Real Estate Help

Discussion in 'Community Discussion' started by phas3, Jul 8, 2012.

  1. phas3 macrumors 65816

    Joined:
    Oct 5, 2008
    #1
    So this year I want to pay off all my debt and by next year purchase a home (whether it be condo, townhouse or house). I live in California and I have access the to the VA Home Loan. My question is, what would be the best way to get positive income to come in. My end goal is to have more than 3 homes and all of them being rented out to give me positive income every month. But I don't know where to start. AND I don't know where/what city to acquire them at for future profit.

    Will someone with some real estate knowledge school me on my endeavors?
     
  2. miles01110 macrumors Core

    miles01110

    Joined:
    Jul 24, 2006
    Location:
    The Ivory Tower (I'm not coming down)
    #2
    Err... price the rent such that rent > mortgage payments...?
     
  3. Koodauw macrumors 68040

    Koodauw

    Joined:
    Nov 17, 2003
    Location:
    Madison
    #3
    Will the VA home loan even allow you use it for a home that isnt your primary residence?

    And to answer your question, the answer is start with lots of research.
     
  4. Mousse macrumors 68000

    Mousse

    Joined:
    Apr 7, 2008
    Location:
    Flea Bottom, King's Landing
    #4
    You gotta factor in insurance, maintenance and property taxes too. It's about 3 months worth of the rent for insurance and taxes alone. Add maintenance and/or HOA/POA fees... you get the picture.

    I don't see how he's gonna make positive income unless he downs 50% or more.
     
  5. phas3 thread starter macrumors 65816

    Joined:
    Oct 5, 2008
    #5
    Actually that is a no, but my goal is to not use the VA loan until I buy the home that I want to live in for the rest of my life or most of it.

    What I want to do is get a condo 2br 2bath and rent it out.

    So aside from having 20% down, what else do I need to do?
     
  6. 184550 Guest

    Joined:
    May 8, 2008
    #6
    Not to be harsh, but if you have ask about this kind of stuff, chances are you shouldn't be doing it in the first place. You're risking a lot if you don't completely understand what you're doing here.
     
  7. Koodauw macrumors 68040

    Koodauw

    Joined:
    Nov 17, 2003
    Location:
    Madison
    #7
    Well the long and short of it is the numbers need to work. In most cases the condo fees you have to pay each month are going to kill the deals.

    Your best bet is to look for a good book to start out with. Millionaire Real estate investor is one that give a good amount of the basic knowledge you are looking for.

    Don't waste your time on taking class from Trump or any of the other places that offer them. Its a screwing.

    After you have educated yourself on the subject, find someone already doing this in your area, and go to work for them. You could be the person who finds the target properties, and you get a paid a fee for each one the investor purchases.

    How old are you and where do you live?
     
  8. phas3 thread starter macrumors 65816

    Joined:
    Oct 5, 2008
    #8
    If I don't ask for guidance then I'm screwing myself, that is the reason why I posted this thread to get guidance and further educate myself.

    ----------


    I'm 25 years old and I live in Los Angeles, Ca
     
  9. phas3 thread starter macrumors 65816

    Joined:
    Oct 5, 2008
    #9
    Also do you have any other books to recommend?
     

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