Hello all! I am BRAND NEW to investing in real estate. I have be interested in it for many years but just the beginning of this year decided to finally put actual effort into learning how it works so I can hopefully start buying properties! Just want to say Hi! and say thank you to everyone who contributes to these forums. I sincerely look forward to reading about other's experiences and advice and someday be able to offer up my own advice to new investors. Thanks again and good luck to you all! Happy investing!
@Kristen Bures Since you are a pro member learn to use the calculator. This will be your best investment in you investing career. You probably want to know what numbers to use. For me I use 8% vacancy(1 month out of 12), 7% repairs and 8% CAPEX(capital expenditures ie:roof, ac, floors, etc). For sub $1000 monthly rental the % will have to be higher or conversely for rentals higher than $3000 per % will be lower. A new roof will cost about the same for either rental.
Tim, thank you for the wonderful advice! I've been playing around with the calculator and getting an idea of how the numbers work. I will take your suggestions into consideration as I continue learning. Thanks again!
@Kristen Bures if you want to acknowledge someone you have to tag them. Use the @ sign and start typing their name. Outside the box a bunch of names will appear. double click on their name and it will populate the comment box in blue. They are then notified that you responded. Couple of more tips: update your profile with the city or state you are located and go to local real estate meetings. Meetup.com type in real estate and how many miles you are willing to travel and it will show you the meetings in your area. Investors, lenders,RE agents, will be there. This way you can network and get recommendations on the pro's in your area.