I have a few rental properties that I purchased a few years ago, but I’d like to take a step up in investing. I have my Real Estates License, and have been a Loan Officer for close to five years now. With the market as bad as it is, I’d like to use this time to pursue other ventures. My goal is to become a full time Real Estate Investor. Does anyone have any suggestions on the best place to start? Any help is greatly appreciated!
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If you own rental properties and have a real estate license and you have a been a loan officer you should already have a very good understanding of what it takes to invest and make money in real estate. I’m not sure what you mean by a full time real estate investor. either you plan on loaning people money for development projects or you want to buy more rental property??
Yes buy now while there is a glut of properties on the market. You know this if you are an agent. You also know the % is good so why not add to the portfolio. I would look at properties that are not obsolete and you already know what that means under 100K if you can find them in your area. Why that formula? Easy to sell later! When you need quick cash. Good luck! I’m thinking about the same thing right now!
Your best bet are duplexes for rent or buying a house that needs a lot of cosmetic repairs. You just need to make sure you have enough money to pay the mortgage until it sells. The “real investors” purchase now and hold on until the market is high. Buy low, sell high pertains to real estate investor too. A real investor does not buy high and sell a little higher.
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You can’t necessarily “flip” houses right now. Its a great time to purchase for longer term investments. As you know the market is saturated with homes in most areas so buyers have a ton to chose from. Plus buyers are getting harder to qualify so you may not see a return as fast as you like.