Foreclosure in College Point>Question Details

Ssm710, Other/Just Looking in College Point, Queens,...

I recently inherited over 200k, and I want to invest in some property, I was think a foreclosed home. I make

Asked by Ssm710, College Point, Queens, NY Fri Aug 7, 2009

about 40k a year and my credit can be better, do you think investing in a home is a good idea??

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Ssm,

Our recommendation is to consider areas where seasonal rentals are in high demand and rates are higher as well. Florida real estate has come back down to earth and offers opportunities for the average person for investment.

Now is the time to consider rental purchases.....consider Southwest Florida.

We would be happy to provide you with additional information.

Best regards,
Susan & Bill Eckler

Michael Saunders & Company
billeckler@michaelsaunders.com
941-408-5363
1 vote Thank Flag Link Mon Aug 10, 2009
For your own satisfaction, why not visit visit with any qualified loan officer and see what your budget can handle--it could very well turn out that paying down some debt and repairing your credit may be a better idea.
0 votes Thank Flag Link Thu Aug 20, 2009
Sam, I own 5 small-scale investment properties, all residential real estate, in three states and they are all profitable.

You can invest under $100,000 in New York State and have a rental property that cash flows very nicely with rents, hundreds of dollars each month with no additional work on your part. A professional property manager takes care of the home--that's how I do it. You will also have the pleasure of owning a nice house that should appreciate long-term.

For financial security you need 6 months to 1 year of cash reserves (money market funds). If I were you, I would stash some of that inheritance as needed for this purpose. Buying just one house, however, could work out great for you.

If you are interested in discussing this at my office, please send me an email at karlah@nestseekers.com or call me at (917) 365-0876. My office is in Greenwich Village in Manhattan. This is a big subject, there is much to discuss, and numbers to crunch. You want to minimize the risks of investing by selecting a property with utmost care. As a broker I would earn my commission from the house sale, no additional fees would be necessary.

http://www.nestseekers.com/Company/Agent/874
0 votes Thank Flag Link Sun Aug 9, 2009
Ssm710, I have friends who are stock brokers and heavily invested and its a poor choice at this time as they believe the market will crash once again. Then I have friends in Real Estate with investments which have lost principle, but still have property and income. They are upset but still have the means to recover and receive an income along the way. I have rental properties and stocks and I am much more secure in my real estate positions than the stock market.
With the real estate market the way it is know I would advise to purchase, but only if you can wait 7 years to fully benifit from recovery of the market. You could pick up property now at some great prices but location is going to be very important as to how much return you will see and how quickly. I work with investors and they are active. I just got one into a 150,000 home that needs about 80,000 in work but even now once repaired that home could be sold for $350,000. If he holds and rents for a couple of years it could yield even more.
Credit is going to be your only detriment at this point but I work with very good brokers directly and they will honestly tell you your options. This should be your first step. I would love to set up an appointment to speak with you and assist you in moving forward with your real estate goals.
Nunzio (516) 383 -0700
0 votes Thank Flag Link Sun Aug 9, 2009
Hi Ssm, Pay off any debt- nothing like living debt free-you will be able to save alot. Not so good credit -will cost you more money for a loan, A bank will ussually lend 3-4x your gross annual income-(depending on your debts and credit score). Are you renting now? or already own? Everyone needs a roof over their head-whether renting or owning- you are either Paying off your own mortgage or someone elses. My opinion Terry K 718-614-3167 cell or email me therese.korahasi@elliman.com
0 votes Thank Flag Link Sun Aug 9, 2009
Just wanted to provide you a link to an investment book i found online.

You can find others at:
http://www.tomsresource.com/rental-property-investments/

good luck to you.
0 votes Thank Flag Link Sun Aug 9, 2009
With 200k - have you considered moving? With kind of money you could move south and buy your own home and a few investment properties. A personal home is not an "investment" per se -

With 200k - you could be a millionaire in less than 3 years if you invest it wisely.
Web Reference: http://www.tommcgiveron.com
0 votes Thank Flag Link Sun Aug 9, 2009
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