Comments on: REI Strategies: Know What You Want

By: Kenny Hayslett

Kenny Hayslett — Tue, 20 Apr 2010 11:58:45 +0000

I am in full support of debt free investing. Much of the mess we found ourselves in today is due to excessive debt and over leverage.

Many “gurus” would tell you to leverage as much RE with the min down payment – and the lending instituions have supported this bad behavior. Well enough it enough. Dave Ramsey is the best in teaching people how to follow the right steps to financial freedom. Stay out of debt!

By: Shae Bynes

Shae Bynes — Fri, 16 Apr 2010 23:18:22 +0000

Thanks Rachel! You’re absolutely right…there are a LOT of stories just like one. I spoke with one the other day whose house I may be buying. He has 7 others and is living off the cashflow from them. Doesn’t want anything extravagant (although I don’t have a problem with that)…just enjoys simplicity and is able to do it debt free in his retired years.
.-= Shae Bynes´s last blog ..Offer mojo and one crazy day =-.

By: Rachel Aka Mobile Home Gurl

Rachel Aka Mobile Home Gurl — Fri, 16 Apr 2010 11:07:44 +0000

Nice article, Shae! I definitely agree. I think a lot of people who go into real estate go into the mindset of just making “easy money” (like what Liz said) and don’t really have much direction. With all the different real estate investing techniques out there, it can be easy to get lost in all the “hype.”

I actually agree with your philosophy on debt free investing. Getting caught up in too much debt can be catastrophic in the end. It’s amazing some people I’ve met in the mobile home biz just regular, normal everyday people who live debt free.

I met one guy who works a normal contractor job. He’s got a mobile home on land (that’s paid off), and every now and then when he gets some money (a couple thousand) he buys a cheap mobile home, moves it to his land, and then rents it out. It’s pure cash flow for him. He told me he’ll be retiring in his early 40s if he keeps it up, he’s got about 4 right now and each one cash flows $500. He’s not even a typical investor, just a normal everyday working guy who just wants a better life for himself and his family.

He says he just wants enough to be able to enjoy life and to provide for his family. These are the kinds of stories people don’t hear about. Unfortunately, it’s the stories that are so embellished with all the bells and whistles (i.e. I made “x” amount of money overnight investing in real estate with no money and no credit, you can too!) that get all the attention.

I enjoyed the article, thanks for sharing!

By: Shae Bynes

Shae Bynes — Fri, 16 Apr 2010 03:49:35 +0000

Thanks for your comments, Mariah! .-= Shae Bynes´s last blog ..Offer mojo and one crazy day =-.

By: Shae Bynes

Shae Bynes — Fri, 16 Apr 2010 03:49:09 +0000

Thanks Liz! You're so right about the realities of being an investor. In my short 3 years time of being a landlord, I've dealt with termites, an air conditioner repair, and eviction. This business, like any other, has its ups and downs and its good to #1 be aware of it and #2 know that your success depends on the way you respond to the downs. .-= Shae Bynes´s last blog ..Offer mojo and one crazy day =-.

By: Mariah with Maui Real Estate

Mariah with Maui Real Estate — Fri, 16 Apr 2010 00:42:24 +0000

Shae, great advice, specially for new investors. Too many people get focused on getting more and more deals go through, without much thought to the unnecessary risk to which they are being exposed. Debt-free investment is the way to go, if you can afford it and have the long-term plan to execute it. Great post.

By: Liz Voss with San Antonio Real Estate

Liz Voss with San Antonio Real Estate — Thu, 15 Apr 2010 22:59:39 +0000

Good advice Shae. I would also probably add a few negatives in a seperate column like “The unexpected”, or “The late night phone call that a water pipe broke”. Many investors think of nothing but the easy money coming in…

Visit Liz Voss’s last blog at San Antonio Homes.