Real Estate Advice from YOU

alright. I read alot of , "get into real estate" here and from others, but for a beginner, what do you really mean by that? What real estate? Commercial? to rent? etc...

for a beginner like me, what advice would you give someone.

1.Get real estate liscense.

2.Help rich people sell homes that you can't afford to buy yourself and make huge commissions.

3.Buy homes and commercial properties from listed and unlisted sellers that you can afford. Use your commission (or use another no money down method) as a down payment and work a no money down deal. Then rent out these properties to make a positive monthly cash flow.

4.Get a mortgage broker liscense, but continue being a real estate agent/investor. Buddy up with a mortgage broker and work a kickback deal with him to split his commissions anytime you refer a customer his way. TOTALLY LEGAL IF YOU HAVE A MORTGAGE BROKER LISCENSE.

5.Refinance your properties when the interest rates are low and once you've accumulated a lot of equity. This money will be yours tax free. Do this with 1/10th of your properties every year. Don't take the equity out of that original set of properties until you build your equity back up again. This will work like a salary for yourself every year. AND DID I MENTION THAT IT CAN'T BE TAXED?!

6.Don't be a bitch to PMI. Take out a home improvement loan as soon as you can after buying a home. Use the loan to improve your home (a pool maybe) so that your loan-to-value ratio is better than 80/20. This will kill your PMI payments immediately and you will have also made a sweet improvement to your property.

7.If you live in Florida you are allowed to sell your homestead property without taxation as so long as you sell it within two years. Sell your homestead every two years and move into another home. Check your state real estate laws to see if you can do something similar.

8.Make good use of your property. For instance, I will be planting royal palm trees on most, if not all, of my properties. I will eventually (5 to 10 years from now) harvest them for a profit at a full/partially grown rate of around 1000 to 2000 per tree. It isn't hard to put at least 5 to 10 of them on any given property. If you eventually decide to settle on a homestead for a long time use this idea to your advantage anymore. Get a bunch of land (if you want) and plant a bunch of tree that you plan to eventually harvest. Then file for an agricultural exemption and pay hardly any property taxes on your gigantic/expensive homestead property.

I'll think of more stuff soon. I love real estate.

you are good.

unfortunately i'm in NY and the only thing that grows here is pine, and who wants to pay for pine?

ISFA SHOOTFIGHTER offers some excellent advice. However, I would like to add to item #1.

If you are looking to invest, you may want to take the course but not get licensed, depending upon your state. If you get a license in Georgia and are an investor, you may be at a disadvantage in your negotiations.

Check with your state. My short advice is to check into any local real estate investment clubs in your area.

Now, if you are looking to sell real estate as a career...ignore what I said.

ISFA:

..interesting advice!

(i was under the impression that one doesn't qualify for agricultural exemptions if used on a homestead? is that not the case in florida?)

Up with this thread!

Nebuchadnezzar,

Not sure if the ag exemption and the homestead exemption conflict, but lots of people get an AG exemption on the land that their house is on so it works somehow. Of course you must have a peice of property in the right part of town. You can't file for an ag exemption if you only have a 120 by 100 size lot in the heart of the city.