Im an 18 year old dude looking to get into real estate investing, is anyone here familliar with it? Any tips? I already have loads of words pages written down but id love some tips and tricks!
Many thanks for your time
Sincerely
Young dude who likes investing
BUY HIGH SELL LOW
AND DON'T RENT TO NIGGERS
Long time landlord here. Start with the site biggerpockets.com, lots of good sources of info there.
But make sure to take action, that's the most important part.
tips and tricks:
have extremely good credit
have money for downpayments
rent to people with good credit scores
own it in an LLC maybe a delaware LLC or the state you're in depending (for liability reasons)
don't take my advice or anyone's advice here. read a book and lawyer up
Thanks, already watched a bunch of their videos, the only trouble i've run in to is how to analyze a deal properly, more specifiqly how to know what rent you can charge and how you know it'll match with the loan you discussed with the bank
I'll certainly look into IT, ill have to adapt the techniques to Denmark tho as that's where i live currently
Where are you located?
Best way to start is spend hours on real estate websites comparing rent charges, mapping them in area, state, luxury... to get a feel in price.
Then compare what house you can buy for that price and calculate the yield.
Also better buy cheap houses for common working people than buying expensive new builds with low yields
some fag just watched the fyre documentary
Denmark
Buy property here in the USA, preferably near military bases, so you get a more steady stream of income. Trust me soldiers here don't want to live in barracks on base.
Really useful, i haven't thought of going at it that way, but i'll certainly start mapping them out to get a feel for the different areas, thanks!
Be a hardass about rent otherwise people will take advantage of you.
I actually plan to move to usa later in my twenties, so yea, i will probably look into stuff like that then
Yea, 3 Days notice then out :p
Also what this guy says, buy cheap and renovate decent, dont overdo it and have luxury stuff put in unless you're going to live in the property, do the bare minimum but make sure to do enough to where the house is liveable. Meaning just fix the bathrooms and kitchen and retouch up the rooms with fresh new paint.
Yea, i suppose you'll lose more than u gain by overdoing it as the rent will remain just about the same
Interesting areas are always near cities (cities mostly are expensive, but surroundings are cheaper but still easy accessible)
Working people needs housing near work = close to harbors etc...
For loans: go maximum length and variable rates
Long runtime: yes alot of interest to pay but your montly pay should be low, even lower than your rent income giving you positive cashflow, this you can save to buy the next one. Banks will keep giving you more loans as long as you are able to pay, have positive cashflow and solvable.
Variable rate shoudl give you good pricing. If it lowers, good for you. If it raises, it will be compensated by increasing inflation, so rent prices will raise also so not harming you as much.. Your tenants pay the increase :)
Woa haha the loan part ill steal that as i haven't researched that at all, but it makes sense tho, there is always that fear that no one rents your property and you are stuck with a loan but i guess that depends on the deal you make and the geographical placement etc
Pick California and virginia, now california had a lot of cheap properties depending where you're living. And remember use the same money you get from rent and invest it in more houses, after about the fifth house you purchase, you'll make more than enough for it to start paying itself. Its like a machine so of course you must put some maintenance and work into to keep the machine chugging. But all in all don't worry and just have fun with this.
Oh hey not op but thanks for the insight, never thought about that way.
Hej ven
Halfdan Timm har udgivet en fin bog, og så korer han også en blog, jeg foreslår du læser den, og så hold dig fra alt hvad der hedder hjælp herinde fra, de fleste folk herinde, er tabt på gulvet.
Held og lykke. Jeg regner selv med at tage samme vej, jeg vil dog gerne runde et par mil for jeg begynder
Yea, the only problem so far is that there is like No danish real estate investors willing to share their danish tricks as we are a little country with 5 mil people, so i guess they dont want the competition to go Up in the roof, pain in the ass haha
Jeg kigger ind på det, ja jeg ved godt at de fleste herinde er tabt på gulvet men man finder alligevel nogle guldkorn -:D
Buy vacant plots of land...taxes are cheaper so you can hold them for longer.
Dont forget to research on how taxes is done in your country.
In most countries, there are options for rich people to get taxless profits.
In my country, as long as you have a loan running on the house. You dont have to pay taxes.
I see many people buying one 2nd house with all savings and getting short term loan to pay it off asap.. then complaying they dont earn shit because they pay large amount of taxes....
Dont forget when you pay of your loan.. it is assets you acquire. Lets say you payed of 20k and you real estate went 5 k up in price over 5 years. You can take a loan again on this house for 25k to buy your next. This will get you snowballing over the years.. After a while you can just keep renewing all the loans and buy houses every couple of months..
That makes sooo much sense especially putting loans in your own assets, my parents years back did that with our House with like 1 mil to buy a second house, i had forgotten All about that, really thanks !!
definitely look into delaware LLC's in general then
I willl i dont completely understandable Them tho desu