Your Questions About Investing In Real Estate Young

Mary Your Questions About Investing In Real Estate Young

Mary asks…

Investment Ideas / Real Estate Ideas?

I am thinking about investing into real estate later in life so I have additional income. I have always been into music and from my experience, the demand for warehouses (band rehearsal space) is very high in my area. I was wondering if it would be a good idea to purchase a warehouse, say 50K with a 30 year term, and renting it out to bands. Most warehouses go for about 300 a month per band here, so assuming I have 2-3 bands renting it out, I’d make at least a small profit every month depending on my P&I amount. Of course I wouldn’t purchase a warehouse unless A. I could afford the rent without renting it out to bands, and B. I either break even or make a small profit from the tenants. Another idea is purchasing a really cheap condominium / house and renting it out as well. I’m still very young, so I don’t have much knowledge when it comes to investing or purchasing property, so any information / ideas would be greatly appreciated.
Thanks!

Harnia Partner cropped Your Questions About Investing In Real Estate Young

admin answers:

There are a lot of commercial buildings (warehouses) in foreclosure lately and you may be able to get a good deal on such a building. It could be a lucrative business to rent out the music space, if you got the building for a good deal.

Good luck!

Donna Your Questions About Investing In Real Estate Young

Donna asks…

I’m 22 years old. Too young to invest in real esate? PLEASE READ!?

Hey everyone! I’m 22 years old. Just graduated from college. Will be a CPA in the next 6 months. I work for a Big 4 accounting firm. I currently rend in Baltimore, MD. My car (a 2001 Dodge Neon) is starting to die. I am also very interested in possibly buying a property (probably a townhouse) in Las Vegas or Henderson, NV. I have family in Vegas and love the area. Considering that I may need to buy a new car and some other smaller items in the near future, is buying real estate a little premature for me? Should I wait til maybe I’m 30? Am I rushing? Advice / comments/ suggestions? Thanks ya’ll!

Harnia Partner cropped Your Questions About Investing In Real Estate Young

admin answers:

Yeah, you’re a baby. Contrary to what you’ve seen advertised, it takes a lot of money and a lot of skill to invest wisely in property. I ought to know. I’m a 75 year old RE broker.

Richard Your Questions About Investing In Real Estate Young

Richard asks…

Guaranteed 60% return after 3 yearsinvest in the hottest global real estate. How could I find the INVESTORS?

I am from Chicago and I am investing in East Indian reality. With a guaranteed 60% return after 3 years. I am looking for Investors from all over the world .Depending on the amount of money pooled I will buy the real estate property in the fastest growing Indian cities. I will provide all the details of the deal from the documents to the pictures and videos of the property. I will give you the geographic location(Google satellite link) of the property showing the distances from the upcoming Govt. projects.
The real estate business is rising at an alarming rate. Believe me the economy of this country is still young and there is a big future awaiting for investors in India. I know you understand about what I am saying, but you might have wondered how could I guarantee that return. OK here is the answer, If I get 100% return after 3 years, how risky will it be to return 60% of it?

SO MY QUESTION OVER HERE IS HOW AND WHERE COULD I GET THE INVESTORS??
No, This is no scam. People meet me and know my details before I invest their money.

Ok what is the other way to attract investors.

Harnia Partner cropped Your Questions About Investing In Real Estate Young

admin answers:

Once you “guarantee” a return, everyone knows its a scam.

George Your Questions About Investing In Real Estate Young

George asks…

Real Estate or Stock exchange? where should i invest a reasonable amount of money in?

Am still young and still in school… A semi-long term investment like a 3-5years duration.

Harnia Partner cropped Your Questions About Investing In Real Estate Young

admin answers:

Since you’re still in school, stick with a basic stock account. Be sure to take some time to learn about the market (6 months perferabbly) before getting into the market. Stocks are more liquid than real estate. You can sell and trade it in for cash during emergenies.

With real estate, you have to find a buyer…that could take any time from days to years. Unless, you are in it for the long haul. Then you are investing for appreciation purposes.

I would still prefer stocks. But I would take some time reading about both subjects before putting real money into the market. Good luck.

Michael Your Questions About Investing In Real Estate Young

Michael asks…

Where is the Best Kept Secret for Buying Real Estate in San Diego?

CITY HEIGHTS, situated 10 minutes southeast from San Diego’s thriving downtown and new ballpark, is known for its extremely diverse immigrant population and many affordable properties. Some of the lowest priced properties that are in the county are in this zip code. City Heights (92105) has an up and coming atmosphere. The City Heights area has a community-oriented character with many upgrades happening before our eyes! 92105 is a mixed-use neighborhood with 4 new schools that have opened since 2006! A prime spot for first-time buyers and rental property investors makes City Heights very desirable at this time. City Heights (and the adjoining Azalea Park Community) has been progressively transitioning from a lower income community to a vibrant, trendy neighborhood filled with artists, working professionals, and young families.
This ethnically and socially diverse community enjoys a variety of shops and neighborhood organizations and is very convenient to freeways and public transportation. The state-of-the-art community center and shopping district includes a new massive Albertsons Food Store Shopping Center, a drive-through Starbucks and many new restaurants. Adjacent to the new community center is a Public Park with a large community pool, entertainment stage and sports fields.
House styles range from small craftsman and Spanish style to one to three bedroom homes and affordable condos. There are many 2-6 unit rentals properties and apartment buildings available. There is a dense population in City Heights that readily supports an investment property owner in their acquisition of tenants.
Originally, this was the area that supported the new immigrants from Mexico, Vietnam then Ethiopia and Somalia. These rich cultures create a most colorful and interesting mix of beautiful people and fascinating traditions. Still, the influx of businesses and new construction to the neighborhood and the close proximity to the hip North Park and Hillcrest has helped to increase home values in the past decade. City Heights is only 1.5 miles from the campus of San Diego State University.
There is no place to go but UP…with prices now from $160,000 for a small condo, up to $900,000 for a multi-unit investment property. This area is gaining quickly in popularity, so be prepared to act rapidly if you want to live or invest in this desirable community.
As a dynamic REALTOR in the City Heights community for the last 7 years, Andrea Wagman-Christian is a wonderful resource for your real estate buying, selling or property management questions. As an investor and Property Manager of multiple units and properties in the 92105 and as an active Real Estate Agent for many buyers and sellers in the community, Andrea Wagman-Christian has her finger on the pulse of City Heights.
Call Andrea at (619) 972-0810 or Email her at Andrea4SD@aol.com.

