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…."
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2 comments:
Howdy Miss Chew-on-This: I really enjoy blogs and am thoroughly impressed that you have created one. I am currently enjoying the blissful ignorance of a read-only mode of blogging. My favorites lean toward venting medical/ems/police professionals and now real estate. Good luck and many interesting comments to come....BR
I referred my friend to Trulia.com and she loves it. If you want to absorb real estate info & ask questions, it's a great site.
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