Just got apartment # 5....3 more till retirment

[Str8Fish]

Rika, do you make sure your tenants aren't illegal aliens? I heard on 60-min something about really cracking down on renting to them. I don't have the full story... just saw it while flipping.

[RikaKazak]

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Are you purposely not answering how many units you own? It's been asked a few times and I don't see the answer?

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Yes I am...I'll try to explain a little.

In real estate I'm WAY MORE private than in say poker. If you ask me how much I'm up or down this week in poker, I'll tell you no problem (just the poker way of life) In real estate you usually talk about stuff, but are always a little vague (like I have been, saying I own 5 building, but don't get into their price, nor their exact location or unit size, I'll say Spokane, even downtwonish Spokane, but I won't through out addresses)

Also I don't mention specifics for a couple other reasons. Another deals with mentors/ people helping me when I get stuck.

People HATE to help the cocky 22 year old that is coming up, but people LOVE to help the nice 22 year old that is trying to make something of himself, and working hard. What happens is the old guys that own the property basically get to choose who takes over Spokane, cause to most of them it's not about the money, so they do this: either a.) like the specfic young guy that made an offer and give him a better than average deal because he wants that young guy to take his spot (the guy that's super nice to me doesn't have a son, since I'm about how old his son would be, he takes care of me/ and treats me like a son) or b.) the old guy doesn't like the specific young guy and either will just not plain sell to him, or will only accept unfavorable terms (in the eyes of the young guy)

Another reason I think they're nice to young guys sometimes is because they're not threated by a young guy (after all, how can a 22 year old compete with them) They've been doing it more years than I've been alive, when that next big place comes up for sale downtown, no way I could POSSIBLY get the money for another [img]/images/graemlins/wink.gif[/img] (even though that's exactly what i'm doing, I just keep buying and buying and people are like WTF, doesn't this kid run out of money...he grew up poor/lower middle class, no way he can keep doing this, he's about to stop...I just don't stop)

Also some 2+2'ers do have business interest me in...and since my financial situation changes SO QUICKLY I would hate to say 1 thing here, then when we chat via MSN say another, and they think I'm being shady because I contradict myself (I wouldn't be lying, it'd just be that I sold a place, or refinanced or something)

To summarize the "how many units do you know?" question, I'm not a big time guy like donald trump don't read that at ALL into any of my posts. Donald owns more/bigger than I'll probably ever own...but on the flip side I'm not some overly bragging guy that just bought his 5th single family that cost $25,000 and is run down and now thinks he's the shiznate [img]/images/graemlins/wink.gif[/img]

For the record, right now no place that I own is OVER 35 units...hopefully change that here in the next purchase though [img]/images/graemlins/wink.gif[/img] That's my goal actually...break out of the small apartment complexes and really get a BIG BOY one [img]/images/graemlins/wink.gif[/img]

[RikaKazak]

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Rika, do you make sure your tenants aren't illegal aliens? I heard on 60-min something about really cracking down on renting to them. I don't have the full story... just saw it while flipping.

[/ QUOTE ]

Yes I do try. I would never knowinly rent to an illegal. However it's getting harder and harder to spot fake ids or identities. I do have a screening company I use, and they do their best, but for $32 TOTAL, including credit check etc. there's only so much screening they can do.

[Ribsauce]

Just want to say this thread has inspired me to learn a lot about investing and making my money work for me. Thanks

[spacegravy]

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Just want to say this thread has inspired me to learn a lot about investing and making my money work for me. Thanks

[/ QUOTE ]

Same here, im bout to get that book you reccomended as we speak. What would you say is the best book on the stock market for beginners to read? Thanks

[RikaKazak]

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Just want to say this thread has inspired me to learn a lot about investing and making my money work for me. Thanks

[/ QUOTE ]

Same here, im bout to get that book you reccomended as we speak. What would you say is the best book on the stock market for beginners to read? Thanks

[/ QUOTE ]

As far as the stock market go, it's hard to say 1 books is a MUST (like I can say with Gary Keller's book)

I would say the best way to learn about the stock market is to watch CNBC, and when you don't understand something, look it up online. And then supplement that with just "random books" meaning if you're in the airport, and got a 2 hour flight, pick up a random stock book and see what's inside.

[El Diablo]

Rika,

Based on your posts in this thread, it wouldn't surprise me at all if 5 to 10 years from now you were the richest person among all current 2+2ers.

[GooseHinson]

El D,

You are obviously forgetting our friend with the ever expanding net worth...1.5million, 10million, 80million, all within the span of a few weeks! Imagine what he'll be worth in 5-10 years!

[rwesty]

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Right now 23% of people of working class in Spokane make under $10,000 a year.

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How is this even possible? This is under minimum wage. Do part-time workers count even if they live with someone who makes more?

[jaybert]

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Right now 23% of people of working class in Spokane make under $10,000 a year.

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How is this even possible? This is under minimum wage. Do part-time workers count even if they live with someone who makes more?

[/ QUOTE ]

Barely...minimum wage is $5.15/hr.

$5.15/hr * 40hrs/week * 52weeks/year = $10712. So pretty much if you take any time off/arent able to work a 40 hrs every week, you will be below the $10,000/year mark. The $10,000/year could also be after taxes...