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    2 Replies Latest reply on Dec 18, 2008 6:34 PM by NoBullFunding

    real estate investors

    mcswizz Newbie
      i have done some research and i have decided to start a management company. i have been involved in real estate my whole life and i have just graduated from college and with no current job prospects i have decided to create my own. i am in the process of starting the LLC and i want to purchase some investment properties and rent them to fund other acquisition projects and eventually have multiple properties and subsequently a real estate firm. what is the best way to get a loan to begin my dream as i am 22 and do not have any long term credit.
      thanks
        • Re: real estate investors
          LUCKIEST Guide
          real estate investor, Welcome

          Write a Business Plan and contact SCORE. Both are FREE.

          Good luck
          • Re: real estate investors
            NoBullFunding Scout
            Your idea is admirable, but without any funds to put into a real estate deal or a credit history, you won't be able to get a loan unless someone who is creditworthy is willing to guaranty your loan and put up the cash (20% minimum for most investment properties). You also need to become well versed in evaluating investment opportunties so you don't end up with a deficit cash flow situation. Aside from the mortgage payment, typical costs include maintenance, taxes, insurance, major repairs that need to be done upfront. You also need to allow for vacancies. DO NOT buy with the strategy that you'll sell if for a profit in a few years...that's just asking for trouble.

            Jut as an FYI, rental property management doesn't necessarily mean you have to be a real estate investor. Managment companies typically manage properties that someone else owns. I think a good way to learn that business is to try and get a job with an existing management firm. A lot of people have lost a lot of money in this market because they wanted a piece of the hot real estate market. It's not as sexy as jumping right into investing, but working for someone else will allow you to build some knowledge before you being risking your own money on real estate deals.