All Forum Posts by: Sherry McQuage

Talk with people...tell them you're interested in investing in real estate.  You never know who will take an interest in "pouring into young people".  I bet you already know someone that owns investment property, only they don't "appear" wealthy.

Keep working (get a W2 job, or start your own business doing something that will get you around real estate), keep talking, and lead with service.  Help others and they will tell you some wisdom.  Good luck!

I like mini-splits.  When installed properly they provide great ac.  Would make your property more desirable if tenants didn't have to bring their own ac units.  Mini-splits look better than window units, too.

Being overwhelmed and excited is not a bad thing.  Reach out to real estate agents in BP in the areas you're thinking about.  Ask lots of questions.  As careful as you've been with your money so far, realize you're learning a new (to you) way of creating wealth.  

Reach out to other property owners who are doing the thing you want to do...maybe even take a trip to the area you're thinking of investing in and meet some agents to get real feedback.

Best to you!

I was talking with the owner of a mobile home park within 45 minutes of my home; he inherited it from his father.  He says he wished he had a storage facility instead, because it would be less to manage.  I think I will pass on buying the park.

How do you find out what fair market rent (of the lot) is for mobile home parks?  

 What does TOH mean?  I'm just now starting to learn about Mobile Home parks...I might be buying one in the next year.

Contact a real estate agent, ideally at a realty that you think you would like to join (Keller Williams is awesome).  Ask them to set you up a search in some neighborhoods (you can drive them to get an idea of the size/number of houses in them), or ask the agent what a good neighborhood for future "farming" would be....the agent should help you...unless they view you as future competition.  

You could tell them you are studying to get your license, or not.  I prefer full disclosure, but that's just me.

Or, you could set up searches in Realtor.com and other public facing sites to monitor what price points are in what neighborhoods, how quickly they go under contract, etc.  It may take some leg work on your part, but you're trying to learn a neighborhood, right?  What better way than to check its information every day for 15 minutes.

I'm assuming you want to "farm" a neighborhood once you get your license.  You can still drive the neighborhood(s) whether you're licensed or not (research)...you can check the activity on Realtor.com, and you can walk a dog in the neighborhood and meet people.  Go to local grocery stores and chat to shoppers there, ask friendly questions about the area..."what do you like about living in xyz neighborhood", or "I am considering moving here, where do you suggest I look and why?".

Resourcefulness is often more valuable than resources.  

Best to you!

Hello,

It may just come to what you prefer to deal with. Where I live/work, the urban areas are really expensive and challenging to find a property that the numbers will work as an investment. Rural areas can be attractive in that you buy land and build whatever you want (SFH, duplex, etc), just make sure there's internet available there...also, search on the forums for what to look for (industries, remote work friendly, near major highways, etc).

Older homes/buildings (1920-1970), in my opinion, have issues that I personally don't want to deal with...old wiring, odd floorplans, outdated fixtures, crumbling foundations.  Yet they do have some charming features, too.

Keep looking, learning, and running the numbers... you will figure out what interests you that you can turn into a profitable investment.

Best to you,

Sherry

Look in the "find an agent" section of BP.  Talk with some local agents, let them know your plans, and they probably can tell you the contact information for any kind of vendor you need (painters, etc.).

Hello Ismail,

In NC (where I'm licensed), if a land listing is on the MLS...there is a listing agent. It sounds like you may have talked with a "new hybrid" situation where sellers pay a low-cost service to get their property listed on the MLS but you are instructed to send questions to the seller. Or, you may be looking at a property listing done by a "wholesaler". (Wholesalers in my area will find off-market pieces of property from mass postcard mailings or cold calling. They get the property under contract then try to find a real buyer...who is willing to pay higher than what they got the property under contract for. The wholesaler then "sells" the contract/right to buy to the end buyer and pockets the difference.)

Get familiar with the county GIS (whatever county the land is in, look for the Graphic Interface System online for that county).  It's helpful to know the PID (parcel ID number) for the land.  Sometimes you can look up by address.  MAKE SURE YOU'RE NOT TALKING WITH A SCAMMER who may be pretending to be the owner, but is not.  (Google online how to do that.)

On the county's GIS, you can find out lots of information about the land...like the actual acreage, parcel shape, you can look for any recorded easements or environmental health permits, etc.   In NC, the GIS can let you see a topography map (every 2 ft or 6ft of elevation change), and sometimes if there is public water or sewer available at that location.

If you don't already have your real estate license (or don't want to get it), you can find a local real estate agent that can help you...please tell the agent your plans, please don't just "use" them and have no intention of letting them earn a commission.

Best to you,

Sherry