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re: Another reason why real estate > stock market
Posted on 1/5/14 at 3:30 pm to Janky
Posted on 1/5/14 at 3:30 pm to Janky
I wish I could say I did. I've sent a few letters in the past with no luck.
However, almost all of my rentals have come from distressed properties.
My real estate buddy told me,(I guess you could call him my "mentor")To keep it simple, he said his investment criteria is the 2% rule. If you can rent a house for 2% a month (or more) of the purchase price, he buys it. He is one of the richest people I know and it has worked for me so far.
This one is almost a 3%er. Home run for me.
However, almost all of my rentals have come from distressed properties.
My real estate buddy told me,(I guess you could call him my "mentor")To keep it simple, he said his investment criteria is the 2% rule. If you can rent a house for 2% a month (or more) of the purchase price, he buys it. He is one of the richest people I know and it has worked for me so far.
This one is almost a 3%er. Home run for me.
This post was edited on 1/5/14 at 3:32 pm
4
Posted on 1/5/14 at 3:34 pm to I Love Bama
Do you buy these in your name, a LLC or inside an IRA?
This post was edited on 1/5/14 at 3:34 pm
Posted on 1/5/14 at 3:35 pm to I Love Bama
Just convinced my parents to rent out our condo in Tuscaloosa to one of my buddies who graduated and is working right next to our condo.
He gets a fully furnished condo. He agreed to move out of the master bedroom during game weekends for my parents. And we get to make some money back on the condo that we pretty much only use for football.
He gets a fully furnished condo. He agreed to move out of the master bedroom during game weekends for my parents. And we get to make some money back on the condo that we pretty much only use for football.
Posted on 1/5/14 at 3:44 pm to I Love Bama
I've got a good friend who did this in the Athens, GA area and branched out from there and he has made a fortune. Did low income housing as well pulling -6 HUD money from the gov't. Worked his @$$ off for awhile and still works hard now but is now a broker and has people do the property maintenance for him. I might look into this when I retire from active duty in 2016.
Posted on 1/5/14 at 5:22 pm to I Love Bama
quote:
To keep it simple, he said his investment criteria is the 2% rule. If you can rent a house for 2% a month (or more) of the purchase price, he buys it
That doesn't exist in my area unless you have connections with bank and get cheap foreclosures.
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