[quote=bearishgurl][quote=flu]…I’m sorry. But you talk a lot about how things *should* be. But when it comes to these opportunities, things are always 100% clear in hindsight.
So, I just don’t get what your plan is to be an experienced RE landlord without a willingness/understanding of how the markets are actually working, because it’s not as simple as just waking up one day, saying I want to buy that property that yields a 10%+ roi, and be done with it…If it were THAT easy, a lot of people (including me) would be all over it….[/quote]
I don’t intend on making offers on listed properties. I know where the longtime “vacants” are in three “target areas.” Some have been “vacant” as long as ten years and regularly have the weeds mowed down in front to avoid municipal fines. I will approach and re-approach those owners with cash offer(s). Some are now getting to the point where their 60-70 yo “kids” are having to make decisions for them. Perhaps some will now come to their senses.
I will be targeting “free and clear” properties (w/o all the “flipper” competition). Only persons intimately familiar with these “hoods” would know about these opportunities.
That’s why as a potential RE investor, you have to keep your eyes and ears open. But this is hard to to when one lives in an area that is surrounded by newish housing tracts for miles around and is not familiar with older areas. You’re using your (expensive, MR-built) parks and trails for your daily walk instead of walking in the ‘hood ;=]
You can’t learn about possible viable “investment opportunities” doing that.[/quote]
Well ok great. So how long have you been trying to do this, and how long do you think it will take before you can start generating income from this strategy.?I ask because it sounds great as a plan, but if it takes like 10+years for one to just get started, I can’t wait that long. There comes a point when I don’t want to start doing this in my golden years. I want it done well before then so that in my golden years, everything is on auto-pilot more or less.
The other question I have is if someone needs to sell, how do you figure they aren’t going to try to put in on the market and try to get the best offer possible ,but rather sell to you directly?
