I have done an internship in this area, so I hope, I can give some insight in this topic.
First of all, yes a huge amount of energy globally is carried by waves. To give some numbers: According to the Bureau of Ocean Energy Management, about 1/3 of the total US power consumption can be supplied by Wave power from the US shores. If there is so much energy that could be extracted from the waves why isn't anyone doing it?
Well, in fact LOTS of people are trying. Just look how many people in denmark are working on this: https://stateofgreen.com/en/sectors/solar-other-renewables/wave-power
There are also lots of people in england, scottland, canada, portugal, the US. Quite possibly also in Asia, but I am not so familiar with this part and I haven't really kept up with the news in the last two years.
If there are so many people and companies working on this. Why isn't anything happening?
The conceptual and technical difficulties are huge. First of all, lets start with some simple concepts about how to extract the energy from the waves. One of the main principles that you must learn is: A good wave absorber is also a good wave emitter. It is easy to see why this has to be true. Mathematically if you have a sine wave and you want to make it completely flat, all you need to do is add another wave, according to the superposition principle, that interfers completely destructive. What this means for wave power is that any device that should absorb the wave power basically creates another wave that constructively interfers with the incoming wave. But here comes the tricky part. Many many designs rely on point absorbers. They only absorb the wave in one point. But they emit a wave in 360 degrees. That means a lot of the energy that is absorbed from the incoming wave, which comes from one direction only, is dispersed in all directions and only a small part of the emitted wave interfers destructively and only a fraction of the energy is actually absorbed. Of course reality is a bit more complex than what I have just described, but I hope you get the idea. Instead of a point absorber a line absorber would be more efficient because the wave emitted in the middle will be in one direction only, all the radial waves cancel out due to Huygens principle. But they are much more challenging to build.
Another difficulty is the conversion of the motion into electricity. Waves come with many different heights and many different frequencies. This picture shows the energy spectrum for different frequencies. Most of the energy is in the area between 0.05 and 0.15 Hz. It corresponds to wave periods between 7 and 20 seconds. All these different frequencies mean that the motion of the absorbing device will be unrhythmic. You somehow have make a device that takes the motion of waves and converts it into electricity. If you use a generator you somehow have to convert the motion into fast rotation without loosing efficiency. That is a challenge. Another challenge is the optimization to different conditions. As you might have seen in the wave power wikipedia article, the energy of a wave depends on the square of the wave height. You will want to have the highest efficiencies for you device for the waves that will give the most energy at your site. If you look at the waves at your site over some time you might see 6 3m waves and 10 2m waves. That means it is more efficient to optimize your device for 3m waves. (Because 63^(2) > 102^(2)). However the 3m waves occur less frequently. What happens is that the resulting energy produced will have large spikes and will most of the time be relatively low. On average over time your device might produce a good amount of electricity, but it might be concentrated in small spikes.
Now the last part I want to talk about. The ocean. The ocean is unrelenting. It is not a good environment for engineering. Salt water is so corrosive, there are particles, sand, etc. in the water that can clog up your device. There are storms that you need to be carefull about etc. etc. Wind farms and oil riggs have proper foundations in the ocean floor, they will not be as affected by storms and so on. The wave energy converter on the other hand will most likely be floating in the water. You have to make sure that it is ankered properly and doesn't come loose, even in extreme storms. Maintenance for anything at sea is extremely costly. Your device will need maintenance. Waves over 10 meters are not uncommon in many areas. Especially in those areas with a lot of waves, where wave energy conversion is more lucrative. Make sure your device won't be damaged by those.
These are all engineering challenges and for most of these problems solutions have been found. However finding solutions for all these problems in one single idea... I am not sure. Historically one problem of wave power was that during the boom in the 2000s a lot of bad prototypes and bad ideas were created. Many of them were point absorbers, which are simply economically not viable. Projects like WaveStar got a lot of funding but ultimately failed due to bad designs. Nowadays there are much better ideas and more well thought through concepts. But investors are scarce because of past failures. Many ideas can make some scaled models with some success, but it is difficult to get funding for a full scale model, that can finally prove that it is viable to harvest the energy from the waves.
tl;dr: it is challenging and costly to convert the energy from the waves. There are good concepts, but no money right now. Maybe it can change soon, there is still hope, but so far no full scale device has been created.
 

now if you are not satisified after this text, that went on for much too long...
Here are some books if you are still interested:
All you need to know about this topic. Warning very scientific and technical.
Arthur PecherJens Peter Kofoed, Handbook of ocean wave energy
Math about ocean waves and absorption. Johannes Falnes, Ocean Waves and Oscillating System
A somewhat outdated historic overview. David Ross, Energy from the waves


Maybe some project that could be worth checking out (personal recommendation):
http://wavepiston.dk/
http://www.weptos.com/

Take your post licensing classes right away. They are going to tell you the stuff you need to know right up front. Don't be that agent who waits until the last weeks, then spends all her breaks screaming into her cell phone because she's trying to juggle clients and at least one escrow headed south (hi!). On the other hand, learn all you can from that crazy lady.

