i need advice

i'm a young person trying to secure my future. i have set a goal that by 30, 7 years from now i want to own my first apartment complex so i have 7 years to learn the real estate business as well as save up for my down payment and finance staff etc. my fist question is how can i successfully save up enough money to get started on my business plan? i had thought of purchasing a house so i can invest in it and maybe sell it when am ready but am not sure if thats a good way to go or not. any ideas or suggestions on what i should know, research etc?? i'll appreciate any ideas and suggestions given.. THANK YOU ALL. MY GOD BLESS YOU!!!!
In Buying Property - Asked by mary r. - Aug 24, 2009
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Answer(s)

Cris M.
Broker/Agent
Lomita, CA

Hi Mary-
I'm an investor/real estate agent in the Southern California area. Most of us who own one (or several) apt. buildings did it just as you have suggested. We bought a home and built some equity and then took a loan for that equity and invested in a small rental property. Then we kept following the same formula until one became several. Another way to start out is with some kind of partnership (usually parents or relatives) in which they come up with most of the down payment to get things rolling and you do all the leg work and fix-up, etc. ("sweat equity"). Good Luck!
CrisRE@aol.com

Aug 24, 2009
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Thomas E.
Broker/Agent
Rockford, IL

This is the time to buy. Please call me at your convenience and I will share some do's and don'ts in buying investment property. I have been a property manager, in addition to having many other responsibilities in real estate, for the past 30 years. I can give you some tips and will try to help you avoid some of the mistakes I have seen many other young investors make. My web site is: TomEwing.RAAR.com You will find my phone number there.

Aug 27, 2009
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Peter N.
Broker/Agent
Valhalla, NY

Save as much as you can. Read real estate books and try and familiarize yourself with the real estate market in your area.
There is no textbook formula to buy real estate. Every deal requires a certain amount of creativity. When you become more knowledgable, learn to be more creative in your pursuit of buying and financing.
When you are ready, you'll know it.

Aug 27, 2009
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Simon L.
Owner/Investor
Hollywood, CA

One way to start is to purchase a duplex, triplex, or four-unit property in which you live in one unit and rent out the rest. 2-4 unit properties are often easier to finance than 5+ units, and it's a good way to become acquainted with all the issues that are involved in managing income property. Then, if you decide that owning an apartment building isn't for you, it'll be easier to sell the 2-4 unit property than it would be to sell 5+ units. I purchased my duplex in 1997 with 10% down (with PMI) and then had the PMI payment removed in 1999 when property values went up and I had 20% equity in the duplex. I've had ups and downs but have learned a lot from owning this duplex -- and I've built a good chunk of equity as well.

Aug 27, 2009
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Gregory G.
Broker/Agent
San Francisco, CA

I would try and gather together some investors... otherwise try and start small as you said with a residence.
http://www.gregorygarver.com

Sep 1, 2009
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