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

[RikaKazak]

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you bought a complex or an apartments or an apartment?

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This is my 5th "apartment complex"

Basically I own the building, then people rent each apartment from me. But I own 5 "master buildings" now...I hope that clears it up a little, probably doesn't cause I suck at english.

[Wools]

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rika what are your starting hand requirements for reality estates?

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Ditto, but for imaginary estates? And what about castles in the clouds? How many turrets are necessary to compensate for lack of moat, etc, etc?

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vnh.

and also OP, teach me too.

[Dan87]

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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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LOL ROAD TO WIGAN PIERAMENTS

[TheMetetron]

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you bought a complex or an apartments or an apartment?

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This is my 5th "apartment complex"

Basically I own the building, then people rent each apartment from me. But I own 5 "master buildings" now...I hope that clears it up a little, probably doesn't cause I suck at english.

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How many units total over the 5 complexes?

Also, do you manage it yourself or pay someone to do that for you?

[Chump Change]

Hmmmm.... Wow. So, if I may be so bold to ask, how did you come about owning 5 apartment complexes. Don't they cost, like, a bunch of money, even small ones?

[RikaKazak]

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teach me. or at least recommend some good books on commercial real-estate?

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There are ways to get in with 0% down, but it's SO MUCH easier to get in with 20% down or greater. That's what I basically did, earn money from poker, cash out said money, then put 20% down, buy a place, play more poker, earn more money...rinse and repeat.

As far as books go, I STRONGLY recomend Gary Keller's "millionaire real estate investor" It's a 100% MUST HAVE PERIOD NO EXCEPTIONS [img]/images/graemlins/wink.gif[/img]

As far as "general finance" books I strongly recomend the rich dad poor dad series. Teaches you about passive income, etc. etc. And the specific books about real esate is pretty good too.

As far as "dealing with the idiot tenants" I think the best way to do that is to join an association. I'm part of the inland empire rental association, which for $150 a year, provides me with all the "leases" paper work, cheap lawyer, meetings once a month, a mentor, etc. etc. And is by far the best thing I've done to learn the "laws" and "procedures" of being a landlord. I know the organization mentioned only does eastern washington, BUT, there are thousands of great ones out there, just use google, find a number, call them up, and see what the one closest to you in all about. (you don't even have to own property to join, you can just go to meetings etc. to learn)

As far as the "whole process" of buying places. The 2 steps needed are finding a loan (pain for poker players, but can be done in a week easily) and finding a good real estate agent. My agent has been PRICELESS, and anyone buying in eastern washington pm me, I'll refer her [img]/images/graemlins/wink.gif[/img]

Any other questions, don't hestiate to hit me up on MSN, or pm me or whatever, I'm always down to talk about real estate. Anything from "help me I'm a n00b what do I do?" to "debates on the current market condition" [img]/images/graemlins/wink.gif[/img]

[RikaKazak]

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Hmmmm.... Wow. So, if I may be so bold to ask, how did you come about owning 5 apartment complexes. Don't they cost, like, a bunch of money, even small ones?

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Poker has been very kind to me this year. yes it can get expensive to "jump in" especially if you put 50% down (like I had to on my first place) but don't be intimidated. Start small...buy a single family home and rent it out if you want. Nothing wrong with "building up" I just kind of "jumped in" and was very much GOGOGOGOOGOGOGO [img]/images/graemlins/wink.gif[/img]

Also I made a bunch off of oil this year, so that was a nice boost [img]/images/graemlins/wink.gif[/img]

[snowbank]

Rika,

Would you be down for a sick prop bet? We each put aside X amount of money. We can only use that money for real estate, and can't add to that money. End of 1 year person with the most amount of money from the start-up capital wins. You game?

[RikaKazak]

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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.

[I.Rowboat]

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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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LOL ROAD TO WIGAN PIERAMENTS

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nh, sir.