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ot make money in real estate

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chris sweetland

07-31-2007 05:59:14

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well i just had some surgery and i"ve been laid up watching tv and i keep seeing all the get rich quick real estate things and i have always been interested in real estate does anyone know if these get rich quick things are a good place to start or where may be a good place to start just know i haven"t posted in a while and figured id ask thanks Chris

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SKYBOW

08-01-2007 20:24:33

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Re: ot make money in real estate in reply to chris sweetland, 07-31-2007 05:59:14

I will share MY secret with you all here...but don't let anyone else know OUR plan.
My methods will guarentee that you will make a small fortune in real estate. First you start with a large fortune..... ..... ..... ..... .....

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kyplowboy

07-31-2007 17:36:00

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Re: ot make money in real estate in reply to chris sweetland, 07-31-2007 05:59:14

I have always wanted to save up and get me an infomercial. Heres my pitch "Send me $100 and I will send you all the iformation you need to make $1,000,000!" Every one that sends you $100 mail them back a letter that reads "First get an infometial, then have 10,000 people send you $100, you will have $1,000,000". Who wants to invest here?

Dave

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chris sweetland

07-31-2007 09:55:43

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Re: ot make money in real estate in reply to chris sweetland, 07-31-2007 05:59:14

well im glad they dont have me as a captive any more im off the coutch and all about hmmm i wonder if i can drive on these meds??? i think im just gonna stick with my job now and not do anything too risky or stupid till i can pay my bills and still have money left over

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gene bender

07-31-2007 09:49:58

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Re: ot make money in real estate in reply to chris sweetland, 07-31-2007 05:59:14

Follow the trail and sooner or later these guys end up in jail have been watching them for years and a new batch crops all the time.

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jubilee johnny

07-31-2007 09:49:53

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Re: ot make money in real estate in reply to chris sweetland, 07-31-2007 05:59:14

[quote="chris sweetland"](reply to post at 05:59:14 07/31/07) [/quote I have used the equity in one property as a down payment for another property so I didn't have to pay anything down, then rent the house. Property values in our area have increased each year so that I can sell the house at a profit, not having put any of my own $$ into the purchase. I origionally used the Carlton Sheets method and have tried to be very selective, but the program has worked for me.

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Blue3992 (N Illinois)

07-31-2007 08:19:10

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Re: ot make money in real estate in reply to chris sweetland, 07-31-2007 05:59:14

If it was on an infomercial, then that's all you need to know. Those "Get Rich Quick in Real Estate" deals are all bogus. They make their money selling books.

I don't own any investment prooperty. But I have researched it a bit, and talked to some friends and family who invest in real estate. Here's what I've come up with.

- You can buy houses and fix them up to sell at a profit (flipping). But everyone and their brother is doing that, so the market is kind of saturated.

- There's lot of foreclosures, or houses that are about to be foreclosed on, that you might be able to get at a deal. You better have a bank that's willing to work with you though.

- Rental Property seems like the best way to go. A friend owns a couple of 4-unit apartments near by. The rents pay the morgatge, plus a small profit every month. IF one unit is empty for a couple of months, you still have the other 3 paying, so you don't go broke. Keep the place maintained, cut the grass, and its pretty easy.

Anyway, my opinion only, your mileage may vary.

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a4t1rat

07-31-2007 07:00:59

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Re: ot make money in real estate in reply to chris sweetland, 07-31-2007 05:59:14

Well I have a real estate investment company and I can tell you the first thing to do is watch your local market. what are things going for. you can buy a house at below market value and fix it up and sell it for profit but it is the exception. you are far better off going for the long term increase. rental property is a good way to build equity. let your renters pay for the property and you make money in the end. land is good but this depends where you are in the country as how fast it will go up in value, as with the housing market. go on the internet and find your local real estate site and watch what is selling and where, what rents are. find a loan calc. on line and use it to see profit margins and ect and make up your own mind as what will make you money. I do it all the time however it is NOT as easy as they want you to think. Just do your homework third party image

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Bus Driver

07-31-2007 15:11:17

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Re: ot make money in real estate in reply to a4t1rat, 07-31-2007 07:00:59

Tenants can be very strange people. I have learned that you can't outsmart a fool because they are very ingenious! Like closing ALL the registers with oil heat, forced air. Like the need to mount all drawer and door knobs with Loctite so the tenant will not remove them. Like tenants letting 12 year-olds practice driving on the sloping lawn while it is raining. Like the tenant who drinks 12 bottles of beer a day and smokes two packs of cigarettes a day and has not one dime to apply to the rent. It never ceases to amaze me!

