Tips To Get Started
My first posting to your wonderful forum and as I begin tip toeing into the market of real estate, can someone or everyone give me the first five things to do and the tried and true mistakes of the beginner ?
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This article would be a great start for you http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=489&mode=nested&order=1&thold=-1
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Thank you John, great information!...I have another question, hope you or anyone can help...me and my partner have plans on buying a house in FL for the first time for investment in 6 to 9 months...his credit is not good, mine is....he has the income, I do not...if we finance together, will my credit record suffer?...if it will, when we sell in a year or two, can i finance the next puchase alone to get a better rate.....if there is a better way, please help.
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Marianne,
Glad to meet you and welcome. Here is another good article.
http://www.thecreativeinvestor.com/Article654-13_Deadly_Mistakes_Beginning_Investors_Make.html.
As for my take on first five things to do.
1. Join TCI (which it appears you have done.) An invaluable source of information for any all real estate fields.
2. Decide what type of investing you want to do, buy a good course or two, and memorize it.
3. Write down short term, mid term, and long term goals and put them where you can see them everyday.
4. Start surrounding yourself with the people and professionals that will help you accomplish your goals.
5. Do it!
What NOT to do.
1. Procrastinate. This world is full of real estate "students" who never buy their first property.
2. Don't oversaturate yourself. Build a good foundation of knowledge and move forward. Don't try to learn everything before you start.
3. Don't let people tell you it can't be done.
4. Don't stop learning and trying to broaden your horizons.
5. Don't forget where you came from. Always keep things in perspective and keep your family # 1.
Hope this helps.
As far as your partner, depending on your relationship, you can either co sign, do a tennancy in common, or other things that will help build your partner's credit, use your income and still protect yours (as long as the bills are paid). Then he can refi in a couple years when his credit is better. Your lender will be able to advise you in this area.
Good Luck!
Larry
P.S. What part of Florida are you talking about?
Another good article. As you will see, the more time you spend on this site the more you will find an answer to your every question.
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=146[ Edited by LarryNut on Date 10/01/2004 ]
Thank you larry you have given me great advice here...we are ex spouses and have decided to go into this adventure together, we have built up a lot of knowledge in the housing market as far as remodeling goes, he works for a large paint corp. and we lived in FL for 15 years, we want to begin in the titusville area, if you know of a better area in FL, please share with me....so are you saying that by me co signing my credit will not be adversley affected and no income is needed to do this?
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No I'm not saying that your credit could not be affected. It could be fine, but it could be disasterous. I would hate to think of possible ex spouse scenarios. Only you know your situation. If you co sign, treat it as you are the primary borrower. Don't depend on someone to make sure the bills are being paid. I think the best thing to do is let your lender explain all your options, then based on your situation you can decide which is the best route to take. Either way, you should not allow it to prevent you from pursuing real estate. There are many other ways to make money at real estate other than conventional lending.
I lived in Ft. Pierce for many years on the east coast. Pre hurricane season, real estate there was going through the roof. Now I think it may become an investor's dream buying low from people who have had enough and cashing in 6-12 months from now when things settle down.
Thanks larry...the replies on the ex spouse scenerio has me smiling, I guess we have all been there or we know someone....I have it under control and of course I will take all the needed precautions to protect my credit.....are there a few areas in FL that you would recommend over the space coast?
I didn't mean it personally. I have been there, done that myself. You made out better than I did. I didn't end up with anything to invest with much less invest with them! ha ha.
I was looking for some more articles for you but there are so many good one's it would really drag this thread out if I cut and pasted them all. Do an article search on beginner . loanwizard has some excellent ones too including no cash, no credit, no equity, and a dream.
I cannot give you good info on the FL market since I do not actively live or invest there. Just a friendly warning, when you cross the state line, you may see a sign that says "Welcome to Florida, Home of John $Cash$ Locke."
I didn´t take it personally Larry...I posted in another topic and i got the same response on the ex spouse scenario...scary business for people I guess!......but I am a smart lady and I will watch my assets, pun intended !.....I will cross the border with your post on my mind, lol also!....thanks for everything.
Contactmac, Larrynut, JohnMichael,
Sorry for intruding in your topic. I would just like to say Thank You! I am just learning how to use TCI. And I must say I am fascinated w/ all of you and this website. Special Thanks to Larrynut and JohnMichael, for mentioning the Articles. Everytime I log on I learn something new. I just wanted to give you and TCI, thumbs up for the useful info you post and this great website. Again, Sorry to intrude. Just wanted to get that out.
Eddie
Eddie,
Nice to meet you and welcome. No apologies needed. That's what this site is all about, input from everyone and learning.
Good Luck!
Larry