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  • #16
    I manage some property for a Doctor, they financed the whole bit and are not having very much cash flow, I take most of it in a management fee.
    I guess the theory is, over time the property will appreciate in value and your investment will have grown. I think that is fantastic.

    I just hate seeing people who are in bad financial situations get sold on the concept of real estate is going to make them rich. You see these late night infomercials all the time promoting how to buy property with no money down.

    Do you feel you have learned much from your client who is the doctor when it comes to investing in real estate? What would you do differently or similarly to that client if you were in a situation that allowed you to invest like that?
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    • #17
      I guess the theory is, over time the property will appreciate in value and your investment will have grown. I think that is fantastic.

      I just hate seeing people who are in bad financial situations get sold on the concept of real estate is going to make them rich. You see these late night infomercials all the time promoting how to buy property with no money down.

      Do you feel you have learned much from your client who is the doctor when it comes to investing in real estate? What would you do differently or similarly to that client if you were in a situation that allowed you to invest like that?
      I feel I have learned a great deal. I would not buy something with no money down, unless I had a Huge cash reserve. I like Section 8, subsidized housing, we always get paid. They do destroy the house carpet and paint, so it is best to have a block house where you can pretty much pressure wash the inside. Get a cell phone that you leave on only for biz hours they will call at 3 in the morning to tell you the toilet is clogged. There many many many heartbreaking stories as to why there late with the copay, and all are lies. If I were to get into nicer properties I would make sure the prospective tenant has great credit, and look at the car the pull up in is it a mess? and I think I would most like college rentals when I can get a parent to cosign. But if you buy a property that brings in 15k a year in rental income but you have 16k going out, I would not do it just to own some real estate, unless there was a land use change coming, but that is a gamble. where you can get it for no money down have a payment that is 10-15% less than the rental income is not good with me because one ac system, roof or major plumbing issue and you have lost any profits. There are tax things you can do, but I would put a hefty down payment, or pay it off. I know one guy who is 32 has 29 single wide mobile homes, has paid 10-20k for the land and each mobile and gets $550 a month and has ALL of them rented. Approximately 435000 invested and 191400 annually in revenue, That is a great investment no matter how you look at it, but some of the people are less than desirable. That is my goal. to have a real estate company that handles property management, residential sales, commercial, and handles all of the maintenance for the properties in every aspect.

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      • #18
        That is my goal. to have a real estate company that handles property management, residential sales, commercial, and handles all of the maintenance for the properties in every aspect.
        Would this be some kind of franchise real estate office? Or how would you like to do it?
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        • #19
          I would like to start a franchise, not be part of one.

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          • #20
            That is great! Keep experimenting and keep exploring and a lot more will come your way!
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