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  1. #1

    Default I could use a little advice from the experienced ones :)

    Hi everyone. I'm looking for some advice. A very very quick summary of my situation:

    I decided to accept a job offer in Miami which will allow me to save an average of 20,000 every year. I was thinking that I don't wanna just put that money in savings account. I wanna invest it in real estate.

    My initial idea was to find a property for around 80,000/100,000 put 15,000 down and rent it. I was thinking mostly Apartments or Townhouses.

    Can anyone give me advice on my plan, or even how would you invest that money every year if you were in my shoes.

    Thanks everyone!!!

  2. #2
    Join Date
    Sep 2013
    Location
    Auckland
    Posts
    3,885

    Default

    Quote Originally Posted by alfonzomarroquin View Post
    Hi everyone. I'm looking for some advice. A very very quick summary of my situation:

    I decided to accept a job offer in Miami which will allow me to save an average of 20,000 every year. I was thinking that I don't wanna just put that money in savings account. I wanna invest it in real estate.

    My initial idea was to find a property for around 80,000/100,000 put 15,000 down and rent it. I was thinking mostly Apartments or Townhouses.

    Can anyone give me advice on my plan, or even how would you invest that money every year if you were in my shoes.

    Thanks everyone!!!
    I would strongly recommend you get some financial education, ie reading Rich Dad poor dad book series by Robert Kiyosaki.

    That will give you a better idea what to do in real estate.

  3. #3

    Default

    Firstly Check your credit report.
    Find a good bank or mortgage broker
    Talk to investors about local real estate

  4. #4
    Join Date
    Feb 2007
    Location
    Auckland
    Posts
    141

    Default

    Education education education

    cannot stress that enough

    keep the money aside and obtain the right level of confidence first

    then go all guns and blazing

  5. #5

    Default

    If you are in Miami, I would try to get hands on oceanfront real estate and rent it to people on holidays week by week. You will have more work managing this, of course, but you can rent it at higher prices. You have to calculate unoccupied weeks from time to time, but the higher rent will make up for that.

  6. #6
    Join Date
    Sep 2008
    Posts
    7,658

    Default

    ocean levels are rising

    and will continue to do so

    keep that in mind when

    looking at waterfront
    Last edited by eri; 18-10-2015 at 11:41 AM.
    have you defeated them?
    your demons

  7. #7

    Default

    had to read your post twice, eri. I first thought you are talking about the price level for ocenafront buildings, but i think you are talking about the actual level of the water and you are talking about flooding properties. I agree on booth parts, but the later is not as certain. And also theres insurance against waterdamages.

  8. #8
    Join Date
    Oct 2015
    Posts
    26

    Default

    According to you first check your credit details, find a good bank or mortgage broker and then talk to investors about local real estate.

  9. #9
    Join Date
    Jun 2005
    Location
    Auckland
    Posts
    5,087

    Default

    Quote Originally Posted by Donni View Post
    had to read your post twice, eri. I first thought you are talking about the price level for ocenafront buildings, but i think you are talking about the actual level of the water and you are talking about flooding properties. I agree on booth parts, but the later is not as certain. And also theres insurance against waterdamages.
    If rising sea levels become a serious problem on the beach and waterfront properties, insurance against flooding will become impossible (or impossibly expensive) to get.
    DFTBA

  10. #10
    Join Date
    Dec 2015
    Posts
    8

    Default

    I think, firstly you have to check your credit details, find a good bank or mortgage broker and then talk to investors about local real estate.


 

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