Also take whatever your brokerage offers in the way of success classes right away. Yeah, different set of classes. If you're with Arizona Properties, it's called RE-Start. They will tell you what you need to do to manage your business, get clients, and close transactions.

As for books, I liked Champion Real Estate Agent and 1200 Great Sales Tips.

You must do some sort of lead generation every single day that you work. Doesn't matter if it's making phone calls or knocking doors or shudder putting address labels on a mailer.

Know what's going on in your market. Be able to say things like "Well, Monday we had 4580 available properties, 9330 under contract, and 4320 sold in the last 30 days. Median price on SFR was $143k and median time on market was 32 days."

If you think you might have any interest in new homes, tour all those properties. Put the brochures in a folder in your desk so you can talk about them with clients before you get in the car.

There will be many vendors who want to take your money. Don't give anybody a dime unless they can put in writing what you get before you pay them. They are counting on the fact that most Realtors are idiots.

Make sure you know where your clients come from. If you didn't call them first or they didn't come in on floor time, ask them "So, may I ask how you found me?" This will let you figure out what you are doing right and do more of it. It will also give you an excuse to stop doing (and stop spending money on) things that don't work. It will also give you a chance to thank people for referrals. If Bob sent in Mary, give Bob a call to say thanks or send him a Starbucks gift card. The advantage of calling -- other than being cheap -- is that he might tell you things that will help you and your business relationship with Mary.

Call every person in your circle of influence once a quarter. Your broker or sales coach will have a script. Ask if they need anything from you and ask if they know somebody who needs a Realtor.

Attend office meetings. You'll learn something.

Be prepared for the fact that something will go wrong in the last week of most transactions. Most of the time, it will have something to do with the mortgage. The deal isn't closed until it's recorded and the buyer has the keys in his hand. Don't spend your commission check until you have it.

Good luck!

https://meetkevin.teachable.com/

A great primer with best practices. Not affiliated with Kevin, but I like his course. Much of the content can be found for free, but his format is very helpful for content absorption.

I bought it to get my wife interested in scaling beyond our current portfolio. Our startegy is buy, rent, and hold, but many principles still apply. We are looking to get into the BRRR

For flipping specific, there are great resoueces to get schooled on flipping

The Book on Flipping Houses: How to Buy, Rehab, and Resell Residential Properties https://www.amazon.com/dp/1947200100/ref=cm_sw_r_cp_apa_i_DWCQDbD0FYHND

Flip Your Future: How to Quit Your Job, Live Your Dreams, And Make Six Figures Your First Year Flipping Real Estate https://www.amazon.com/dp/B07NNH2MSD/ref=cm_sw_r_cp_apa_i_5WCQDbEJ8YB8Z


You might find more ideas on r/realestateinvesting

It is #6 + your budget is holding you back assuming your area is all $235k for 2br+1bath. The #6 ties you to an area. Generally a certain area was built up all at one time and if they were all built as 2br + 1 bathroom, that is what you will find there unless someone has expanded/renovated since. Then if all those 2br + 1bath are listed at $215k-235k trying to find something outside the base (semi-renovated, extra bedroom, extra 0.5 bath, ect), is going to cost more.

My advice, try to find #1, #2, #4 (at least a decent layout, does not need to be updated), #6 and ideally #5.

3 is not important. Actually crappy carpet can be a positive because many people can't see past it and the house sells cheaper. Pulling out carpet and putting in wood/engineered is not a big deal.

4 If you have decent layout and the cabinet boxes are ok, getting your cabinet doors refinished/painted/replaced and a new counter put down is an easy fix to make a BIG improvement.

Trying to add a 3rd bedroom or 0.5 bath can open up a huge can of worms with permits/electrical/plumbing so best to avoid if possible.

Find something with good bones in the area you like and the rest can be slowly improved as budget permits. Be sure to have a good home inspector but it is also not a bad idea to read up yourself and look for red flags as well (https://www.amazon.ca/Holmes-Inspection-Essential-Homeowner-Seller/dp/1603209298)

Good luck.

