CelticPagan

Passage
2003-02-25 00:06:04 (UTC)

Real Estate Ponderings

   I've got too much going through my head
with the thoughts of getting into Real Estate to be able to
sleep! I can't get my mind to settle down enough to let me
sleep, and i'm tired as heck! The big factor that keeps
going through my mind is being in the position of managing
the property, despite my thoughts and plans to have a
company doing that for me. I guess it comes down to still
wanting to know the people on a personal basis that are
living in my properties. One thought sends me along all
the legal cya's that I need to make sure to cover, such as
pet deposits or restrictions, and another thought tells me
how I can be friendlier and helpful to the residents.
   I picture myself having a couple of small
buildings similiar to what i'm living in, as well as a few
single family homes and duplex's. Of course the
possibilities of having a duplex and living in one side
while renting the other is always a possibility. But I
think ultimately I want a house totally seperate that I can
call my own and not worry about how loud I play my stereo,
or how loud someone else is playing theirs. There are a
dozen small improvement things I see myself doing to help
buy and sell properties, such as buying one at a low price
and going in to add insulation and sheetrock for walls,
possibly new carpeting, small outer stuff like touch up
painting and new gutters, basic yard work and landscaping
improvements. Two or three thousand dollars of investment
in that sort of thing can up the price of a house by ten
thousand or more in some cases! That's just considering if
I were to sell instead of renting it out.
   I really do like the idea of having a few
rentals bringing in a bit of money each month for me. It's
a matter of stability and cashflow above and beyond working
normally. Down the line, i'm sure i'll have enough of them
to make it a full time job and then even further down, to
have a management company to do the job for me while I
spend my time looking for more property. The dreaming and
scheming are easy to fall into with this idea. So far, the
background and learning about it all isn't all that
difficult either, but there is a lot to learn. I haven't
reached the point of learning about loans and morgage stuff
yet though, so i might change that point of view at that
time. I've got a couple people in my life that are great
with numbers so that'll make it a bit easier for me.
   I keep finding myself worrying about that
first big step, the starting signature of this much cash
going there from here and what not. I'm learning a little
bit about how to get it into motion, but not enough to put
that kind of fear to rest just yet. I realize I have to
start small and make a few mistakes to learn how to do it
well enough that I can make a better profit, but those
small mistakes can snowball in a hurry. On one hand I
worry about getting my credit cleaned up just to possibly
mess it up again. On the other hand, it's not like I can
make it any worse than it is now and at least it'll show me
trying to fix it right? My other worry is opening my mouth
to the wrong person and trying to back myself up when I
just don't know what i'm doing yet. I'm not very good at
keeping my mouth shut and my thoughts to myself so I worry
i'll piss off the wrong person that I might need help from
down the line. Shutting up and listening more is
definitely one of my major goals.
   I think i've done pretty good cleaning a
bit of crud out of my life and consolidating my attention
and time toward this project. I've still got the web site
stuff in the back of my mind, as well as starting up a
small photography business but both are going to require my
full time and attention at some point. Right now, i've got
enough with learning the real estate, we'll see where it
goes..Need to take care of a few things but i'm sure i'll
be back in a bit to continue these thoughts...




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