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Getting into Real Estate email this discussion to a friend?

ammyers05 (49)   ranked 228 out of 256 in start my own business4 months ago

My husband and I have been wanting to get into real estate industry for a long time. The prices of homes has dramatically decreased here in FL where you can get homes for a steal. We have gotten some books and are reading up on the industry and we are in the process of finding a mentor and joining a real estate investors club. Does anyone think that now is not the time to get into the business because of the economy and why? We are mostly looking at renting properties to start out.

 
 
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melissaruth1 (2879) response was accepted on 6/27/2008.
denotes best response.
tags:  real estate, investing, getting into real estate, tax auctions, business
 
1. myLot reputation of 90/100. melissaruth1 (2879)   4 months ago

They say it is a buyers market right now. That means it is a good time to get in. If we had extra money, I certainly would do it. You can buy cheap, then rent, then when it is a sellers market again you can always turn around and sell it for a profit. Tax auctions is a great way to buy property real cheap. Good luck I hope it works for you, it is a good way to invest your money.


ammyers05 (49)   ranked 228 out of 256 in start my own business  4 months ago

Thanks for the reassurance. My line of thinking was right along with yours. We're thinking that we are going to try to make it our retirement fund.

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2. myLot reputation of 94/100. sdas86 (1849)   4 months ago

Hi,
I think that it is not a good time to get into real estate now because the recession will be coming soon. When the recession arrive, the interest rate will surely increase and so the loan will be very pricey.

So, I think you need to get real estate at a very bargain price to avoid lost in interest. The best way is to opt for real estate at high population cities and try to get real estate selling at bargain.

If you are able to find great bargain real estate, I think the rental fees will be able to cover your loan expense. thumbup

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