Your monthly payments to your co-op will go probably go UP. If it's not your maintenance (which it probably will be rolled into) it will be an "assessment" that is added to your maintenance bill. Usually an underlying mortgage payment divided by shares owned is calculated into the maintenance bill. Currently it is a rent payment that is part of your maintenance. While that will go away a new loan payment will replace it. I doubt it will be less than the rent you are currently paying, otherwise, why would the landlord sell?


You are correct, when you buy a co-op you are not buying real property. You are buying shares in a company. This doesn't change if there is or isn't a land lease. There is NO benefit to a co-op with a land lease over a co-op one without (IMHO, it is a huge negative, actually). In either type, your name will NOT go on anything except your stock certificate. It's the company that owns everything. Your shares just give you the right to live in Apt X. The company owns the apartment, building, and usually the land the building sits on- but yours doesn't. The company is purchasing the land. You purchased a piece of paper.


If you own shares in a co-op which owns the land it is on, you can deduct mortgage interest from your taxes. Your co-op should give you a year end summary of the dollar amount of interest your shares paid for the tax year.


You should get and read a copy of the New York Co-op Bible. IMHO, it should be required reading for any NYCers considering purchasing a co-op. It explains everything quite clearly, including land lease co-ops. https://www.amazon.com/New-York-Co-op-Bible-Everything-ebook/dp/B00GL441AY/ref=sr_1_2?ie=UTF8&qid=1501090936&sr=8-2&keywords=the+co-op+bible

DM me I'm a commercial real estate broker at a worldwide firm that I'm not sure if I'm allowed to name, I've got some good reading material for you that helped me in my undergrad studies....

edit... I guess by popular demand here are the links to the books that I used, I'm sure you can find PDF files online.


The Due Diligence Handbook For Commercial Real Estate: A Proven System To Save Time, Money, Headaches And Create Value When Buying Commercial Real Estate

https://www.amazon.com/gp/aw/d/1511996897/ref=mp_s_a_1_2?ie=UTF8&qid=1511882652&sr=8-2&pi=AC_SX236_SY340_QL65&keywords=due+diligence&dpPl=1&dpID=51yDFxwouBL&ref=plSrch



Commercial Real Estate Analysis and Investments

https://www.amazon.com/gp/aw/d/0324305486/ref=mp_s_a_1_2?ie=UTF8&qid=1511882813&sr=8-2&pi=AC_SX236_SY340_QL65&keywords=geltner+commercial+real+estate+analysis+and+investments&dpPl=1&dpID=510xZB%2BaDUL&ref=plSrch




Real Estate Development Workbook and Manual

https://www.amazon.com/gp/aw/d/0137634919/ref=mp_s_a_1_1?ie=UTF8&qid=1511882934&sr=8-1&pi=AC_SX236_SY340_QL65&keywords=real+estate+development+zuckerman&dpPl=1&dpID=51A1M27P92L&ref=plSrch

The geltner book literally shows you every aspect of commercial real estate, there isn't much of a difference between the first and second edition if you wanna save some money.

Well, it's good that you're starting young and have cash to invest. I would suggest looking at a variety of investing opportunities to diversify and to study it as much as you can.

Here are some great books that could help you along the way:

- The Book on Rental Property Investing: How to Create Wealth and Passive Income Through Smart Buy & Hold Real Estate Investing

- How to Invest in Real Estate: The Ultimate Beginner's Guide to Getting Started

And for concise, step-by-step information on the basics of real estate investing, I would recommend this short but helpful guide.

​

Giving 3 hour notice when you are at work for 3 hours is not reasonable notice, in my lay opinion. Since you work, you want notice the day before so you can clean up - make that clear to him over email, or in writing (keep a copy for your records). It doesn't have to be mean, you just want they day before so you can clean up your room.

If he disagrees or brings up excuses and his needs, then you might need to mention your rights to reasonable notice. You could benefit from taking a look at "California Tenants' Rights" (Nolo Press) at your local library. You could also buy the latest version (June 2016!) for $20, or save money paying $4.40 ($0.40 + $4 shipping) for a 2005 edition:
https://www.amazon.com/California-Tenants-Rights-Janet-Portman/dp/1413300669/

The first and most important piece of advice is to read this book. All of your questions will be answered there.

> Any tips or huge pitfalls to look out for?

There are tons, but the most important is to know your market - what are rents in the area you are looking in? Are cheaper properties necessarily better? Maybe not.

> would doing this as a company rather than as individuals make things easier or harder?

