Hi everybody. If anybody could point me to the right direction it will be greatly appreciated. I'm a 20-year-old male who is interested in REI. I have the startup money, but I’m wondering what should I do to start? I've studied and read books. I have some knowledge, but now I want to get into action.
It is my understanding that property values are in the rise in larger cities in Poland. Consider Krakow and Wroclaw. Buy low, pretty it up and sell high. The object is to sell as quick as possible. First and foremost, research Polish laws and regulations. Find out about their tax processes. Stay away from buildings that may have occupancy as it's quite difficult for landlords to try to evict a tenant in Poland. Network with other investors and ask them what they would have done differently with their last sale.
Look at the property market in USA at the moment. The currency rate looks attractive against the euro and pound, so there is money to be made on forex as well as capital growth.
As far as Poland is concerned long term capital growth in major cities is assured, although I can't help but feel double figure gains look uncertain due to the lending possibilities of local buyers.
The first thing you need to do is to understand very well the market, neighborhoods and the property type you will be investing in, their idiosyncrasies, current situation, and dynamics that is where prices and rents are headed (up or down) - if you are going to be investing in what I call "bargain" properties you need a mentor experienced in this type of investing (I am not one of those) because you will encounter many details turns and situations that are not described by books...You may check out the site getrealrei.com for information and guidance. Get a good feel of the market before doing anything.
I am thinking about doing a 2 property deal tomorrow and would like to hear what you think about it. The properties are in extremely desirable areas of the Phoenix metro area(3,000 sqft. in Chandler & 1700 sqft. in Gilbert). Chandler property is a sale price of $515,000 and the Gilbert property is a sale price of $360,000. I will get a total of $65,000 back at the close of both properties. I will live in one and rent the other out. I plan to use the money to do a couple of rehab projects. I can borrow from hard money and use my 65,000 to do the repairs. These type of projects are hard to find but still can make $10,000- $15,000 profit off of each. Also I want to invest in some pre-construction projects but will have to make some quick cash first to pay my 2 huge mortgages. My problem is I am scared to do this deal. What if it goes wrong? I have never even owned a home before. I am young and have never invested money in anything. I make decent money but not enough to cover this mortgage for to long if my plan does not work out. I do know a good deal about real estate, I am a mortgage broker with a background in construction. I think this will all work out but like I said I am afraid to think what will happen if it don't. Please give me any words of wisdom you may have. Thanks from th bottom of my heart.
Any Investor whether it be real estate, stock market, etc. needs to visit this site before jumping into the world of investing. It can get quite hairy at times. If you are scared now? you are in for quite a ride. Real Estate investing isn't all its cracked up to be for A LOT of people. Most jump into it because of the success stories, having no real clue what they are doing out there thinking that its fool proof...There are many fools in Real Estate.
One quick statement...Those who invest don't become wealthy with the "low risk" investments. High risk pays high dividends! Low risk pays a salary!
You can't be scared to loose. Sometimes putting it "ALL" on the table makes you work that much harder to become successful and in turn will make you SUCCESSFUL! If nothing is on the line, you have nothing to loose and 9 times out of ten...YOU GAIN NOTHING!
Check out the site getrealrei.com. It will give you the confidence you need to go into Real Estate Investing! Good luck!
I lived in Phoenix, now in Surprise, Phoenix Metro Area. In the Pheonix Metro Area prices of homes have been declining and will continue to decline. If you are afraid to do the deal, than do not. Find a deal that you will feel conformable with.
