|
S |
M |
T |
W |
T |
F |
S |
|
|
|
|
|
|
|
1
|
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
|
9
|
10
|
11
|
12
|
13
|
14
|
15
|
|
16
|
17
|
18
|
19
|
20
|
21
|
22
|
|
23
|
24
|
25
|
26
|
27
|
28
|
29
|
|
30
|
31
|
|
|
|
|
|
|
|
126 members (CrappieMan, AU338MAG, gwstang, cartervj, UA Hunter, jhardy, BobK, Albowhntr2, akbejeepin, pickenstj, DThrash, Cactus_buck, BearBranch, bambam32, GomerPyle, Geeb, Jus_me, CNC, Okatuppa, Bglen, XVIII, Goose, skymech, Dublgrumpy, aucountry, odocoileus, Ray_Coon, Cuz-Pat, 4Him146, James, Gobble4me757, mossyback, CouchNapper, square, walt4dun, Bruno, sawdust, AU7MM08, Holcomb, 3bailey3, DoubleNickel, 7PTSPREAD, woodduck, M48scout, MAG, benchmade47, CatfishJunkie, robinhedd, Sus scrofa Reduction Specialist, 1hunter, Cynical, 4Tigers, fourfive45, BrandonClark, Pwyse, RCHRR, ECO25, LongBeards29, kodiak06, C3SEAST, hillmp, cch, TEM, AlabamaPhi, Engine5, Tree Hanger, icducks, QuackSmacker14, jaredhunts, dave260rem!, Longtine, MikeP, Wildboar14, skoor, seminole1, johndeere5036, 2 ducks, AU coonhunter, cullbuck, Aldecks1, headshot, Big Al, twaldrop4, jtillery, brett.smith, smithjearl, ImThere, BAR1225, k bush, LostinTX, Big AL 76, Booner Hunter, TamaDrumhead, leroycnbucks, Sgiles, Tupi, RidgeRanger, mathews prostaff, T-Rock, leroyb, demop_native, 007, burbank, Joe4majors, mzzy, Bustinbeards, Ruger7mag, Dubie, 7short, Atoler, klay, JoeyWommack, JBrown1975, GRINNING, abolt300, 11 invisible),
768
guests, and
0
robots. |
|
Key:
Admin,
Global Mod,
Mod
|
|
|
|
Joined: Jul 2005
Posts: 19,569 Likes: 23
Old Mossy Horns
|
|
Old Mossy Horns
Joined: Jul 2005
Posts: 19,569 Likes: 23 |
I'm looking at getting into some rehab to rent properties as a cash flow investment and college/retirement savings plan. There are 1000 different methods and ideas floating around out there regarding this. Any of you have any practical, real world advice based on experiences? Any good "program" you'd recommend?
Any good book you'd recommend?
"The grass withers, the flower fades, But the word of our God stands forever." Isaiah 40:8
"Neither the wisest constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt.� Samuel Adams
|
|
|
|
|
|
outdoorobsession
Unregistered
|
|
outdoorobsession
Unregistered
|
To be honest..Id recommend Carlrton Sheets "No Money" down course. Not so much for the "no money" down part, but more for the rest of the course, figuring property rehab and period costs, costs of acquisition, and his property management techniques, as well as the legal forms and rehab forms portfolio. Id look on Ebay for it.
I got that course 21 years ago..and Ive been a real estate investor ever since. I think youll like it.
Also his No Money down techiniques can work right now as some people are looking to bail on properties.
Heck, Im closing on a real nice 1800 square foot home on friday. 3 br 2 ba..One owner...it will be a rental. Real nice area too.
The secret to Real Estate is LOCATION, LOCATION, Location!..he will teach you that too...IT IS ALWAYS better to have the worst house in a great area and then fix it up...then to have the BEST house..in a bad area.
|
|
|
|
|
Joined: Sep 2006
Posts: 2,685
10 point
|
|
10 point
Joined: Sep 2006
Posts: 2,685 |
Other important thing is not to buy a house with an odd floor plan, too small, low ceilings, etc. We bought and remodeled 13 before the market turned, and the only ones we had a hard time turning was one that was real small (950sq ft), and one that had a bit of an unusual floor plan. I know you are planning on renting them, but you may want to sell them at some point.
