I am trying to get a better understanding of this market and really grasp all my options here. I have some great ideas but I am not sure what to do with them. What are some real estate startup tips for people who are just starting out? What should I consider right now?
What are your intentions? Are you looking to be a property flipper? Do you want to buy up housing and rent it out? Or are you looking to target old rundown businesses to revamp and sell them as an angel investor of sorts?
Without knowing what you want to do here, I can't offer much advice. Like the poster mentioned above, you need to explain the position you want to have concerning these properties. I would say if you are consider house flipping, start with foreclosed homes that are bank owned and bid on those.
As far as house flipping goes, start small and local. Buy cheaper properties with lower tax rates and work on them over time. Don't rush things. If you are looking to invest in rental properties, then focus on ones where two families can live so you can double your income. Instead of renting a small house out for say, $1400, find a duplex and rent each side out for $1,000.
Real estate investments aren't cheap. It doesn't matter if you plan on renting our offices, homes, apartments or just buying and reselling property... You need a lot of cash to start. I would say this is only worth going into if you have a good $200,000 to invest up front.
Homeowner insurance is something that not a lot of people consider. Working locally, you can build up and outward and if you are able to offer it at more affordable prices, you will quickly expand your market and value.