Posted by Traci on July 05, 2001 at 08:22:07:
Thank you for both of your advices, Ronald and Quincy. I will take both into consideration. I guess I was a little scared on buying cheaper houses and renting them out fearing that problems with the houses might arise. Your suggestion really make sense. Thanks!
Please, I really need your advice - Posted by Traci
Posted by Traci on July 03, 2001 at 08:52:31:
I am interested in real estate as a side job. Last month, my husband & I purchased a house in a growing subdivision for $144,000 and down $70,000. So we have a monthly mortgage of $650 for 15 years. We currently reside there. Last week, another house (2 houses away from ours) came up for sale for $140,000. A neighbor of ours own 3 homes in the neighborhood and rents each out for around $1300 per month to pay for their mortgages. They are doing farely well on their earned cash flow. Our combine salary is around $60,000 and I don’t know if it’s too risky to purchase another house. It will be great to receive $1300 cash flow each month and help with both of our mortgages. Getting another loan is going to be tough. Can anyone give us some tips and advice. I don’t know too much about real estate, but I’m learning. I really appreciate it.
Re: Please, I really need your advice - Posted by Mike in WI
Posted by Mike in WI on July 06, 2001 at 12:47:30:
Also, you might want to try what I’m doing at the advice of another author in CREONLINE, Ron LeGrand. Here’s what he said in his article and it made a lot of sense to me and has made things a bit easier.
By the way, I’ll tell you the web address of the article I’m referring to, and since it’s on this CREONLINE website anyway, I’m not violating any laws or regulations by simply referring you to the same website’s page.
It is: www.creonline.com/art-117.htm
“You see, here is something you’ll never learn from conventional wisdom. It could only come from a battle-scarred warrior who’s learned the hard way. In fact, this one lesson alone could make the difference between success and failure. It’s an invaluable lesson that has cost many investors sleepless nights and rocky marriages… YOU SHOULD NOT DO ANY REPAIRS OR BECOME A LONG TERM LANDLORD YOUR FIRST YEAR IN BUSINESS.
There you have it! How does that stack up to conventional wisdom? You’ve been told by all your real estate courses and investor buddies the best thing to do is rush out and buy a rental property or a fixer upper. And you know what? Even though that’s the last thing I want you to do, I’d still prefer it to doing nothing. However, before you do, let me briefly make my case and then see if you agree with me.” – continued
To see the whole article, go to the web page I mentioned. I can’t retype it all here and it prints out 6 pages long. He covers Wholesaling, Retailing, Lease/Options, and Creating No-Qualifying Financing.
Hope this helps,
~~ Mike ~~