I bought my first rental condo around 2002 and since then have added another. Along the way I started a real estate company with my best friend in Texas where we have flipped and house, bought quite a few pieces of real estate and added more rentals.
I’ve always liked the thought of owning a lot of land and still check what is for sale most days. Zillow.com is one of my favorite resources.
I share what has worked and what has not worked for us. As always you will learn if you take action. We sure have and have survived to buy another day.
- Flipping a home and getting rich quick
- Rentals – condo’s vs. homes and can you get 1% or 2%+ for rent? All about cash flow
- Buying tax foreclosures or any real estate in this market – it is all about your purchase price (we like 50% of tax value)
- Paying year 2000 or previous prices in today’s market
- HOAs – the draw backs (the positive they cover things like insurance and maintenance on the structure)
- Leverage – getting a loan to cover most of the purchase amount
- Selling your home every couple of years if it appreciates because you can keep $250,000 (single person)or $500,000 (married) TAX free.
- Using Zillow.com to track pricing
- Diversifying by adding real estate to your holdings
At this point we are focused on property we can rent vs. property we can flip – very much like “Rich Dad, Poor Dad” recommends.
Repeat after me “Rental income is Residual income”, “Rental income is Residual income”….