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

[The Young Gun]

I'll admit I am really jealous but thanks for posting this because this type of stuff really motivates me to play even more. Congrats!

[Grasshopp3r]

Here are some pointers:

1. Get your real estate brokers license. In most areas, you need the license to receive a commission. Start by buying your own house and fixing it up.
2. Shop in the market. Find brokers that you can trust. Do your homework.
3. You can buy a 4 unit apartment complex and live in one of the units on an FHA loan. That is a great structure as you can get 95% leverage. You may need to fix it up.
4. Real estate is not easy and you need to be smarter and work harder than whomever you are dealing with (which is like poker).

[AZK]

i am confused about your calculations. How many units do you own and where? For you to be upper-middle class that would be like 10k/month....I don't see you doing that with 5 apts unless they are all in manhattan, and if they are well then who gives a [censored] bc you are obviously a baller to begin with. If these are in middle of bumblefuck america, well, good luck.

[Innocent Kitty]

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i am confused about your calculations. How many units do you own and where? For you to be upper-middle class that would be like 10k/month....I don't see you doing that with 5 apts unless they are all in manhattan, and if they are well then who gives a [censored] bc you are obviously a baller to begin with. If these are in middle of bumblefuck america, well, good luck.

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5 apartment BUILDINGS... he never said how many units he owned... maybe they're each like 30 units or somethign?

[AZK]

oh. jesus.

[raze]

How much does an apartment building cost & how many units in yours?
How easy is it to find an entire apartment building for sale??

[snowbank]

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I can retire from poker, and live in the upper middle class. And once I pay them all off (in 15ish years without poker money, with poker money sooner) I can live in the lower upper class.

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lol

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I even lol'd at myself...I'm such a dork.

What I meant from that...is I "think" to be officially in the rich class you have to break "1 million" a year...that's all I meant.

Upper class = > 1 million a year

Middle class = < million > like $30,000 in idaho I believe

So when I say upper middle class I'm talking $800,000ish a year...and lower upper class I mean like 1-1.5 million a year.

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Rika,

Last time we spoke about real estate you owned a couple tri-plexes or 4-units. I assume the apartment buildings you own= duplex, triplex and quad properties? Where are you getting the $800,000 to $1.5 million numbers???? If you owed nothing on the properties you could probably make $100k+ per year, but no where close to $1 million. Or did you start buying many more units per deal?

[Frinkenstein]

I guess this is not you: LINKY

[hedgeyerbets]

risk of ruin = ~50%

[snowbank]

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risk of ruin = ~50%

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lol. Ummm, Rika's putting 20-50% down on his properties, and has tenants paying his mortgage, so his risk of ruin is about as close to zero as you can get.