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glennster

07-31-2007 06:56:58

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Re: ot make money in real estate in reply to chris sweetland, 07-31-2007 05:59:14

chris, forget about the tv stuff. you are wasting your money, like the other guys said, they make money off the books. my wife and i do real estate investing. primarily rental properties. yup it can be a lot of work, but its probably the only way an average joe can become a millionaire. a 4 unit rental will generally give you the highest rate of return. you need to cash flow your propertys. i use the 1 percent rule. what ever the cost of the property, the monthly income needs to be 1 percent. a 100,000 building needs a 1,000 a month income to cash flow. my target rents per unit are in the 700-750 month rent. much more and the tennants should be looking at buying their own property. there is always a market for the lower end affordable housing. a decent 4 unit building will generally run in the 200-250k range, figure 700 month rent, you have a 2800/month cash flow, which is above the 1 percent rule, good rate of return. we find our tennants thru referrals by current tennants, or use a realtor. it eliminates the riff raff. we formed an L.L.C. corporation to manage the propertys, you have tax deductible depreciation on the buildings, and all maintenance and improvements are deductible too. if you want to pick up a decent book on real estate investing, go to your local bookstore, pick up "secrets of a millionaire landlord" by robert shemin. its a good guideline, but take everything with a grain of salt.

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Stinky Cheese

07-31-2007 06:56:39

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Re: ot make money in real estate in reply to chris sweetland, 07-31-2007 05:59:14

If the guy selling the books or the program could make money doing it... he wouldn`t be taking the time to sell you a book, and he wouldn't be telling you where and how to find all these great deals... he would be making the deals himself.

Yes, you can make money in realestate, but it takes lots of work locally, it`s not easy and it`s not quick, but it can be very successful. It can also cost you a fortune.

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Brian in NY

07-31-2007 06:46:09

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Re: ot make money in real estate in reply to chris sweetland, 07-31-2007 05:59:14

HaHahahahahahahahahahahahahahahahahahahahahahahahahahahahahahhahahahahahahahahahahahahahahahahahahahahahahahahah!

Don't bother with get rich quick schemes.

Get into an emerging technology or do call center work from home. Don't put yourself in a position to lose everything on a scheme.

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Badly Bent

07-31-2007 06:41:03

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Re: ot make money in real estate in reply to VADAVE, 07-31-2007 05:59:14

You won't ever go wrong believing that anything that sounds too good to be true must be too good to be true.

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havvey

07-31-2007 06:39:13

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Re: ot make money in real estate in reply to chris sweetland, 07-31-2007 05:59:14

I can't leave this alone, the others nailed it. The guy selling the books/videos thats his living he probably doesn't own any land. I am sure as with any class/book you will learn something. But old advice is 1. buy low sell high 2.No need to be paying for these books etc most of the information is available free somewhere. 3. If i can make millions at something I am not going to tell anyone anything!!!

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Walt Davies

07-31-2007 06:38:51

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Re: ot make money in real estate in reply to chris sweetland, 07-31-2007 05:59:14

I don't know about those scams on TV but I have done pretty good in real estate so far.
Best I ever did was on the last piece I bought in southern Oregon, put $200 2 months option on 80 acres then came back 2 months later bought it for $55,000. As i was walking out the door of the Title co. the gal ask me if I would like to sell it. I said I just bought it. she said I can double your money I have a buyer at $110,000.
But don't think this is common because it ain't I have just been very lucky in buying the right place at the right time. You just as well do the opposite a lot of people have lost a bundle in Real estate.
Walt

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Dave from MN

07-31-2007 06:38:36

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Re: ot make money in real estate in reply to chris sweetland, 07-31-2007 05:59:14

