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.
Topics covered:
- 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”….