Coming from a builder/investment property owner/card collector.....Guys it all comes down to math. I have lost over $200K in the last 3 years sitting on empty real estate. With taking that into consideration, every deal has to be looked at uniquely. If the math works out then a person can build wealth faster now with real estate than ever before. I have lost most $$ on spec homes built to sell and made more recently on investment property. With that being said, the time is right now to purchase rental property because the supply is high and interest rates are lower than we will ever see them. Now, I would not recommend being a landlord to anyone but it can pay off. I have had many in the same business tell me dont do it, that it is a headache, but hard work can pay off. You have to rent to the right people and line up your ducks, and be willing to sit empty for a month or two rather than just stick anyone in there. Also make a plan to own atleast 10......1 or 2 will just be a headache and not worth it. Atleast with 10 you should have a nice income every month and if 1-2 go empty the others will help carry them. Do what you enjoy in life. I would not recommend investment property to just anybody. I still stand firm in real estate as the way to build wealth. All of the other stuff (cards, stocks, etc.) are just smoke and mirrors. They dont make more land folks.
Jason
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07-27-2012, 08:55 AM
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