This question was asked in context of financing and in that case it will make no difference except that incorporating may actually complicate things a little. On the other hand, you are entering into a business relationship with someone, even if it is your brother, and incorporating would require organizing the details ahead of time and avoiding potential pitfalls down the road.

> I'm wondering whether it's worth hiring a management company

For one property it is better to be hands on to understand what is going on. The 2 a.m. calls are infrequent (depending on your tenant class) and the learning you'll do is much more important.

> our realtor suggested that it might make more sense for one of us to move out into the "new rental" property for a year to shield it from capital gains

This is completely wrong information and would be enough for me to preclude this individual from being my realtor. You are investing hundreds of thousands of dollars here and to have someone steer you wrong from the beginning should give you pause.

That's a good list, BUT they should be secondary reading, sure you can get insights from them that can relate to any type of investing but you want to be RE specific right? Here is a list I would look into.

Private Real Estate Investment: Data Analysis and Decision Making

Real Estate Finance & Investments

Multifamily Housing Development Handbook

Real Estate Market Analysis: Methods and Case Studies, Second Edition

The Complete Guide to Buying and Selling Apartment Buildings

How to Pay Little or No Taxes on Your Real Estate Investments: What Smart Investors Need to Know

Investing in Real Estate

Real Estate Investing, Cash Flows, and Due Diligence: Making Better Investment Decisions (Volume 2)

What Every Real Estate Investor Needs to Know About Cash Flow... And 36 Other Key Financial Measures

That's a lot, also info in those books may over lap so pick which ones you would want to answer your specific questions. Hope this helps.

Grumpy cat does not aprrove.

God damn I love this meme

I would love this book on real estate by a very successful real estate mogul.

BiggerPockets.com is a decent place to start, they put together a free eBook for beginners here: http://www.biggerpockets.com/real-estate-investing

Books are great, so here are some:

The Richest Man in Babylon okay, you're probably saying, "But TIGit, that's not a book on real estate!" It's a book on investing, and I consider it a must read. This is the book that started me off in life, I was gifted a copy by my grandmother when I was 16. Read it.

What Every Real Estate Investor Needs to Know About Cash Flow and 36 Other Key Financial Measures this one is one of the best books on real estate. Real estate is a numbers game, there's a lot of emotion with all the negotiation and finding motivated sellers, but you need to keep the numbers in mind first*. If a property doesn't have a profitable enough margin you need to know to walk away. And to know "the numbers" this is the book.

How to Manage Residential Property for Maximum Cash Flow and Resale Value this one is for if you plan on building wealth through owning property and landlording. If you just want to be a wholesaler, buy a cheap personal home, or flip, this isn't the book for that. But it's important to keep in mind because the other REIs you compete with have this in their heads, and you should too.

Real Estate Finance and Investment Manual I don't like "fluff" books. Those quasi-motivational garbage real estate books are so common, but this isn't one of them. Stay away from those "Rich Dad Poor Dad" crap, those are just feel good word vomit. It reads more like a textbook, but it's good. None of that "Find the leader in yourself!" bullshit.

The 4-Hour Workweek this one also isn't a real estate book, but a must read. Ferris is a salt-and-burn serial business man, so bear in mind that he as a person is sort of shitty. I don't advocate taking advantage of people. But this book opened my eyes on how much of business is done. Exporting labor for cheap, using automation to save time and costs, selling products, setting up a business, and marketing. It's all there. And he's right. Tim Ferris is probably a sociopath, but he's dead on in how to succeed in business.

Interview a mortgage loan officer, a processor and a mortgage customer service type of person in your network separately in exchange for a meal. Ask them to walk you through what they know about how a mortgage works. Take good notes. Repeat. There are lots of little nuances in mortgage but the above types of people can make you aware of the most common concepts.

This book is a time, but if you learn better by reading, it’s a great resource: Residential Mortgage Lending: Principles and Practices https://www.amazon.com/dp/0324784643/ref=cm_sw_r_cp_api_i_SQB5CbWZ6N5HH

>How much work would I be looking at?

Quite a bit. That's 8 rooms I'm assuming? If you have a full-time job, then you are going to be having a lot of work on your plate. Expect problems like a sink being backed up quite frequently, especially if you have college kids in there. The main halls would have to be cleaned frequently. Any landscaping? That's all your responsibility or you could pay someone to do it, which will cut into your profits. Then there's collecting the rent every month, getting new tenants and evicting deadbeat tenants. You could pay a property management company, but again, that will cut into your profits.

>Teach me everything.

