For my entry into real estate, I bought a clunker, huge old house with 7k of my own money, 20% down, fixed it up with my own labor and another 10k of cash, plus having some of the tenants already there working off some of their rent.
Now that place, plus a little $1000 "add on' that I thought of, CLEARS me over 30k a year, after all expenses and taxes. I have 20 tenants, 10 big rooms to start with, each of which got a little wall across it. I had to rewire the place and add air conditioning, as well as 2 more bathrooms and another laundry room. I put an old desktop pc and Net into each sub-room, as well as a little frig, microwave and tv. I get $100 per week for each of those tiny rooms, and I have a waiting list of people wanting to rent from me.
My initial money, and the ongoing money to fix the place, came from college loans.
Think that I have any trouble paying the simple little interest on them? or the 5% on the bank loans on my properties? I don't WANT to pay off the balances! Why would I want to do that? inflation has averaged 5% per year, for over 40 years now! Let the BANK worry about fires, floods, riots, highways being pushed thru, etc, etc. I'll just pay my managers their 5k a year, give them their free room and utilities to watch over things, and pay my management company their little fee to manage the managers. You guys just keep on beating your heads against a wall, for 45 years, never have anything, never go anywhere, never do anything. great life, make 2 million dollars, work 100,000 hours, and give 3/4 of your pay to gov't leeches.
Now that place, plus a little $1000 "add on' that I thought of, CLEARS me over 30k a year, after all expenses and taxes. I have 20 tenants, 10 big rooms to start with, each of which got a little wall across it. I had to rewire the place and add air conditioning, as well as 2 more bathrooms and another laundry room. I put an old desktop pc and Net into each sub-room, as well as a little frig, microwave and tv. I get $100 per week for each of those tiny rooms, and I have a waiting list of people wanting to rent from me.
My initial money, and the ongoing money to fix the place, came from college loans.
Think that I have any trouble paying the simple little interest on them? or the 5% on the bank loans on my properties? I don't WANT to pay off the balances! Why would I want to do that? inflation has averaged 5% per year, for over 40 years now! Let the BANK worry about fires, floods, riots, highways being pushed thru, etc, etc. I'll just pay my managers their 5k a year, give them their free room and utilities to watch over things, and pay my management company their little fee to manage the managers. You guys just keep on beating your heads against a wall, for 45 years, never have anything, never go anywhere, never do anything. great life, make 2 million dollars, work 100,000 hours, and give 3/4 of your pay to gov't leeches.