Real estate brag...

[ggbman]

Nothing super amazing, but i bought my first condo yesterday! It's an investment property and already has a tenant and while i am too hungover/still drunk from last night to go into specifics, it's a fantastic investment, and i just turned 20 so i feel ahead of schedule in life.

Variance: Went to look at another property as a potential flip this morning

Variance: Puked on the side of the road after checking out the property.

[Jiganti]

I'm guessing the second one wasn't really all that great.

[maxtower]

where is it? Does the rent cover the mortgage?

[shaundeeb]

very nice, you still at bentley? I been meaning to work my way up there after epts for a few days.

[ggbman]

Yes, the rent covers the mortgage and gives me an addition 7%/year or so on my downpayemnt after taxes and condo fees. Factoring future appreciation, equity built in the unit, and tax benefits this is a pretty killer deal for me so i'm definitley pumped.

[ggbman]

Yah still in school there, it's going pretty well. Oh i forgot, the property is Danbury CT.

[maxtower]

Where is it?

[TheJokerIsWild]

So how do you know it's a great investment? What if the tenant moves out and it's empty for a few months? What if it gets trashed by a bad tenant? What if it doesn't appreciate like you think it will?

These things aren't possible?

[skindog]

All possible, but you've gotta take shots. Gotta have the balls to take risks to become wealthy... a 5% bank acct isn't going to cut it. Props to op - most people our age are busy racking up credit card debt at 24% per year.

[otis_nixon]

[ QUOTE ]
So how do you know it's a great investment? What if the tenant moves out and it's empty for a few months? What if it gets trashed by a bad tenant? What if it doesn't appreciate like you think it will?

These things aren't possible?

[/ QUOTE ]

Dude I would normally think you are being rational but my hairdresser keeps telling me that everyone knows real estate always goes up. Duh.