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Author
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Topic: Investing in cheap US real estate (Read 2065 times)
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Joined: Jul 2008
Posts: 63
 
   United States
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 Jul 13, 2008, 05:00:44 PM | #1 |
I have received some tips about very cheap US real estate. People are willing to sell their homes for a very low price because of the bad economy and odd mortgages some people signed years ago. I was hoping there are a few people here who know a little more than me, obviously nobody can tell what the future will bring us, but is now the right time to invest in some real estate?
Im talking small personal scale by the way. I would buy a house that needs a bit of fixing (this adds value) then rent it out or live in it myself and in a couple years resell it for a higher price. It's a really simple idea that works almost anywhere. If you are a bit handy, you can make $100k - $200k a year fixing up houses in southern Europe and selling them as vacation homes. |
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Joined: Jul 2008
Posts: 63
United States
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Dec 01, 2008, 12:30:55 AM | #3 |
Thanks for the link I guess. REally couldn't figure out what was going on with the site you linked to 
After a bit of careful research, I gave up on this idea because the expenses involved require a long term commitment. I just don't know how some people say they are flipping real estate for big bucks?? It's gotta be that the ones claiming huge profits are just trying to pitch you some course to duplicate their success. It's a bunch of rubbish if you ask me.
What I learned is that for success in real eststate, you have to be prepared for the unexpected, expect hidden costs you didn't budget for. Take your figures and add at least 20-30% to them for suprises. If you get no suprises (lucky) you come out ahead.
There's much more to it than just buying some house and fixing it up. You have to think of taxes and insurance for while you are owning the property and you can't go moth to month on taxes or homeowners insurance. You also have to know escrow and other things that take a long time to learn. |
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Joined: Sep 2009
Posts: 104
 South Africa
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Nov 04, 2009, 04:40:35 AM | #4 |
| It's really difficult to make an investment in property, especially finding the cheap property is really bothers as the down trend is still there in USA. you tips can be helpful for real estate investor like us! |
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