Its a literature selling business. The companies figure if they can get even 5% of the viewing audience to order the book, cd,dvd, whatever, they will make a few hundered thousand , even a few million. If it were that easy every one would be doing it. There is money in it, if you can come across buyer selling low homes, to get out of their mortgage, foreclosure sales these days are a long time endevor ussually due to the time alloted for the defualter to make right on the loan, even after you buy through bid, ussually a year. Money makes money. The cheap home/resell at a profit is already a cornered market by the people with money. Many people with the money have people they hire full or part time to stay on top of all foreclosures, tax defaults, cheap selling places. They have the funds available to pounce it , before you can even get the financing. They also have spreadsheets and market analysis, so they know how much to pay, what the resale potential is, and have a close estimate on how long it will take. I see it here everyday. A for sale sign goes up, and the same group of people always get it, right away. A public notice is given, and before you know it the place is sold and leins released. Unless you have cash reserves, low debt, and a good financial thinking brain, you aint gonna make money. Dont buy the literature. Just do some free info gathering at the local courthouse.

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CDR

07-31-2007 06:28:05

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Re: ot make money in real estate in reply to chris sweetland, 07-31-2007 05:59:14

Why yess indeedy. Buy a run down house for $48,000 with no money down and no penalty for early payment of the mortgage. Spend 60 days and $30,000 gutting and rebuilding. Sell the new McMansion for $189,000 a week after putting it on the market. Pay the complete mortgage. Make $111,000! in just 2 months! It's done all the time on the tv.

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Mike (WA)

07-31-2007 08:09:53

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Re: ot make money in real estate in reply to CDR, 07-31-2007 06:28:05

Believe it or not, it actually happens- Partner and I bought a house on the courthouse steps for $36,000, put $50,000 into it, and sold for $185,000. Problem is, those deals are just too few and far between, because there are so many people "in the game" these days. Tax sales- forget it! People are swarming over those things, and quickly bid the prices up (on the rare occasion someone doesn't strike a deal before the sale with the defaulting owner). Ditto foreclosures- too many buyers, and too few deals that aren't already financed to the hilt, leaving little if any profit potential. I keep following foreclosures locally, on the hope of "lightning striking twice", but its a lot of work (you have to do a title search on every one, to make sure of what your position will be if you buy), and discouraging. Partner and I thought we had another one the other day- but some lady we didn't know kept bidding against us, until we got to our limit, and she ended up with the house. Turns out she had never even seen the house, and didn't come to buy it- but my buddy and I are sitting there in our lawyer suits, and she figured we had done our homework, and she couldn't go wrong getting it for $100 more than we were willing to pay. No suits next time- I'm wearing my overalls!

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Blue3992 (N Illinois)

07-31-2007 08:53:34

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Re: ot make money in real estate in reply to Mike (WA), 07-31-2007 08:09:53

"didn't come to buy it- but my buddy and I are sitting there in our lawyer suits, and she figured we had done our homework, and she couldn't go wrong getting it for $100 more than we were willing to pay. No suits next time- I'm wearing my overalls! "

Ha ha ha. That's funny.

Don't wear lawyer suits or overalls. Find something that looks really expensive, flashy and tacky, like a lime-green suit. Make it look like you're a clueless "new money" guy, who just won the lottery or an inheritance or something.

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Mike (WA)

07-31-2007 09:57:43

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Re: ot make money in real estate in reply to Blue3992 (N Illinois), 07-31-2007 08:53:34

Hmmmmm. . . Good idea. . . Wonder if the wife threw out that great powder blue liesure suit I liked so much. . .

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Coloken

07-31-2007 06:22:46

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Re: ot make money in real estate in reply to chris sweetland, 07-31-2007 05:59:14

Best profit is selling the books on selling real estate. Partner tried it for a while. Step daughter bought the books. Save your money.

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MN BOb

07-31-2007 06:10:15

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Re: ot make money in real estate in reply to chris sweetland, 07-31-2007 05:59:14

If you mean the ones that go - Learn how to leverage and buy homes and make millions etc-. I always figured them for a scam that makes the advertiser rich. But that is just the pessimist in me.

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