Harnia Partner cropped Your Questions About Investing In Real Estate Young

admin answers:

Where the turf..meets the surf….. Your fingers not pulsating that much,
if you have time to write the 1st chapter of a very boring book.

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Your Questions About Selling A House By Owner

Sharon Your Questions About Selling A House By Owner

Sharon asks…

selling my house by owner need a calculator?

I am selling my house and I am self financing it completely and I need a calculator to help me find what I should charge monthly and how much of that goes to interest and how much goes towards the principal?

Not quite sure if I am asking this right but that’s about the jiffs of it. thank you very much for any help

Also any help on how the taxes would work it would be very helpful too. New to this and want to get it right. icon smile Your Questions About Selling A House By Owner

Harnia Partner cropped Your Questions About Selling A House By Owner

admin answers:

Go to the web and search on amortization calculators.

You do know you have to charge interest and declare it on your taxes, right?

Michael Your Questions About Selling A House By Owner

Michael asks…

when selling a house by owner what must you do?

IM selling my home and what do i do do i just go to a title company and and let them handle it or what ????

Harnia Partner cropped Your Questions About Selling A House By Owner

admin answers:

If you can handle all the nut cases and fake investors trying to to advantage of you who have no money but want to take over control of your property then i say try it. Just be aware that every real estate agent will also bad mouth your property and black label it so it will never find a buyer.

Maria Your Questions About Selling A House By Owner

Maria asks…

What pitfalls are there to selling a house by owner?

Harnia Partner cropped Your Questions About Selling A House By Owner

admin answers:

There’s a long list, but here are a few:

The average sale price is higher for houses sold by agents than by Owners.

Owners don’t have the experience and knowledge of how to properly market, show, negotiate, and close a property.

Most buyers are looking for months prior to buying a home. The professional has already been marketing to those buyers prior to you wanting to sell, and therefore has a ready pool of buyers for your home.

Most buyers do not buy the home that they see advertised. Agents have more than one home to sell, and can direct those buyers to your home. You have only one to sell, therefore most buyers coming to look at your home will end up buying something else.

Most buyers need to sell before they can buy. An agent can help the buyer to sell so they can buy your house. Can you do this?

An agent has a ready list of people ready to help if there are problems– specialty mortgage lenders, contractors, inspectors, attorneys, closing agents, etc. Who do you have ready?

Agents know what to say, but particularly what NOT to say to prospective buyers. One little mistake by you could end up in a lawsuit for discrimination, or misrepresentation. At best, the buyer will just walk.

Robert Your Questions About Selling A House By Owner

Robert asks…

Neighbors recently sold a house by owner?

A couple with 2 kids just recently sold their house by owner and did not go through a real estate broker. They keep coming back to that house every now and then. What’s going on? Why they keep coming back. I thought they shouldn’t be back if the house was sold and the new family living in it. are they tresspassing? What gives? I do not know that much about selling houses by owner.

Harnia Partner cropped Your Questions About Selling A House By Owner

admin answers:

Whether the house was sold by the owner or by a Realtor makes no difference in terms of the activity you’re describing. Perhaps they made some kind of deal with the buyers that explains their behavior. For example, they may have agreed to hold the mortgage on the house until the buyers are able to sell their old house. As mortgage holders, the sellers may be checking to make sure that their loan collateral (the house) is okay. It’s also possible that the two couples just became friendly during the transaction and they’re over there to socialize! icon smile Your Questions About Selling A House By Owner

Susan Your Questions About Selling A House By Owner

Susan asks…

I am selling my house by owner, what do I do when I have a buyer, what’s next?

I have a buyer for my house but I don’t know how to proceed from here.

Harnia Partner cropped Your Questions About Selling A House By Owner

admin answers:

What you must have is an individual that says “I would like to buy your house”. That is the very beginning. First you need to reduce the agreement to writing. The contract will spell out what the sales price is, when the closing and possession will be, under what conditions the buyer could back out (Maybe if they do a home inspection and find something about the home that makes them no longer want it, or maybe if they are not able to qualify for the loan or if the house does not appraise for enough). The contract would also spell out how property taxes and such will get prorated and what items will stay with the real estate and who will pay what closing costs. It will say who will provide the title insurance and perform the escrow service.

In addition to this you would also like written assurance that the buyer has applied for the loan and appears to be qualified by a good local loan company.

The escrow/ title company may help you put all this together- so that would be my next step.

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