so I inherited a property that I fixed up and it’s in a prime location so I should get between 2500-3000 monthly in rent. I’m wondering how I can leverage this into a full blown real estate business. Does anyone have any reads or direction they could point me in? I’ll be honest I’m new to real estate investing however I do run a successful marketing firm and I figure a lot of what I do there could also apply here.
Investor · San Jose, CA · Member since 2017 · 118 posts · 108 votes
8y
There is an immense amount of information on this forum and in the podcasts about buy-and-hold RE investing and also flipping. I'd suggest hanging onto your first rental for a while and see how you like it. There are a lot of people who get a rental, hold it for a while, never expand and decide it just isn't the business for them. Take your time for your second rental. Learn first, then go hunting for your second unit if you still want to take the next step. I think most people would agree that prices in almost all markets are high right now and good deals take more effort to find, so you aren't falling behind, especially if you learn from the mistakes we've all made.
There are also a lot of different niches in RE investing. Some people like flipping, some buy-and-hold, others focus on apartments, many like wholesaling and there are many more specializations. Learn all you can and see what attracts you the most.
so I inherited a property that I fixed up and it’s in a prime location so I should get between 2500-3000 monthly in rent. I’m wondering how I can leverage this into a full blown real estate business. Does anyone have any reads or direction they could point me in? I’ll be honest I’m new to real estate investing however I do run a successful marketing firm and I figure a lot of what I do there could also apply here.
Any help would be appreciated.
For capital, you could of course do a cash out refinance. Reminder that the rental income does not need to appear on two years of tax returns for it to "count," that's just a hidden overlay.
In terms of putting your marketing experience to work, you're correct. Mailers and the like do work, provided it's not one of the stock 'yellow letters' that any homeowner with a decent amount of equity already gets 5 of per week... use your actual experience to come up with something good.
Investor · San Jose, CA · Member since 2017 · 118 posts · 108 votes
8y
There is an immense amount of information on this forum and in the podcasts about buy-and-hold RE investing and also flipping. I'd suggest hanging onto your first rental for a while and see how you like it. There are a lot of people who get a rental, hold it for a while, never expand and decide it just isn't the business for them. Take your time for your second rental. Learn first, then go hunting for your second unit if you still want to take the next step. I think most people would agree that prices in almost all markets are high right now and good deals take more effort to find, so you aren't falling behind, especially if you learn from the mistakes we've all made.
There are also a lot of different niches in RE investing. Some people like flipping, some buy-and-hold, others focus on apartments, many like wholesaling and there are many more specializations. Learn all you can and see what attracts you the most.
Vandalia, MI · Member since 2018 · 569 posts · 264 votes
8y
Find what excites you then get a deal stated and keep going forward. If you need help with things ask on here and we will be happy to help. Have a great day!