2006-11-25 01:56:20 · 5 answers · asked by P J 1 in Business & Finance ➔ Renting & Real Estate
1) Buy properties
2) Let them
3) Profit!
2006-11-25 01:57:52 · answer #1 · answered by Anonymous · 2⤊ 0⤋
The best way to start is with your own home. Buy a house or multi-family property, live in it first then buy another property but do not sell the first one. Rent the first property and borrow against it to buy the next property that you want to live in. Do not flip properties. Long term appreciation is where wealth is created. Keep 10 properties for 10 years and you'll be financially secure.
2006-11-25 02:01:46 · answer #2 · answered by G B 1 · 0⤊ 1⤋
i think of you have neglected the boat. ok 5 years in the past. i would not propose determining to purchase to lease, you ought to stick to strict rules, I surely have had to have acrylic sheet suited for the decrease area of each and every glass door, smoke alarms, furniture with the hot fireplace rules etc. besides they do no longer pay the electrical powered energy organization, the telephone organization, the gas enterprise, and that they leave a path of human beings searching for his or her money, as they do no longer prefer to leave a forwarding handle. The condo organization take 10% of your money, and inspite of the undeniable fact that they say they study the valuables , in prepare they do no longer hassle. Your coverage on the valuables is extra effective, and the direction of destruction is'nt nicely well worth the hassle. The inland revenues are alerted ,and additionally you finally end up with much less money than you concept. My chum rented a house, and after the tenants left, there became an animal's head in the microwave which had exploded, so had to be dumped.there became shi*e everywhere in the washing room partitions, and a commercial cleansing organization had to be delivered in to freshen up the mess. The kitchen became so undesirable that a builder had to be employed to strip it right down to the brickwork, and initiate lower back. no longer unsurprisingly they shop it locked up VACANT.
2016-10-17 12:33:22 · answer #3 · answered by ? 4 · 0⤊ 0⤋
The very first thing you should do is think carefully. We have had a property bubble which may easily burst. If you are worried try to buy at a discount.
2006-11-25 07:03:00 · answer #4 · answered by jewelking_2000 5 · 0⤊ 0⤋
If you have any construction skills, electrician, plumber, I'd suggest taking on a "fixer-upper." As always learn your market. What would the future tenant want to see in this space? How much would they pay per month? Will that be enough to cover interest and mortgage payments?
2006-11-25 01:59:26 · answer #5 · answered by J G 4 · 0⤊ 0⤋