is it realistic to be a land lord if i had the money details below?

Question

lets say i bought a house for my self for 200 000 and stayed in it
then i bought a town house for 150 000 and rented it out and payed off the debt with the rent and then sold it for 200 000 once the equity builds up

then buy andother two very small town houses for 100 000
wait till equity builds up sell them for 280 000
then
buy a house for 280 000 and rent it out and wait till euity biulds up and sell it for 350- 000 dollars

a proffit of 70 grand

could i do this based on this?
how possible would it be?

Answer 1

that might be possible normally but it is a risk as well. Someone bought a house across the street from me with that idea but with the economy the way it is, the house has been enpty for quite some time now.

Answer 2

I am trying to understand your question. As I understand it you will purchase a property for $200,000.00 stay in it until the equity has built up to purchase a town house for $150,000 and rented this property out while you kept your $200,000 house you are living in.

After which you will use the equity in each property to purchase 3 townhouses, and one other house which you will sell for a profit of $70,000.00.

If you are gonna use this as a vehicle for real estate riches, just keep the houses, just from the valuation of the properties as they are without appreciation your net worth would be in the neighborhood of $880,000.00 almost a million dollars. You would also have the rental income, that should be pretty substantial at this point.

You might try this formula it will work just as well . About the time you think the rent has reached what you are presently paying for your mortgage, buy yourself another property and take advantage of the 100% mortgage available for those with good credit.

This way you will be purchasing an owner occupied property to live in while turning your present residence into a rental.

You may still do this the way you proposed this is just as good and will accomplish the same goal.

I hope this has been of some use you, good luck.

"FIGHT ON"

Answer 3

Don't listen to the little chickens who tell you not to do it.Being a landlord is not that hard,just screen the tenants and take a security deposit. And remember your are not there friend this is a business transaction if they do not pay then start eviction procedings do not give them any lee way.Because when the day is over this is about you making money and not worrying about the tenants financial hardship.

Answer 4

yeah its possible but you should look for deals

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