How to make money investing in real estate
From bringing in a steady cash flow to securing tax benefits, investing in real estate can have a slew of benefits. Not to mention, it’s also a great way to build wealth over time. But how can newbies get started in the business? What are some first steps to take?
Here are a few key tips:
- Get with a Realtor who really understands this market segment and this business.
- However, even some of the best Realtors can make a few small critical mistakes. The best way for you to know how to do it is to just buy some and experience it.
- “What I do is, I try to buy properties where I can achieve the 1 percent rule,” he said. “What does that mean? That means if I buy a property for $150,000, I’m going to make $1,500 a month in rent.”
- When searching for good rental property, a few important factors to look for are: being in a good school district, being in an area where there’s active business, being near a freeway or close to easy transportation.
- Leverage real estate investor networks in your local area. Have mentors you can reach out to for advice and help.
Well, it ain’t pretty.
When mortgage lenders get stuck owning dilapidated houses in shabby neighborhoods, they often call James Odell Barnes.
Mr. Barnes works the rock bottom of the housing market, what his lawyer calls the “sub-subprime market.” He and his partners buy foreclosed homes by the dozens, sight unseen, often for just a few thousand dollars apiece. They resell them to low-income buyers who would have trouble qualifying for bank mortgages, providing many buyers with seller financing.
“The reason the banks call me is I will buy anything,” says Mr. Barnes, 55 years old …
Very interesting and sounds as though it can be very lucrative, although not necessarily the kind of work you or I would enjoy.
If you want to know how to make money investing in real estate, this article tells you how.
More: Bargain Basement: Foreclosure Rise Boosts This Investor’s Bottom Line – By James R. Hagerty, The Wall Street Journal
Back to Boston condos for sale homepage
Contact me to find out more about this property or to set up an appointment to see it.
SEARCH FOR BOSTON CONDOS FOR SALE
- Back Bay condos $500k and up
- Beacon Hill condos for sale $500,000 – $900,000
- Charlestown condos for sale
- Charlestown Navy Yard condos for sale
- Dorchester condos for sale
- Dorchester Heights condos for sale
- Fenway Boston condos for sale $450,000 – $1M
- Jamaica Plain condos for sale $400,000 and up
- Leather District condos for sale $700,000 – $2.5M
- Midtown condos for sale $1m – $3M
- Seaport District condos for sale $1,000,000 – $2,000,000
- South Boston condos for sale $450,000 and up
- South End condos for sale $500,000 – $700,000
- Waterfront condos for sale $600,000 – $1,500,000
- Boston Downtown condos for sale $1,000,000 – $6,000,000
- Downtown condos for sale $1M – $5M
For more information please contact one of our on-call agents at 617-595-3712.
Updated: Boston Real Estate 2021