15 years ago I decided to buy the most run down home on the street, live in it, remodel it and then rent it out. Everyone told me I was crazy and it would not work, I think I proved them wrong. Since then I have done the same thing 7 times and each deal brings me about 90k after all final cost of each sale. I now have 2 rentals left and have practiced the 2 of the past 5 year rule which has worked well. Only paid Cap Gains on 1 place and still walked with 120k.
Hold my RE license in Maryland and Colorado for my own investment purposes, do not want to be the full time agent type. I have learned a lot with the license and the MLS access is great to have.
Moving forward building homes 1 a year and wait for the cherry picked deals. Rather do 1 deal per year with a larger ROI than spin wheels for 20 deals a year with the same ROI. Keep building a network of contacts never know who will call you with a deal...
| Began Investing | January 1995 |
| Member Since | January 12, 2008 |
| Website | Www.ineedthishome.com |