retire on 30k, (start up) right here in US.

[don't]

10k down payment will get you a bank loan on a huge old wood framed house in a seedy part of town. 20k (or 10 k and your work) will get it divided up into 10 or more rooms that you can rent out for $50 to $100 a week. You live there and supervise your tenants, making the payments on the credit card debt (that you used to get the down payment money and to fix up the house, and to live on while you did so). Once you get one of them filled up and making money, do another one, then another. With a solid male-female older couple running each place, paying them 15k a year and giving them a free room, you are not bound to your properties any more. You simply do whatever you wish, wherever you wish, on your income, that's all.

Getting 50 k (or so) of credit card capability is cheap, easy and takes only about a year.

 

[spider_007]

way too many holes in this plan....WAY TOO MANY.

i recomend you rethink this once you pass 20 years old

 

[don't]

I"m 59 and I've already made it work. so your "holes' are in your head, noplace else.

 

[Gaucho]

metoo reborn.

 

[don't]

so?

 

[OzyBoy]

In a perfect world maybe. I may be wrong because i am not from there but the place could get trashed if you get bad people in if its in a bad area or people refuse to pay rent and you can't get them out. Probably not worth it i think. There has got to be a reason why it is so cheap.

 

[BigJimbo]

I think I liked it better when we had the boys pumping penny stocks. This one could be dangerous to your health. $50 a month won't get you a prime spot Under the Bridge in Santa Monica. Speaking of which....

http://www.youtube.com/watch?v=GLvohMXgcBo&ob=av2n
Nice the way I can link anything to late 70's - mid 90's pop culture.

 

[spider_007]

10k down payment will get you a bank loan on a huge old wood framed house in a seedy part of town.

I agree....mine was 7k down + lawyer....140K mortgage...3 bedroom 1.5 bath.
1400 square feet. I Live in one of the cheaper cities to live in....in Canada.

20k (or 10 k and your work) will get it divided up into 10 or more rooms that you can rent out for $50 to $100 a week.

And here come the holes... dividing a 3 bedroom house into 10 bedroom will give you a bedroom thats a little bigger then a closet. I personally wouldn't live there, and anybody that would sleep in a closet would be a desperate, desperate guy. But I've actually seen this done. Mostly above run down strip clubs. Features sleep there for a night or two....as well as crack whooores and shady old men. Usually i stay out of those places....high risk of getting shot, stabbed or robed.

What your talking about here is taking down walls, adding new once, new electrical, complying with the local bylaws etc for 10 extra units, i'll be a lot more then 20g. More like 30-40

You live there and supervise your tenants, making the payments on the credit card debt (that you used to get the down payment money and to fix up the house, and to live on while you did so)

Here, where i live they check that your credit before they give you a mortgage. In another words...you got to have money for the down payment...
you can't borrow it. And once you do have the mortgage, it limits the amount of money you can borrow...Gotta have a good job. before they'll give you any extra money to borrow.

Once you get one of them filled up and making money, do another one, then another. With a solid male-female older couple running each place, paying them 15k a year and giving them a free room, you are not bound to your properties any more. You simply do whatever you wish, wherever you wish, on your income, that's all.

So the type of place you are talking about gets high turnover (almost weekly) Nobody stays for long. 90% of the time they will try and stiff you for last week/month rent. Your Mortgage will be around 800/month + Property tax. + utilities + Electricity.....