Real Estate Investing-Part II. Last month I started on my foray into real estate investing to revive my sinking retirement account so that I may retire in the lifestyle to which I would like to become accustomed. Quite an interesting journey and I have learned a lot and discovered I have some more to learn. Did you know you can use your retirement accounts, IRA, 401K or savings to invest in real estate? While there are several options to margin your existing investments, there are firms that facilitate using your actual self directed funds to purchase property and make repairs. There are rules, but they don't appear cumbersome if you find someone who knows what they are doing. We have found 2 so far, one is actually in town. If you listen to the media, it sounds like locating the properties should be easy, as every 4th house is supposedly in foreclosure. It is a little tougher than that. Example-Roswell location off Holcomb Bridge Road. $49,500. Yes, you read correctly. Needs exterior paint and woodwork, paint, carpet, new appliances, probably a new roof, maybe a new furnace, some landscaping. Neighborhood price range-$90's to $120's. No brainer right??? 7 offers. Will have to wait to find out how much we would have had to pay to get it. Found another neighborhood in Gwinnett County. 5 Foreclosures in the same neighborhood. $36,000-50,000. Need some repairs, but nothing appearing to be extreme. $10,000-20,000 maybe. Houses sold in the $120's in the good old days. Seems like if you bought them all and renovated them to the same level you could control the resale market in the neighborhood. The key is buying them all. Worst case scenario, they are rental properties for $750 a month. If you are shooting for a 12-15% margin, the numbers are definitely there. Anyone want to buy one? I can't figure out how to finagle all 5 at the same time. Just need a couple more people to go along on the adventure. Anyone want to go along for the ride?
Jennifer Barnes
Keller Williams Realty Peachtree Road
3925 Peachtree Road, Suite 200 Atlanta, GA 30319
404-419-3535
BarnesYoungTeam@gmail.com
Comments(1)