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|A few weeks ago one of our buyers called me in a frantic. He is a new investor and recently purchased 2 properties and one property wasn?t rented yet and the other just went vacant. He expressed to me his doubts about investing in rental property.
As I listened to his concern Cheap Jason Castro Jersey , I reflected on how I got started investing in real estate. As I thought about that experience and what I?ve learned since, I was reminded that to be successful investing in real estate (among other things) there are 3 essential things to learn. I?d like to discuss those 3 things in this article:
It was 1997 and the year was coming to an end. My wife and I were flat broke and in debt. I remember it like yesterday. It was New Year?s Eve and I turned and looked at my wife as the ball fell and told her this is going to be my year. I decided I wanted to get into real estate investing. I bought RE investing course off the TV. I started getting up at 5:00 am and reading every book I could get my hands on. I also began reading the classified ads in the newspapers and started calling on everything that looked interesting (whether I could afford it or not). I found a realtor that specialized in apartment buildings and he helped me secure creative financing.
By May of 1998, I had acquired three apartment buildings (4 unit Cheap Norichika Aoki Jersey , 6 unit and an 8 unit). Two of them were about 30 minutes from my house and the other about an hour away. I choose to manage them myself. At first, I was excited about owning them and looked forward to handling repairs and managing tenants. That is until the upstairs shower had a leak and eventually the floor fell through to the lower unit. My excitement turned to frustration.
To make matters worse, I had a tenant from hell! She was an elderly lady that had lived in her unit for almost 20 years and she absolutely drove me nuts. Being the new investor that I was and trying to manage my own properties Cheap Dallas Keuchel Jersey , I made the biggest mistake ever?I gave her my home phone number! She called every single night at 1 or 2 in the morning to complain about the partying tenants above her. She could have just called the police but I think her mission is life was to drive me crazy. It wasn?t long until she succeeded and I wanted out! I called the realtor who I had purchased the properties from and sold them all after having owned them for less than a year.
I walked away from real estate until 2004 when I learned that those same properties were worth well over a million dollars each! (I had only purchased them for an average price of $240,000 each). Looking back at this experience, I?ve learned 3 lessons the hard way that have made all the difference in my RE career and life:
1). HOLD FOR THE LONG TERM!
2). USE A PROPERTY MANAGER!
3). DON?T GET DISCOURAGED!
Today Cheap Jose Altuve Jersey , I can?t stress enough to our buyers the importance of holding for the long term. We?re selling properties that were worth twice the sales price a few years ago and will be worth 10 times that in the future! I?m convinced that you have to use a good property manager. I think it is better that most of our investors live out of state (or out of the country) because it forces them to not try and do it themselves. Lastly, as I told my buyer who called me concerned about his vacancies; no matter what happens ? keep your head up and keep going! Anyone who is experienced will tell you that owning investment property in not a walk in the park. There will be some ups and downs and headaches but you have to weather the storm to get to the pot of gold at the end. I was excited at first and didn?t think long term enough. Now when I have struggles, I remember this lesson and find a solution and move on.
Oh Cheap Carlos Correa Jersey , and by the way, in regards to the concerned buyer who called me?one property was rented with 2 weeks of being vacant and the other has a tenant moving in the first of the month.
Author's Resource Box
Jerry Norton is a full-time real estate investor and mentor. His company, Equity Services Cheap Nolan Ryan Jersey , LLC specializes in providing investors with fully renovated, cash flowing investment properties for under $50k. http:www.equityservicesllc
ST. PETERSBURG， Jan. 25 (Xinhua) -- St. Petersburg needs to know better the Chinese language， culture， economics， law and tourism to further relations with China， the city's Vice Governor Alexander Govorunov said Wednesday.
At a meeting with young sinologists in Saint-Petersburg University， Govorunov said cooperation between Russia and China in education has showed a positive trend in St. Petersburg， with 250 agreements signed between various universities of the two countries.
China-Russia relations are in a period of active development， Chinese Consul General in St. Petersburg Guo Min said at the meeting， adding that the cooperation between St. Petersburg and China can also be a good example for others.
The meeting was part of a series of month-long cultural events to celebrate the Chinese Spring Festival in the cultural capital of Russia.
The events， including movie screenings， lectures， workshops and others， are aimed to enhance the residents' understanding of Chinese culture and history.
LISBON, April 24 (Xinhua) -- Portugal's attorney general opened an inquiry on Monday into the death of a Sporting football club fan in Lisbon.
The inquiry is taking place in accordance with Lisbon's Central Bureau of Investigation and Prosecution Cheap Craig Biggio Jersey , according to local news agency Lusa.
The 41-year-old Italian was killed amid clashes between Sporting and Benfica fans before their match on Saturday morning.
He was hit by a car as he tried to get away from the fighting, near the Luz stadium in Lisbon, and later died in hospital Cheap Jeff Bagwell Jersey , according to local media.
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