Tell me about how you got into it and any problems/successes you've had. Do you make a profit? Do you own multiple units? Did you trade up? Thanks for your feedback!
2007-01-03 03:36:00 · 5 answers · asked by MM 5 in Business & Finance ➔ Investing
Janet how did you start with your first property?
2007-01-03 04:06:06 · update #1
I got into rental property and real estate the last couple of years in college. I started reading books, talking to people and eventually got my real estate license in Louisiana (I never really used it much) and eventually let it expire, but I learned alot about property in real estate school and do not regret paying for the class or studying the material or anything.
I took out as much student loan as I could for two semesters (even though my parents paid my tuition and I had a pretty good college job (bartender) to pay my rent) and used the money as a down payment on a house. I lived in the house from 2000 to 2002 and started renting it after that and still do.
My boss had a company go bankrupt before she started working here so she had bad credit, but high income (i do payroll) so we worked out a deal where she would rent from me (I bought a different house for her) until she could get a bank loan to buy the house. When I sold that house, I did a 'like property exchange' to differ the taxes into a junkie 4-plex, but the rent for 4 units is more than my boss was paying for 1 house, so it is better for me.
Since then an old friend and I bought a 12-plex from an old man's estate after he died, 2 houses from a couple of guys who live out of town now and a house that needs alot of work.
I know real estate is a good way to make extra money in addition to my regular job, but I also know that rentals are a pain... Luckily, I am handy and can do alot of the repairs myself.
There is no get rich quick system out there or else everybody would be doing it... rental property is hard work, but it is well rewarded in the long run.
2007-01-03 05:50:54 · answer #1 · answered by John Stamos 3 · 1⤊ 0⤋
2
2016-07-19 10:58:42 · answer #2 · answered by ? 3 · 0⤊ 0⤋
20 houses.
I started just renting them out as I moved up. I have lived in 5 of them. The others were great deals that came over the years.
I pay for my own house and 2 very nice vacation homes with them, but that about covers the red. I am not very good at raising the rent.
Vacancy is a problem, and flaky renters. A non-paying renter can really make a month bad. They don't seem to realize that I still have to pay the mortgage, rent or no rent, late or not.
Renters are hard on property, especially if they are drug users. If you even think they may tweak do not rent to them! No section 8, tried that, it was horrible. Losers on drugs, just what I needed.
2007-01-03 03:42:54 · answer #3 · answered by Landlord 7 · 5⤊ 0⤋
Rent To Own Home - http://RentToOwnHome.uzaev.com/?UBMO
2016-07-11 21:46:08 · answer #4 · answered by ? 3 · 0⤊ 0⤋
no
2007-01-03 03:56:57 · answer #5 · answered by AVANISH JI 5 · 0⤊ 2⤋