NEW to property investments. I have questions! NOOB

Viewing 7 posts - 1 through 7 (of 7 total)

yanks26
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@yanks26
Join Date: 2009
Post Count: 3
March 11, 2009 - 7:15 pm
Alright so I would like to start off by addressing my situation. I am a college student who has a bit of money to invest. With property prices so low because of the economy, I would like to buy some now. One of my questions is: What types of things can I do with this money which involves real estate / property ownership? Also, I heard about investing in property and renting it out to other people. How do I go about getting started in this?
I have lawyers (family friends) to help create contracts if needed. If there is anything I am missing here please ask me but I need some help from you guys about what to do with my money.
Thanks a lot for your time and I hope to hear back from you soon!
god_of_money
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@god_of_money
Join Date: 2008
Post Count: 970
March 12, 2009 - 12:18 am
What do you mean by a bit of money?
100k?
yanks26
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@yanks26
Join Date: 2009
Post Count: 3
March 12, 2009 - 12:32 am
Sorry I didnt mean to mislead you. I have around 10k.
yanks26
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@yanks26
Join Date: 2009
Post Count: 3
March 12, 2009 - 12:33 am
I just figured I could invest in some property after seeing a few foreclosed properties sell for under $5,000.
Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
March 12, 2009 - 12:58 am
Maybe in Kansas my friend but not in OZ.
Richard Taylor | Australia's leading private lender
duckster
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@duckster
Join Date: 2004
Post Count: 1,674
March 12, 2009 - 2:28 am
If you are thinking of doing it in the USA you need to consider who is left in the suburb/ town to rent the property as people have been laid off and left the town. Also every third house is in the same situation in the street.
Do a search on UTube for abandoned towns or abandoned cities.
http://www.youtube.com/watch?v=9jLYSxbsE-4
SHales
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@shales
Join Date: 2007
Post Count: 325
March 12, 2009 - 3:16 am
Where are these $5000 properties? Congratulations on wanting to invest your 10K. Much smarter than buying a car or something. It's tricky though, as it's not much money in the real estate world. You really need to build up a bit more of a deposit, unless you're willing to consider some pretty marginal real estate. There are other investment options for smaller amounts of money. One thing to consider would be the share market, commodities or derivatives. However, with the current economic turmoil, it's not really a very safe bet at the momeny unless you had someone very capable to walk you through it. Forget buy and hold, but there can still be some money in trading if the trader is smart enough. Perhaps safest for the time being would be term deposit in a bank, while you spend some time knowing enough about either real estate or the share market in order to make some smart decisions about what to do.