Hello my name is clay I'm 19 years old, and I am almost done with my associates in web design. I know that web design has nothing to do with real estate, but I want to do different things at the same time, an entrepreneur, and I am interested in making alot of money becoming rich. I want to know if Real estate is a very good business to get started, and if it is should I buy a condo first for people to rent, or family houses?

dreamsofprosper

First I would suggest that you educate yourself in real estate and learn as much as you can about a niche you choose. Purchasing a duplex is a great way to start. You will receive income from two tenants. If you are obtaining rental property, I would suggest that you consider the amount of money it takes to make the property decent, safe and sanitary. You should also research market rents for the type of property in your neighborhood. If you obtain a property with occupied with renters you should get a estoppel certificate. This confirms that there are no other agreements outside of attached documents.

A good book to read is Real Estate Millionaire:How to invest in rental markets and make a fortune by Boaz Gilad.

You accumulate wealth one step at a time. There are investors that will walk you through every step of the process from beginning to end.

If you are an beginner, I would suggest joining an real estate investment club to seek more help from seasoned investors.

I am also new to real estate. Maybe you can create an internship with a seasoned investor. It is a win win situation. You gain knowledge and the investor receives an assistant.

I really hope this helps you

dreamsofprosper

Hello claydogg,

There are two other books that I would like to suggest. Investing in duplexes, triplexes-The fastest wat and safest way to wealth by Larry B Loftis.

The other book is Streetwise, Investing in Rental Housing by Roger Neal. This books gives you lots of knowledge, Nononsense Real Estate Investors Kit-How can you double your income by investing in real estate Part Time by Thomas Lucier.

You can find some used books on amazon.com or ebay.

May God bless you in all of your endeavors.

helen21

We rented a home with the stipulation that no pets were allowed. My husband let the tenants move in 1 week early free of charge. Two days after one of the neighbors called to inform me that three Pit-Bull dogs attacked an old guy who was walking on the street. the Cops had to be called in. I also learned that the dogs belong to our tenants. We asked them to have the dogs removed in keeping with the terms of the lease.

One month later the dogs are back. They called to inform us that they could not pay the first month rent on time. Today their next month's rent is due, but they have no money in the account.

I want to start eviction proceedings, but my husband do not.

I would really appreciate your advice.

Thank You

Fr_Chuck

You have to have money to be in the rental business, if you get a call that the heat/air is out, can you write a 2000 check to get it fixed,
If your tennant knocks holes in all the walls, and breaks out all the windows can you pay for all the repair and have no renter for a couple months and make your payments.

Now this does not always happen but it can.

I have owned rental homes for years ( sold all of mine last year) and they are good long term investment, home paid for latter and real estate value goes up over time. ** down bad now but that means now is a good time to buy. ( according to some investors)
But also in many markets there is too many rental properties available and some beleive the prices paid for rent will also go down some over the next couple of years.

But is it normally a good investment, yes if you can afford to do it, and if you run it like a business, ( don't fall for sad stories)