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I am interested in purchasing a house/condo and renting it out. Is there a website/magazine/book on the statistics for renters demand in certain locations? Also certain places to make a profit on this?


3 Thoughts on Best resource for investing in rental property?
  1. Reply
    February 11, 2013 at 6:58 pm

    for that my suggestion is
    i hope it will be beneficial for you
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  2. Reply
    February 11, 2013 at 7:40 pm

    I suggest going to a real estate investor club meeting in your area. You cam make contacts with people who are or work with investors. Also consider while at the meeting looking for a real estate agent that specializes in investment properties. They will understand your criteria better than an agent that does not work with invenstors.

  3. Reply
    February 11, 2013 at 8:12 pm

    The best way to begin a career in real estate investment is to purchase a 2-4 unit. These type properties are considered a single family house for the purpose of getting a mortgage loan.

    You could possibly qualify for a FHA mortgage loan and only have to put in about 3%-4% as a down payment. The other tenants would actually make most of the mortgage payment for you. You might have to come out of pocket with a nominal monthly payment.

    Even if you purchase a condo or single family house the rent you will be able to charge will not be sufficient enough to cover the monthly mortgage payment, insurance and taxes. You would also be required the normal down payment.

    There are several things you need to know when investing in real estate or buying foreclosures, probates and other distressed properties for flipping.

    First of all you should go to the nearest book store, purchase several books on buying, fixing and flipping foreclosed, short sales and other distressed properties and real estate investing. There are several that you might be interested in.

    The real estate business change from time to time, so you would need to attend any legitimate real estate seminars that would be in your area or you can attend to keep up with the current trends. Business as usual can easily put behind the eight ball.

    You will also want to find out if your state is a non-judicial or judicial foreclosure state. This will assist you in making offers as well time frames in which you have to work within when purchasing a foreclosed property.

    Once, or, while you are doing this you should buy one of the TV guru’s distressed property programs. These programs will give you some legal forms you might use when writing an offer to purchase a property. You will also find several scripts to use in talking to your potential clients. The also give you tips and a formula on how to figure if you have a property that you can make money from before buying.

    If you are without funds to accomplish this business, you will have to find some investors that will assist you. You will have to make a deal with them about a certain percentage of the profits made from the sale of the property. You will have to advertise in your local newspaper for these type individuals to assist you in buying and flipping.

    Another method to use when you are without funds to assist you in buying investment property is to get the deal under contract in your name after which you wholesale the deal to another investor and let them do the fix up and repairs. You can collect anywhere between $ 5,000.00 to $ 10,000.00. In high cost property states you might even get more for wholesaling properties.

    Normally this is 50/50 however it could be more or less depending on how your relationship is with the investor.

    Now to purchase a foreclosed property depends on what phase the foreclosure is in.

    #1 Pre-foreclose- the owner is still in the home, he has been notified that he is in foreclosure. Now he has to come current or the foreclosure will continue.

    You can make an offer to the owner at this point, give him something in his hand to purchase his equity. Now you will also want to see if there is any repairs that need to be done on the property. If there is you need to know the cost of this repair. You will need to know how many months he is behind in his mortgage payments as well as any fees that the lender has incurred in trying to collect the mortgage payment. Now add these together to include what you had to give the homeowner. Also you must include how much you will need to hold the property, I mean making the mortgage, paying the insurance and taxes while you repair the house for sale.

    Now find out the balance of the mortgage add this to the above figure. Now you need a method of finding out the current value of the property. All this information will tell you if you have a deal or not.

    #2 The other way to purchase a foreclosure is when the property goes to sale. At this point you must have all cash and you must be able to prove that you have whatever the minimum bid is in cash, cashier’s check or money orders. If you have no proof you will not be allowed to bid.

    #3 One last way is after the sale. If no one bid and get the property at the foreclosure sale, you may find out what bank owns the property, write an offer as well as a check as a deposit not to be cashed until the offer has been accepted. You might also inform them as to how and when you plan to come up with the remainder of the sales price. I have know some lenders to accept offers this way before the property is turned over to a real estate broker to sell.

    Now you have to determine how you are gonna market yourself to get.

    #1 You can purchase a pre-foreclosure list from a list broker (Join the crowd most do this and mail letters to the person that is in foreclosure)

    #2 You can advertise in your local paper that you are in the business of purchasing foreclo

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