All Forum Posts by: Account Closed

I recently purchased a home with cash with a lender promising me he could turn around and refinance this same property the very next day. I questioned this from the start as something did seem right with the whole idea. His exact words were " well...I'm very good at what I do." So the promise of closing in 2 weeks eventually turned in to 3 months and then he says the rules changed and he can no longer do it for us. My question is, does this guy actually know what he is doing or has he been totally clueless from the start?

Yes! Crime mapping is awsome. However it's only another piece of the puzzle. But definitely a good piece to have.

From what I've been told vacation rentals can be tricky for investing and high risk as you are turning the property over regularly with lots of wear and tear. But I'm sure the cash flow is way better. If your new to investing I would advise you to do more research on vacation rental investing. Make sure you know exactly what your getting into. There are so many ways to make money in real estate...and just as many to lose it!

Joe Villeneuve I like and agree with Joe Villeneuve's answer.

I am curious to know this answer as well?

Mercedez Matos It's up to you to decide whether you are ready financially or not. When you think you are there are so many ways to make money out there. I invest in cash flow properties where I make $200-$250 of each property a month after all expenses paid. Areas like the Midwest and The South are great for this type of investing and require small amount of hard cash to get started. Others invest for appreciation but depending on the market it can be expensive to get your foot in the door. Some flip homes but if your not experienced in this then it's probably going to be more of a headache for you. And the some just talk a lot and never really pull the trigger :). The fact that your thinking about it at such an early age definitely says something. Good luck with whatever you decide to do. Take care

Bob Bowling if your alternative to Indianapolis is buying in San Francisco then please tell me a strategy that would allow me to get into that market with such high purchase prices. Even if I could I would have all my eggs in one basket apposed to diversifying my portfolio in several cheaper properties. I get that I can make big money in appreciation over time but how much is it going to cost me out of pocket each month while I wait for the appreciation. Perhaps that strategy is for the more established investor that can afford it. But for now I'm sticking where it makes perfect sense to me. And that is Indianapolis. But that's just me. I'm a small fish in a big pond...but one day will become a shark!

Luis Rolando welcome! I live in San Jose as well. I started out of state investing back in October last year. I got my start in Indianapolis and am now focusing on Birmingham. Let me know if I can help. Take care

Those people that say you should invest close to home typically don't live in expensive markets like San Jose. If your interested in investing for appreciation then San Jose is probably your best bet. BUT it's dam near impossible to get a start around here with such high purchase prices. I live here and tried to invest with a condo in Milpitas and a townhouse in Gilroy and failed miserably. I've now made the leap to out of state investing for cash flow and suddenly it all makes sense to me. I use reputable turnkey companies in Indianapolis and Birmingham that help me in more ways then one. Tirnkey companies are a one stop shop for real estate. They can find, rehab, sell, manage, and network for you with all aspects of real estate. They are also a great resource for information on the local market and in my case were a definitely asset to help me learn the basics of investing.

Next time ask for the property to be vacant before close. I got screwed in a similar situation. Tennent stopped paying the day I took possession. I played nice at first and like mentioned earlier it didn't work. Even after an official eviction warning and letter the tenant still did not pay. Then when the court date came around she acted all surprised and was still expecting to be able to live there and just make a payment plan. Court gave her 10 days to vacate and she was gone. Surprisingly she left it in great condition. People are crazy!