| Most Recent Posts Never to late to start buying rental propertiesPosted Jun-21-06 19:20:11 PDT Updated Jun-21-06 19:21:37 PDT Having spent a large portion of my life as an pen and pencil salesperson , I managed to survive and raise my three children, but never really felt comfortable as having enough. Many years ago I came to the conclusion that as long as the population of the world was increasing at an exponential rate and the land mass of the world stayed constant, that the laws of supply and demand dictated that real estate was the best thing to invest in. Life seemed to get in the way of that goal for a long time.
Then my wife recommended that I read the first Rich Dad book. I have been reading more of his books and listening to the CD's and playing CashFlow101 ever since. Despite the fact that at that time in my life I had go no where job and only a minimal income from a small S-corp, I managed to start buying properties six years ago. I rolled over a rental property (that had zero net income) that I had had for years into two rental properties (a 1031 Exchange) that net some passive income. At the same time I purchased a home and moved. Shortly after that I acquired another rental property, so then I had 3 houses as rentals, and one to live in. After buying the first couple of properties, banks and finance companies added my name to their telemarketing lists. Since I didn't net enough passive income to meet my needs from the first three rentals, I took went to private bankingand used all the properties value and used that to put down on a 4th & 5th rental property, which I closed on last year. Since I still do not net much from my S-corp, and I have no job, I had to make sure that I would be able to handle the expenses associated with the rentals. A zero vacancy rate was necessary. To achieve that, from the beginning I established a rule for myself that I would never buy a property prior to having it rented out. This was actually easier to accomplish than I initially anticipated. When I made offers on properties, I made it contingent on having permission to show the property to prospective renters prior to closing. So far, I have been able to leave each closing and go directly to turn over a key to the renters. Another measure that I have taken to ensure the zero vacancy rate is to be the best landlord in town. When repairs are needed, I take care of them immediately. My tenants have found this unusual for this town and have not only written me letters of gratitude, but have taken care of a lot of things themselves without even asking me. Now in 2006 we own 7 home plus our own and all being paid by the renters. How to buy and find a house with little to no money down and the long term goalsPosted Jun-21-06 19:11:04 PDT Business Outline and Notes
§ IMMEDIATE GOALS (SHORT TERM - FIRST 2 YEARS) § CHALLENGES § FINDING/ ACQUIRING PROPERTIES § CONTRACTORS / VENDORS § TURNING PROPERTIES § FUTURE & THE BIG PICTURE IMMEDIATE GOALS (SHORT TERM - FIRST 2 YEARS)
CHALLENGES
FINDING/ ACQUIRING PROPERTIES
FINDING/ ACQUIRING PROPERTIES (Continued)
FINDING/ ACQUIRING PROPERTIES (Continued) Relocation companies (Continued)
CONTRACTORS / VENDORS
TURNING PROPERTIES
FUTURE & THE BIG PICTURE
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