From Rich Dad’s Real Estate Advantages (paraphrasing):
It’s important to have a team to help you. Find a good lawyer and accountant. Don’t get your law advice from an account or your accounting advice from your lawyer.
Go to local investment and real estate meetings. These can be found in real estate publications, bulletin boards at collages, online, etc. Ask realtors as they may also know the time and location of these meetings.
When there, meet people smarter than yourself who are into the same type of investing you want to get into and work to get them to mentor you. Make sure to exchange something equally valuable (food, work, etc).
I’ve finally got everything in place to start house shopping again. I’ve got to admit, it’s a little intimidating. While I feel like I shouldn’t have any issues, it’s always a little scary going in to apply for a mortgage, signing a billion papers, putting offers on houses, etc.
Either way, this is the beginning of my whole ‘investment property’ idea, so wish me luck!
If anyone plans on getting an investment property, here is what I’ve learned so far. Please keep in mind that this is in our current 2012 economic environment, in Las Vegas NV. Things might be different where you are, so talk to a local professional. I am also no expert in any of this, I’m learning it as I go along, so I’ll probably do more wrong than right.
In order to be financially ready for an investment property, you will need the following things.
- 6 months rent + hoa for your current properties in your bank + documentation on where that money came from (so don’t plan on getting it temporarily from your friends).
- Down Payment for new property (3.75 if you’re going to move into it with an FHA loan, 20% otherwise).
- Escrow Cash (currently about 1000 bucks).
I just learned this today and it’s set me back a couple months.. Oh well.. you live and you learn!