Commercial property isn't that simple. It can't be taught in a few paragraphs.

http://www.amazon.com/Multi-Family-Millions-Reposition-Apartments-Profits/dp/0470267607/ref=wl_it_dp_o_pC_S_T1?ie=UTF8&coliid=I18T4B88QO616J&colid=1ETOZ16L1GY7H

http://www.amazon.com/Investor-Flow-Financial-Measures-ebook/dp/B004BKIEUS/ref=wl_it_dp_o_pC_nS?ie=UTF8&coliid=IHFWIUNLSDD2D&colid=1ETOZ16L1GY7H

These are both highly recommended books by most people. Read them first before you start dropping serious cash on property. BiggerPockets.com is also a great resource for information.

I highly recommend this book to anyone interested in the history of land ownership in Scotland. In particular it looks at how the vast majority of land has been consolidated into the ownership of a small number of landowners through processes such as seizure of Church land and commons lands along with legal reinforcements of legitimacy. This arguably directly led to several important historical events including the Highland clearances and had an role in control of the powers of the clans. It is pretty crazy that Scot's property law was still technically feudal until 2004. Interestingly, Edinburgh's New Town and the legal planning around that had a lot to do with retention of feu charters.

Anyway, it is not often you can say that a book on the history of property law is fascinating but seriously, definitely worth a read.

Here is a book that I found a year ago while learning about property n Portugal. It was highly recommend. Spend the money for the book. Learn the system top to bottom.

https://www.amazon.com/Buying-Property-Portugal-second-insider/dp/1907498567

Find a reliable inspector with references (zaask.com maybe), follow the home listings for several months, round up 10 listings to view, get on a plane to the island, check them out, make a decision, get your top two choices inspected, negotiate with the seller, verify title. Then, and only then....make an offer.

Good luck!

I quite enjoyed The Secret Life of Real Estate. Very thorough, but you said you like dry! I actually found most of it relatively entertaining.

Here are all the local Amazon links I could find:


amazon.co.uk

amazon.ca

amazon.com.au

amazon.in

amazon.com.mx

amazon.de

amazon.it

amazon.es

amazon.com.br

amazon.nl

Beep bloop. I'm a bot to convert Amazon ebook links to local Amazon sites.
I currently look here: amazon.com, amazon.co.uk, amazon.ca, amazon.com.au, amazon.in, amazon.com.mx, amazon.de, amazon.it, amazon.es, amazon.com.br, amazon.nl, if you would like your local version of Amazon adding please contact my creator.

I lead a GIS/BI team for a large retailer. There aren’t a ton of business specific courses I’m aware of. ESRI has made some effort on the past few years.

Here are the videos from their Gis business summit from July.

https://www.esri.com/videos/?event=5952b7d9806c83b40c5582d9&title=Esri%20Business%20Summit&year=2018&adumkts=industry_solutions&aduse=commercial&aduc=email&adum=list&utm_Source=email&aduca=community_building_for_business&aduco=business_summit_videos&adut=247350&aduat=video&adupt=awareness&sf_id=701f2000000mylBAAQ&aducp=simple_body_cta

Otherwise some books out there are:

The site book
The Site Book : A Field Guide to Commercial Real Estate Evaluation (Mesa Professional Development Series) https://www.amazon.com/dp/0940352109/ref=cm_sw_r_cp_api_t5d2Bb5F2TWW7

Location, location, location Location, Location, Location (Psi Successful Business Library) https://www.amazon.com/dp/1555716113/ref=cm_sw_r_cp_api_J4d2Bb4Q6XD2F

I’d be happy to discuss privately.

I bought this book and it had tons of info. Good luck!

I meant that I saved a quarter of a point on my interest rate, going from 4.125% to 3.875%.

Other posts may speak of 'buying points,' which is a bit more arcane. When buying a mortgage, you can put more money into the sale upfront to buy a lower rate. Keep in mind that those 'points' are actually tenths of a point, or 0.1%.

Here is the link to the mortgage wiki from this subreddit:
https://www.reddit.com/r/personalfinance/wiki/housing

Here is a link to Homebuying for Dummies on Amazon:
https://www.amazon.com/Home-Buying-Dummies-Eric-Tyson/dp/111919170X/

found this book... thinking about ordering it just to understand the essentials:

http://www.amazon.com/Holmes-Inspection-Essential-Homeowner-Seller/dp/1603209298/ref=pd_sim_b_3?ie=UTF8&refRID=0KA0C0JH157ZXYERQM3R

https://www.amazon.com/dp/B008Z44XYW/ref=dp-kindle-redirect?_encoding=UTF8&btkr=1

https://www.youtube.com/watch?v=V9avyLscJTA

Im going to read many more in the coming months