How to get started investing

Question

let me say i have no experience dont even no were to start. Im buying a house and land from a friend for 10'000$ i figure a house and property has got to be worth ten thousand dollars im not getting a loan or anything . Buying it out right as is its an older home needs alot of work but it is livable now they live there. Its 1900 sqft 4 bed 2 bath. Should i fix it up and rent or resale it i have no clue were to even start i want to learn any advise is appreciated. I did just jump on it because i figured any house with land has got to be worth 10'000 hope im not making a mistake.

Niels Bjørn Toppenberg · Answer

Hi Tanya

Sounds like you are where every person in here has been at some point so I would recommend that you read all the books and posts in the forums that you can manage.

Be prepared that a lot of people outside the business will try to tell you what is possible. This includes banks, family members and friends. It is helpful to get into the mindset of seeing what IS possible rather than what isn’t.

I will be happy to answer any questions you might have even though my experience is limited.

Hang in there!

Niels

Tanya Dutton · Answer

Thats the thing i have no clue i dont even no were to start looking into that kind of stuff i dont even no the basics Im paying for the house in cash no more cash on hand i was gonna take a small loan against it and fix it up. i was also going to have some family come in first and do what we can our selves. I have 0 experience i dont even no how you properly purchase a house. This is gonna be a learning experience for sure. I do no that the house as it sits now with just fixing the floor someone would rent it for about 500-600 for the size of it and the shape it's in. Im either going to succeed or fail I figure I'd rather lose $10,000 then a lot more if worse comes to worse I'll move In it at least i want owe a mortgage. wish me luck im either going to sink or swim

Niels Bjørn Toppenberg · Answer

@Tanya Dutton

Hi Tanya

It might be a great deal! Could you provide a little more detail such as:

- Have you done any market research into what the rents in the area is and what simuler homes has sold for?

- Do you know any good contractors/handymen who can help you get the property nice?

- How much cash do you have available for renovations?

I really hope this will be your start to a great business adventure :)

Niels