When did you start buying real estate? Around where I live there's such a tight market they're asking more money than the building will rent for full.
I've bought and sold a few, got rid on one I was holding when the rebuild around here ended.(prices were leveling off and I didn't want to be strapped for cash) My pattern is to buy it, fix it, then sell it to buy the nex one. I'll have my own home paid for in about 5 yrs if my wife doesn't get sick of moving. I got lucky though and started around 7 years ago with about 3000 bucks and an eight dollar an hour job. Now, unless you've got 40 grand a downpayment is more like a loan rental fee.
I LOVE the duplex idea. But if a building here will rent full for $2400, then they're asking $300,000, leaving you with around 100 bucks a month after common elect, misc. One person doesn't pay, or your late with turning over the apt. and you've lost for the year. Rates can only go up at this point, meaning property will level off or go down, (we've already hit this trend here in NH.) You used to be able to pull out the equity you've just gained to pay for the down payment in the next one, but the market is brutal. Even for junk they want top dollar.
If I were to it right now in this market I'd buy a larger building with commercial storefront, so I could run my own business out of it. (Spin pizzas with maybe a couple of poker machines.)
I love real estate, definately the place where even an idiot like me can get rich. Even if you're not lucky, you can be patient and still make a bundle. But trying to get into it in this market with flat feet (no capitol) is a tough one.
Real estate, yep, that's a sweet ticket.
Member #: 26502
Registered: 11/10/2003
Posted:
108
Name:
matt
Company:
cc contracting
Occupation:
cable guy
Location:
manchester
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