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#1
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Thinking of going into real estate
So this is my background:
19 yrs old, pro poker player, in college. Making 20-30$k monthly only needing a small part of that. I've played poker professionally since ive been 18 and I would really like to get into something new. I've heard some success stories about pro players investing in real estate and renting out the apartements/houses and I think it would be something i would enjoy doing. Are there any pitfalls to look out for? Is it easy to combo with school + poker? I was thinking about maybe buying a small condo of around 200k and renting it out to some students. |
#2
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Re: Thinking of going into real estate
It depends on what your goals are with real estate.
How much time do you want to invest in real estate? Where do you plan to be with real estate a few years from now? Do you want to have just condos or apartment complexes? Do you plan to manage them all yourself? How many buildings do you plan to acquire? Yes there are a lot of pitfalls. Real estate is not something you just walk into and make a bunch of money. There are as many pitfalls as walking into real estate as there are pitfalls starting out playing poker at 200 - 400 NL. You are at a great age and financial situation to invest in real estate. But it really depends on what you really want to achieve long term with real estate. |
#3
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Re: Thinking of going into real estate
Thanks for the response!
I would like to do most things on my own, and i would love to be able to expand and get multiple condos or complexes. I wouldnt mind spend a large amount of time on it but i also don't want to quit school. My long term career goal is to have multiple complexes rented out. I just wonder where and how to start. what books to read, what forums to watch etc. Also i don't think poker is going to be the gold mine it is now in 5 years so i want to be financially independant from it as soon as possible. Also the big differance between lets say walking in a 200/400 game would be that the avrg player must be a big winner instead of a loser. Or am i wrong about this? |
#4
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Re: Thinking of going into real estate
[ QUOTE ]
Thanks for the response! I would like to do most things on my own, and i would love to be able to expand and get multiple condos or complexes. I wouldnt mind spend a large amount of time on it but i also don't want to quit school. My long term career goal is to have multiple complexes rented out. I just wonder where and how to start. what books to read, what forums to watch etc. Also i don't think poker is going to be the gold mine it is now in 5 years so i want to be financially independant from it as soon as possible. [/ QUOTE ] You do realise that real estate is bombing at the moment? |
#5
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Re: Thinking of going into real estate
In the netherlands, where i live real estate is pretty save, prizes have been going up steadily for years.
The market prizes arent going to explode or plummet here. Also im not thinking of getting in it tomorrow but in 6-12 months. |
#6
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Re: Thinking of going into real estate
[ QUOTE ]
In the netherlands, where i live real estate is pretty save, prizes have been going up steadily for years. The market prizes arent going to explode or plummet here. Also im not thinking of getting in it tomorrow but in 6-12 months. [/ QUOTE ] Lol, that is what everyone thought about the American, Spanish and Irish markets, (all now bombing) they had been going up for years and everyone got the houseprices only go up amirite mentality, which has helped in a big way to the recent storms in the markets. There has been an international credit crunch and whilst I know nothing about the specifics of the Dutch market it is allmost certain that incresing costs of borrowing will have some negative effect on it. |
#7
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Re: Thinking of going into real estate
[ QUOTE ]
[ QUOTE ] Thanks for the response! I would like to do most things on my own, and i would love to be able to expand and get multiple condos or complexes. I wouldnt mind spend a large amount of time on it but i also don't want to quit school. My long term career goal is to have multiple complexes rented out. I just wonder where and how to start. what books to read, what forums to watch etc. Also i don't think poker is going to be the gold mine it is now in 5 years so i want to be financially independant from it as soon as possible. [/ QUOTE ] You do realise that real estate is bombing at the moment? [/ QUOTE ] I just had a couple friends get out of the business here in Florida. They stated their incomes dropped by 60% in the past year and thus had to move on to another career and ventures. |
#8
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Re: Thinking of going into real estate
Tien,
Can you outline some strategies that you use to find and purchase real estate below market value? Also: Where are you located? Thanks, CM |
#9
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Re: Thinking of going into real estate
I use very aggressive strategies that may be uncomfortable for most people to use.
I have direct mailing campaigns that target: 1) People defaulting on mortgage payments. 2) Successions / Probate / Dead people / Inherited houses (all the same) 3) Expired listings I don't really spend much money on those newspaper ads and whatnot anymore, direct mail is hands down my favourite. I am going to soon be opening my direct mail campaign to burnt out landlords of multiplexes. My method of investing in real estate is not the traditional method and most people won't be comfortable with it. It's not easy to find properties that are below market value if you are not aggressive in your approach to finding real estate deals. I am located in canada, Montreal. |
#10
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Re: Thinking of going into real estate
Tien,
Thanks for the info... I think most people that can actually call themselves "Real Estate Investors" would have no problem at all with your methods. I always find your posts interesting and informative..thanks a lot! CM |
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