LANDLORDS FOR A LIVING

[Michael Seutin]

How many of you are actually landlords for a living.
What I 'd like to know is when did u start investing, how many properties do you have and how much true cash flow do you live on. And what is your main strategies you use to buy properties, how do you find the down payments.
I would like to excluse people who were born with money or given money or real estate. Only self made investors for this thread.
And more specifically buy and hold, landlords, not rehabbers, flippers or wholesalers..

[Michael Rossi]

Hi Michael,

I make my living as a landlord. I have several dozen rentals and make a nice living doing so (which obviously means a 6 figure income - I won't say how much). I don't have a main strategy for buying rentals, except that I always buy from DESPERATE sellers. Most of my rentals were purchased with bank financing, but I have also bought via lease option, owner financing, sub-2, etc.

I bought most of my properties at HUGE discounts to market value (on average about 50% LTV). I have an excellent relationship with my bankers and was able to do many of the loans without a down payment. For others, I used money from cash flow; from my own money; from credit cards, used cross collateralization, etc.

To succeed in this business, you MUST work hard and be willing to sacrifice, especially the first 2 or 3 years.

Good Luck,

Mike