I am currently in the U.S Navy and i have 2 years left on my contract, im 21 years old living in san diego california where i am stationed at. Started this post to see if i could find a mentor, some one who would just be willing to share an e-mail to answer daily questions. my goal is to acquire as much information about real estate before my contract is up and possibly start my first deal, i have never read a book before (i hated reading) till i met a guy making alot of money (not in real estate) but told me no matter what i was to pursue was to always develop myself and take on personal development, since then i have read many books by robert kiyosaki, darren hardy, stephen covey, and john c maxwell. I am now obsessed with personal development. I know i have the mindset for entrepreneurial adventures and am committed. any help and all would be grateful. I hardly know anything about real estate (bought a few books,) or growing a business or stocks but am more than motivated and determined to learn more. Here are a few questions (very basic and probably easy to answer)
1.) Do i need a real estate broker liscence to buy or sell for profits?
2.) What are informative easy-read books for starting out
3.) When you are searching for properties, what are key points to pay attention to
4.) When i get a sum of properties is it possible to start a corporation that owns these properties, and what is an easy way to manage all of these properties, as in are there sort of landlord contractor companies to hire while you are out searching for more properties (managing your time)
5.) how do you calculate the rent a recently bought house, if you were to rent it out and manage your cashflow so you dont lose money (we all want positive cashflow)
6.) What type of real estate is easy to start off with. (paperwork/legal wise) condos/townhouses/commercial/residential/multifamily etc.
7.)How often are matters during transactions taken to court, and what are ways to prevent these (heard alot of stories)
@Gabriel Jaques welcome to BP and congrats on getting started early with personal development. I am a student of personal development too and it works wonders. "For things to change for you, you have have change" is one quote I live by. Here are my thoughts:
2. Investing for Dummies
3. How much it brings money, how much it costs and how close it is to being move-in ready (applies to apts and homes)
4. I recommend hiring (or eventually creating) a property mgmt company and that each property be owned by a separate LLC
5. You should determine this before purchase, but regardless of when it's determined it can be done by a local property mgmt company as well as real estate agents in the area
6. None of it is easy and there are pros and cons for starting out in each area. I'd study up more on each area and see which one appeals to you most.
7. Depends on the landlord and how lucky he/she is. Sometimes things happen that can't be controlled while other times the landlord could have avoided the situation by mitigating risk in the first place or by simply treating the person better. You mitigate risk by having a professional property mgmt company, having all the insurance you need on a property and by treating people the right way. I'm not a lawyer but I rec all of your properties be its own LLC so there's not a domino effect should something happen.
wow thanks for the fast response joe, much appreciated!
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