If you can, I'd just like to know what area of real estate investing did you start in and why you made that choice. I only ask because I read that so many start in wholesaling because of its quickness, low capital, and low risk but also read so many things bashing wholesaling as the first thing to get started with. By the way, at the moment I have a couple thousand saved up with a steady income.
I bought a very distressed property from a local S&L. In late 2002. For $2,900.00
Turned into my first rental.
I am a believer in cheap rentals.
Did you need financing for rehab? Do you work with nothing but rentals?
I just scrounged what I could to rehab it. Then bought a couple more cheap houses. Then it just kept rolling. We have done some flips. But the flops I did we're usually on lower end properties, and I decided that I would rather rent, make the profit for many years.
okay, thanks for answering!
We are buy and hold investors in single class A real estate, which allows us to invest while working full time! We self manage from all over the country as we invest locally and long distance. My husband is military so local is all relative.
Our biggest key is that we have learned to adapted. Where we thought we would be 3 years ago is not where we are today. The only thing we haven't changed has been our end goal to retire off the cash flow in 15 years.
This is an AMAZING website because there are TONS of different opinions. Also remember that real estate is local. So what work for me might not work for others and vice versa. Wish I could get a house for $2,300. Even the worst areas aren't that cheap. As a single white 130 pound 5ft 1inche female who can't speak spanish and sticks out like a sore thumb. I buy only in areas I am comfortable. I personally LOVE leverage as we our young with great income and savings. So we buy more expensive homes (90-$240k) and than put 0-20% down. Our margin are smaller,but the tenants are paying off the houses not our downpayment.
Our plan is early retirement in 15 years. So it is fine with us to have delayed cash flow as long as we have the cash flow when we need it. I also have no desire to keep flipped our rentals so we bough in an appreciating area. This allows the appreciation to exceed inflation preserving our cash flow
Another GREAT resource is everyone's signature. MANY of us, including myself have put together a blog/website about our niche, strategy and business model. Think of them as "free" books. These are GREAT free resources too!
Please feel free to pm me if I can help!
Thanks for sharing! I have a pretty good income myself as I was on of the lucky ones to get a job right out of college a couple months ago. I love my job dearly and that's why I started thinking that a more passive income may be a better fit for me. What do you mean by delayed cash flow aren't you still getting a positive cash flow from the properties or do you mean it as after they are free and clear?
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