Success: Real estate investing
If you are at least 18 years old, there is very little reason why you should not be part of the real estate investment wave. Even the minimum investment on getting your real estate license could make a world of difference in your financial independence even if you see yourself in this profession on a part-time basis.
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“If you own more than one home and you collect rental revenue, there are lucrative tax breaks you can take advantage of. Pat Massenberg and her husband, Derek, own a home and three investment properties in New Jersey’s Essex County. When they bought their first home in 2000, Massenberg had expected a windfall of tax breaks but was underwhelmed by the $13,000 in property taxes and few hundred a month in interest payments that were deductible. “Even with that, we only got back $139 from the city and almost owed the state money,” she says.
When the couple bought their first investment property in 2002, “the [tax] numbers changed significantly,” Massenberg says. “In addition to the mortgage interest and taxes, any money spent on the property is deductible. If you buy a new refrigerator, if you make any repairs — that money is deductible.” With multiple rental properties, such deductions can be huge. “When you’re talking about 5% to 6% [interest payments] on a mortgage for a $300,000 home, that already gets you into tens of thousands eligible for deduction,” says New York tax accountant Aaron Reynolds”…more
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If you are interested in real estate investing , but are too afraid to do it alone, you may want to check out a Real Estate club.
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A typical Real Estate club:
Every Friday morning, 15 to 20 members of the Central Oregon Investment Club in Bend, Ore. convene in a conference room of a local title company to discuss their latest deals and add to their three-ring binders of real estate investing lessons.
The group’s leader, a general contractor, real estate investor and “poor country boy” (wink, wink) Don Loyd, passes his hat and asks members to throw in a buck to help pay for the room. Then, men and women ranging from their late teens to their early 60s, introduce themselves as they do every week. “Hi, I’m (fill in the blank) and I am a real estate investor.”
There are now hundreds of real estate investment clubs, according to the National Real Estate Investors Association, which is affiliated with about 150 groups representing more than 20,000 individuals. That’s just scratching the surface, says Rebecca McLean, the association’s executive director. “We estimate that we don’t even account for a quarter of all the clubs that exist.” (more)
Real estate investment clubs:
Real Estate Promo
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Over time (once this site goes through its makeover), I will share with you some additional information on the real estate market and how to break into it.
February 11th, 2006 at 1:37 am
It is true that fortunes can be made in real estate. In fact, 80% of the millionaires in the US made their money in the real estate market. However, in order to be successful, you must work at it and make sure that you are investing properly. Too many people have lost their shirt by overpaying for a property on the assumption that it will double in price next year.
-Randy
http://www.4mysales.com