors in the real world, so any feedback would be appreciated. Thank you in advance.
    Last edited by cologero; 11-30-2017, 09:21 AM.

  • riverwed070707
    replied
    i
    Originally posted by Rocco1235 View Post
    Anyone have any good articles, books, or just advice on a good way to learn and invest in the real estate market? Want to start reading about it and learn as much as I can before I actually start putting my money in it!
    Bigger pockets is a great resource. Good articles, investment analysis calculators and forums for questions

    Leave a comment:


  • OldJew11
    replied
    Cologero, How did you come to this? What information did you read?

    Leave a comment:


  • cologero
    replied
    Hello everyone,

    Quick update since I started this thread originally (I'll post more when I have a little more time). I decided to take the plunge so I purchased a SFH last April (sight unseen and after getting laid off from my job after 7 years...long story). I now have 5 doors/4 properties. I've also bumped my net worth from $165K to $288K in about 6 months. My goal is to to have 10 by the end of 2019 and 20 by the end of 2020.

    My point of this post is to give other people hope that things can change quickly if you're smart about it and surround yourself with the right people. While I still have a long way to go, it's because of people on sites like this that make success possible!

    Leave a comment:


  • TexasHusker
    replied
    I bet you have a friend in real estate. Buy him/her a drink one night at Chili's. They've got a decent selection of beer and the advice might be better than what you can find in a book.

    Leave a comment:


  • Rocco1235
    replied
    Originally posted by james.hendrickson View Post
    What about something from the Dummies series? Usually that's a good starting place.
    I have some of those, but was just wondering if their are any better books/articles out there.

    Leave a comment:


  • james.hendrickson
    replied
    Originally posted by Rocco1235 View Post
    Anyone have any good articles, books, or just advice on a good way to learn and invest in the real estate market? Want to start reading about it and learn as much as I can before I actually start putting my money in it!
    What about something from the Dummies series? Usually that's a good starting place.

    Leave a comment:


  • Rocco1235
    replied
    Originally posted by cologero View Post
    Hello,

    I've really taken an interest in learning about real estate this past year. I guess being 39 years old, I feel like I've wasted time not investing in assets that could generate some level of passive income for me in the near future (vs. my 401K and IRA's that will not be available until I'm in my 60's). I guess my goal would be to eventually have $1-$2K coming in each month in profit so I could at least cover the bulk of my bills?

    I spoke with a friend who has a successful real estate business, but unfortunately felt like I wasn't getting advice as a friend...moreso advise on how I could start while he could make money off me. Let's just say, I felt a bit uncomfortable, so I decided to post here. Some questions off the top of my head are:
    - How much cash is normally needed to begin?
    - Is crowdfunding a good option? For example, my friends company pays investors 10% annually.
    - Any books that are must reads? I just finished up Rich Dad Poor Dad and the The Millionaire Real Estate Investor
    - Is it ever ok to buy a property with a friend or relative you trust?
    - I have maybe $10K to invest or use as a downpayment on a rental, but is using that type of cash the right move? Does it always cost a lot of money to start up? I'm single and have time and energy to invest in the evenings and on weekends.
    - Probably doesn't matter, but my background has been in Management, Operations, Client Services, and Sales at an executive level over the past 15 years.
    - Are there other more realistic ways to generate passive income outside of real estate investing?

    Maybe my questions aren't the right ones because, I don't know what I don't know...but I do know I am a very hard worker with drive and ambition. Unfortunately, I do not have any real estate mentors in the real world, so any feedback would be appreciated. Thank you in advance.
    Anyone have any good articles, books, or just advice on a good way to learn and invest in the real estate market? Want to start reading about it and learn as much as I can before I actually start putting my money in it!

    Leave a comment:


  • Rocco1235
    replied
    Anyone have any good articles, books, or just advice on a good way to learn and invest in the real estate market? Want to start reading about it and learn as much as I can before I actually start putting my money in it!

    Leave a comment:


  • chestynuts
    replied
    Well, hoping that we could be closing our deal about a property next week. This can be my first real estate investment.

    Leave a comment:


  • TexasHusker
    replied
    Originally posted by chestynuts View Post
    I've been reading all opinions and tips regarding real estate investing and its giving me unique ideas to pursue my plans for it.
    Cool! What are your plans?

    Leave a comment:


  • chestynuts
    replied
    I've been reading all opinions and tips regarding real estate investing and its giving me unique ideas to pursue my plans for it.

    Leave a comment:


  • beattywhite7
    replied
    you may have solid Neighborhood comps for that area you are trying to invest in property. I've been in the business since the 90's and I also used to be a licensed real estate agent. A broker's price opinion will vary from broker to broker like the weather and opinions are like lawyers; everyone has one.

    Leave a comment:


  • AJ444
    replied
    I receive all of my passive income from Total Market stock/bond fund in my taxable account. I like it because I literally donít have to do a thing for it, dividends/interest simply deposit into my checking account each month/quarter.

    Full disclosure, Iím not a fan of real estate because I donít like the headaches, I donít even own my own home and prefer to rent. Iíve owned my own home and managed a rental in the past. I donít disagree rentals can can be a source of income for some people, but it isnít for everyone and not all of them make money. I do think you are asking the right questions if you want to get into it and then need to determine if it is for you.

    Leave a comment:


  • Smallsteps
    replied
    thank you Texashusker, for your thoughtful advice.
    At the moment the best scenario is just to have my gift to them be unappreciated at the present time I do not need the money. but the suggestions of how to approach it will be helpful if things would change.
    I am only concerned about their late payments as they are developing bad habits not that it would hurt their credit.
    I guess that since they started this late payment thing I feel disrespected and then a few people ask about the house as they want to rent it or know someone who would and it reminds me that in fact I could be making money on it.

    Leave a comment:

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