I had 13 rentals but they were all single wide mobile homes (lower income renters) which isn't what I would recommend. You can make some money but it's a pretty tough business when dealing with lower income renters.
|
|
|
|
|
Joined: Dec 2012
Posts: 55
spike
|
|
spike
Joined: Dec 2012
Posts: 55 |
Right on Obsession!
I did the same thing just under 20 years ago and it has turned in to a great business!
I bet you can find it on eBay for a bargain!
Live in Ft Morgan, hunt in Wilcox county
|
|
|
|
|
Joined: Oct 2012
Posts: 2,220
8 point
|
|
8 point
Joined: Oct 2012
Posts: 2,220 |
Close on my first rental property tomorrow. Hope to use that money to start buying more rental properties. Same situation with the rehab to rent. We'll see how it goes.
|
|
|
|
|
|
outdoorobsession
Unregistered
|
|
outdoorobsession
Unregistered
|
Yes.. youll see houses are easier to manage then apartments..less labor intensive. If you buy houses, buy 3 BR or 4 BR..never 2 , as they are harder to resell.
I also own an apartment complex , some 4 unit buildings as well as a number of single family rentals....I got them all thru doing that course...and I own them all now..free and clear. Twenty One years after buying that course!
If you apply yourself that course will not only make you RICH..but allow you all the time to hunt like you never imagined!
It takes a little work at first but after you figure it out it is the easiest living you could ever have.
You get any questions..please PM me, Ill help you in anyway I can!
|
|
|
|
|
Joined: Jan 2011
Posts: 12,018
on probation
|
|
on probation
Joined: Jan 2011
Posts: 12,018 |
So your rich outdoor?Need a new best friend?
|
|
|
|
|
Joined: Dec 2004
Posts: 20,183 Likes: 81
Freak of Nature
|
|
Freak of Nature
Joined: Dec 2004
Posts: 20,183 Likes: 81 |
So your rich outdoor?Need a new best friend? Beat me to it. 
If voting made any difference, they wouldn’t let us do it.-Mark Twain
|
|
|
|
|
Joined: Sep 2007
Posts: 3,190
10 point
|
|
10 point
Joined: Sep 2007
Posts: 3,190 |
Yes.. youll see houses are easier to manage then apartments..less labor intensive. If you buy houses, buy 3 BR or 4 BR..never 2 , as they are harder to resell.
Id say apartments are a LOT easier to manage. My advise is to not over extend yourself, maintain a healthy liquid savings account. Using 1 to pay for another can catch up to you fast. Also, be sure to account for ALL your expenses; non homesteaded taxes, insurance, maintenance, additional income tax, ect. Plan on painting and replacing carpet periodically.
|
|
|
|
|
Joined: May 2002
Posts: 8,032
14 point
|
|
14 point
Joined: May 2002
Posts: 8,032 |
Best advise I could give you is to think outside the box. Don't get the rutt of buying only homes that YOU would stay in. I have made more money off of homes that I paid less than $10,000 than ones that I have paid $200,000 for.
Always, check credit references and get one month rent up front, always, no exceptions. And don't get in a situation where you have to get the rent money to cover the mortgage. Be prepared for the worst case scenario. And lastly, learn the legal steps of the eviction process, you will need to know them.
"Don't cling to Mistake, just because you spent a lot of time making it."
|
|
|
|
|
Joined: Jul 2005
Posts: 19,569 Likes: 23
Old Mossy Horns
|
|
Old Mossy Horns
Joined: Jul 2005
Posts: 19,569 Likes: 23 |
Great advice guys, keep it coming.
"The grass withers, the flower fades, But the word of our God stands forever." Isaiah 40:8
"Neither the wisest constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt.� Samuel Adams
|
|
|
|
|
Joined: Sep 2006
Posts: 2,685
10 point
|
|
10 point
Joined: Sep 2006
Posts: 2,685 |
Lot's of good advice.
Another thing you can do that a lot of people are not aware of, is use your 401k to buy rental properties. But the money you make goes back into your retirement account, which can be tax deferred or tax free, depending on the type of 410k that you have. It's called a self directed IRA, you can buy property, tax deeds, collectables, etc. within the confines of your retirement account.
|
|
|
|
|
