Thanks for all the great advice: more questions

[simmy30]

Thank you all for you advice it is appreciated. I have no real estate experience just beginning to read some books. I know that real estate investing is what I`d like to do in the future.

Yes, not having money is a great hinderance at this time. As for JV partnerships I would be like a 1st year med student. I will continue to read more of Don`s books and gain more knowledge.

I hope in this forum where no question is a dumb question. I have a couple questions to ask.

What is RTO?
Where would I find a lease to buy option? Where can I find more info on such an option?
How would I buy these real estate stocks that are suggested? Where do I start?
How much money would I need to beginning a first investment generally?
Suggestion of more books to read.

 

[REINteam]

Hi Simmy30,

There are no dumb questions so ask away!

1. RTO is rent to own - this is a buying strategy some investors use to essentially sell a house at a pre-determined time and a set price to the current tenant or even a potential tenant (can buy a house after you have a tenant buyer). The tenant pays rent, puts up a down payment, covers maintenance and once the agreed time period is reached the tenant can exercise their option to buy. There`s more to it and if this is a strategy you want to learn more about I would suggest REIN™ Member Mark Loeffler`s book "Investing in Rent To Own Properties" - easy to find on amazon.ca...he is also on this forum and might sell the books personally!

2. The real estate stocks suggested are publicly traded companies so you could purchase these through a broker or personally using a paid for service if you were inclined (to my knowledge)

3. This will always vary, some have done it with none, some with lots, and others everywhere in between. This will depend on the area of investment, the asset in question, the strategy, etc. I would say that if you were to invest in most cities in Canada in a small condo or townhome with a conventional mortgage and buying strategy you would want $50,000 to start (maybe more) and access to more for emergencies. Once again, this will depend on a number of factors so the amount suggested is a gross generality and for some areas this price could easily be $80,000 for a townhome.

4. Here is a link to tons of suggested reading: REIN™ Bookshelf

Hope this helps!

 

[housingrental]

I`d recommend before taking any action read through the REIN books then some of the supplemental books listed in the link above.
It takes a long time and is often very hard to make money... and it can be lost with ease in days...

 

[simmy30]

Thanks again for all the great advice! I`ll be back with either a success story or more questions to bring about success.