Quote:
Originally Posted by tabs
This is the HERD MENTALITY. Sammy and Niner are the exceptions. Sammy being in the energy industry know what the failure of Prop 23 is going to do to CAli. Niner has a commercial RE plan, and as such the equity he risks is offset by income. So we shall see the veracity of his thinking in 10 years. For the rest I would suggest U stick to your day jobs..
|
i do have a bit of an advantage being that i am a re appraiser. i have picked up several under $25k houses (total cost - some were cheaper and needed some rehab, some didn't) this year and turned them all into rental properties. paid cash for the first one, refi'd enough out (based on tax values) to pay for the next one and continued that trend. i don't really make any money on a monthly basis, but i didn't buy them for that purpose. i research the rental market and only buy properties that can offset all of my monthly costs via the rent. all told if i clear $300 a month between the all of them i would be surprised, but it doesn't cost me a thing out of pocket each month. i do have a reserve fund equal to 4 months of total cost for everything should i have a hard time finding a tenant, but so far i have had no more than 2 months vacancy on any property i own thanks largely in part to the fact that while rates are low banks have the strictest lending policies ever.
get rich slow
