whoisjohngalt
Junior Associate
Joined: Dec 18, 2010 14:12:07 GMT -5
Posts: 9,140
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Post by whoisjohngalt on Apr 7, 2011 19:37:53 GMT -5
2kids,
I so miss RE. I started doing a little bit of rehabs before I got married and lived in MD and oh, how I wish I could do it now. I just LOVED IT!! I am a bit nervous about landlording, but can't wait to get into one.
I did belong to MAREIA, it's amazing how generous people can be with their time and information.
I wish I didn't read your post, now I won't be able to stop thinking about it. LOL
Lena
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2kids10horses
Senior Member
Joined: Dec 20, 2010 20:15:09 GMT -5
Posts: 2,759
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Post by 2kids10horses on Apr 7, 2011 22:19:53 GMT -5
Lena,
I prefer to flip. I do two or three a year. I generally make pretty good money at it.
But, I LIVE off my rentals. They generate my monthly income.
I have sold a few on owner financing. Again, that's a monthly income. The good thing about that flow of income is: I don't have to pay for insurance and taxes! I just have to make sure the mortgagee has paid them.
I've been living off my rentals now for 10 years. In effect, I was able to "retire" at 47.
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AgeOfEnlightenmentSCP
Distinguished Associate
Joined: Dec 21, 2010 11:59:07 GMT -5
Posts: 31,709
Favorite Drink: Sweetwater 420
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Post by AgeOfEnlightenmentSCP on Apr 8, 2011 12:35:12 GMT -5
2kids, I so miss RE. I started doing a little bit of rehabs before I got married and lived in MD and oh, how I wish I could do it now. I just LOVED IT!! I am a bit nervous about landlording, but can't wait to get into one. I did belong to MAREIA, it's amazing how generous people can be with their time and information. I wish I didn't read your post, now I won't be able to stop thinking about it. LOL Lena Especially if you have CASH, rehab flips are where the action is right now. There are so many bank-owned properties right now that you can literally bid what you want-- and you don't have to smell cat pee to smell money right now, either. I'm walking into places right now and all they need is a professional cleaning, or maybe paint and carpet-- really minor stuff. I have two rehabs going down in Pompano right now, and one up in Lake Worth. The one in Lake Worth I paid $46K out the door on and we have it under contract right now for $119K.
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Nazgul Girl
Junior Associate
Babysitting our new grandbaby 3 days a week !
Joined: Dec 25, 2010 23:25:02 GMT -5
Posts: 5,913
Today's Mood: excellent
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Post by Nazgul Girl on Apr 9, 2011 9:28:34 GMT -5
We just made a cash offer of $27000 on a nice 1968 brick 2 BR w/ family room, FP, and 2.5 car garage in a working class town locally. The bank turned down our offer because we're investers. However, if the other party can't get financed, then we might be able to get the house. In the meantime, we're going out Monday & Tuesday evenings to look at more foreclosures in the same area. These houses are renting at $800-$900 per month based on what I see on Craigslist. We're going to get one every 1.5 years until I'm 65. I'll work at my job as long as I want to and join my husband in retirement when I get tired of working. We think it will take four more rentals netting $ 650 to make up for my take-home pay and pay for my health insurance. Now the foreclosures are really on the skids around here and there is a tremendous backlog waiting to be brought to market. A lot of cash investors are coming on.
Not EVERYONE is unemployed in my state, even though the press would have it so, LOL. We will be looking at Florida soon enough, too, but I read that real estate is expected to drop another 10% in 2012, so that is when we'll probably be snouting out something good for us down there. If you do want to do landlording, now is the time. If we stick to out plan, we will wind up with five, plus whatever we have in Fla. We already have owned the first one and had it up and running for six years.
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2kids10horses
Senior Member
Joined: Dec 20, 2010 20:15:09 GMT -5
Posts: 2,759
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Post by 2kids10horses on Apr 9, 2011 23:52:30 GMT -5
Keep looking, they're out there.
Wow! Netting $650/mo on a $27,000 investment is a 29% return!
Why wait until Monday to start looking? Go now!
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