Local Real Estate Comments and Ramblings

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How just about anybody can invest in real estate.

In my recent post Should you invest in real estate? I hinted at a basic plan for just about anybody to get started investing in real estate.

Let's get started.  First of all, if you are not a home owner lets start there.  Begin today! Start saving for a small down payment and pay off any outstanding debts. Even if yo have previous credit issues you are only 1-2 years away from being able to qualify for an FHA loan. Under current FHA guidelines you can buy 2 years after a bankruptcy or 3 years after a foreclosure.  So even if you have had serious credit issues, time does a lot of healing.  The other thing that goes hand in hand with that is no late or derogatory payments in that same time frame.  If you are renting now you CAN be a homeowner in the next few months to maybe 2-3 years.

Second.  Once people become home owners they move every 7-10 years.  That's sort of average.  So here is the key.  While you are in the first home you continue to save and build your credit.  When it is time to move, do not sell your first house.  Keep it as a rental.  

Third. In another 7-10 years move out of house #2 and keep it as a rental.  You now own two rental houses plus your own residence!

Many people have done this simple process over their lifetime and built great wealth.  It is a simple process that anybody can do. Yes, this is a 20-40 year program.  So what?  Real estate by nature a long term investment.  If you treat it as a long term investment your home(s) will take very good care of you.

Note: most or at least many people do not want to deal with the land lording/ tenant issues involved with rental property.  Many people think they can deal with the but they really shouldn't.  Hire a professional property manger!  Just consider it a cost of business and an investment in your peace of mind!
 


Should you invest in real estate?


Happiness is Positive Cash Flow!

*****

 

 


Bob Southard
Broker - Owner  Atlas Realty Service LLC #75911

O:678-439-SOLD(7653)

CALL ME DIRECT: 770-656-9134

Buy a home, Sell a home, in Powder Springs, Marietta, Kennesaw, Acworth, Smyrna, Dallas, Hiram,and Cobb, Paulding, Douglas, North Fulton, South Cherokee, County, Ga. Call me for all of your real estate needs.

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Comment balloon 2 commentsBob Southard • June 21 2011 08:58AM
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