Saturday, February 28, 2009
Help on the horizon?
During the last year and a half, ny career in real estate has really evolved. I almost exclusively work with foreclosed properties and short sales. A few years back, this niche was almost unheard of. With a new President and administration, full of fresh ideas, and moving at lightening speed, I have to wonder if they will be able to help turn the housing market around. I have lots of thoughts on what caused the mess we're in, and what can be done to fix it. But instead of sharing all those thoughts right now, I would love to hear yours.
Sunday, July 20, 2008
Advice and horror stories (real estate investments)
A friend from high school who now resides in Ohio, recently sent me an email about her latest venture. Since I know lots of people involved with real estate investing and property management, I figured I'd post the email message and let each of you post a response. I'm sure you have plenty of stories to share!
"We recently decided to enter the real estate investment business, and have been doing lots of research on the subject. Today our attorney started the ball rolling on our new company by laying the groundwork for an LLC. We have another whole pile of books to read, some association meetings to attend, and more professionals to meet with, but we are on our way. We have both learned a lot of new terminology and seen plenty of interesting neighborhoods and are very excited at this point.
We have looked at over a dozen duplexes in person and many more online and expect to put an offer on one within the next few months as the first step in our real estate journey. Our plan is to find one that is fully rented/not completely trashed and begin our side job of landlording. We have seen an interesting mix of properties: a beautiful 1920’s house, huge yard, many improvements—but a stolen furnace, no copper pipes, leak in the ceiling, main gas line leak, enormous oak tree that needed removing, etc.; to an immaculate owner-occupied duplex with other side rented out that will be a shame to rent because it will be trashed by renters.
Any advice, horror stories or anything else you can share is always welcome. God help us…."
"We recently decided to enter the real estate investment business, and have been doing lots of research on the subject. Today our attorney started the ball rolling on our new company by laying the groundwork for an LLC. We have another whole pile of books to read, some association meetings to attend, and more professionals to meet with, but we are on our way. We have both learned a lot of new terminology and seen plenty of interesting neighborhoods and are very excited at this point.
We have looked at over a dozen duplexes in person and many more online and expect to put an offer on one within the next few months as the first step in our real estate journey. Our plan is to find one that is fully rented/not completely trashed and begin our side job of landlording. We have seen an interesting mix of properties: a beautiful 1920’s house, huge yard, many improvements—but a stolen furnace, no copper pipes, leak in the ceiling, main gas line leak, enormous oak tree that needed removing, etc.; to an immaculate owner-occupied duplex with other side rented out that will be a shame to rent because it will be trashed by renters.
Any advice, horror stories or anything else you can share is always welcome. God help us…."
It's about blog time!
I've been thinking about a blog for awhile now. But my life is SO full already, where would I find time to devote to it? Maybe I could give up something else that eats away at my time. For instance, I could stop cleaning house, or stop doing laundry, or stop driving in to town for groceries (gas is so expensive anyway), or stop working for a living.
Oh wait, this blog was meant to be an extension of my work... a new way to connect with people in the community, expand my business opportunities, and, if I'm lucky, save a few people from the depths of foreclosure. It's also a way for me to reach out and spread the word about things I am passionate about that are unrelated to my business (like responsible pet ownership and defensible space). Having a blog might also be a means to reconnect with my creative writing skills. There was a time when I wanted to be journalist. Then I learned that many rookie journalists start their newspaper career by interviewing the families of recently-deceased relatives and writing obituaries. I think a blog has more appeal.
Oh wait, this blog was meant to be an extension of my work... a new way to connect with people in the community, expand my business opportunities, and, if I'm lucky, save a few people from the depths of foreclosure. It's also a way for me to reach out and spread the word about things I am passionate about that are unrelated to my business (like responsible pet ownership and defensible space). Having a blog might also be a means to reconnect with my creative writing skills. There was a time when I wanted to be journalist. Then I learned that many rookie journalists start their newspaper career by interviewing the families of recently-deceased relatives and writing obituaries. I think a blog has more appeal.
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