Basically, I am wondering if all of you investors out there own your personal property outright before starting your RE business?
I am still very new to this. I am still learning and doing my homework first before starting anything. In any case, I do have some cash to start with the business but at the same time I still have a mortgage to pay for own place. My place is currently underwater. No equity at all. It went down hill after I bought it in 2006.
Yes you can.
I don't want to sound like a jerk, but based on the posts I've seen I would recommend 1-3 more months of research and study before investing. That doesn't mean you can't start marketing for properties, the practice will be good, but I would suggest not pulling the trigger until you have a mentor or 3 more months worth of diligent study.
Best of luck!
@Bud Leiser - not a jerk at all. I like your honest input. Yes, I still have to do a lot of reading on this.
@Scott Christensen - thank you also for your encouragement. In my area, the condo rent out very quickly for the price range of $1650 - $1700. However, I will not make anything out this rental because I pay roughly $1800 per month on the mortgage excluding the $200 HOA/month. It's fairly new so I don't need to do any major repairing. I have excellent credit score so I don't want to do anything that will jeopardize it.
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