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

[Tien]

RikaKazak

I would love to chat with you about real estate. I will shoot a pm your way sometime this week.

I am about to take the head first plunge in real estate within a few days and I am 20 years old! same age when you started!

Doing a lot of research and have those books you have recommended.

LOL, i looked up to my library of books I havent read yet, and there it was, Millionaire real estate investor sitting there. Haven't touched it though. I'm trying to read like 5 different real estate books at the same time [img]/images/graemlins/grin.gif[/img] as well as listening to CD's and [censored].

[RikaKazak]

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The other reason is "loans." You see due to my "job" I do a lot of "creative" finanacing. Meaning non traditional, non "bank" loans. Basically what I'm saying, is people who are rich trust that I "know what I'm doing" so they just give me money.

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Do these peoples names begin with M(om) and D(ad)?



Seriously, rich people just don't give money to 22 year old peoples because they "know what they're doing".

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lol, I wish. My parents gave me a great childhood, were very supportive and overall AWESOME parents. We were never blessed with a ton of money though.

(the rest of my family doesn't have much money either, so overall: no, this is not family money, I'm the first in the family to come into good money actually)

[RikaKazak]

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I thought the real estate bubble burst?

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The thing you have to realize is that there isn't just "1" real estate market, but rather millions. And when people on T.V. talk about real estate bubbles, etc. they're talking about overall.

In a declining market and in a BOOMING market, there are always areas that are doing good, doing bad, and everything inbetween.

In Spokane imo the market is completely fine, and still a good place to get in.

In California however...that may be a different story imo [img]/images/graemlins/wink.gif[/img] (in cali I still think there are some good markets to get into, just not as many as there are markets to avoid [img]/images/graemlins/wink.gif[/img] (hope that last part makes sense)

[downbytheriver]

couple quick points

the one thing alot of people are missing is this. yes of course i wouldn't touch a property unless it was a positive cashflow. However even if you are only making 100$ after your expensises you are also making the mortage money thats being paid down. Thats all building your equity.
I own a house and am renting out rooms to friends, and am part of REIN (real estate investors in canada)... hoping to get a couple more propertys nad keep growing once my equity builds. Real estate is a great investment and passive income.
btw im 21 too. Great to hear someone kickin ass at it as young as me, very inspirational.

any horror or intresting tenant storys? right now im just living with guys in my band, but once i start branchin out im sure ill experiance some of them. how do you deal with [censored] tenatns ect?
thanks man!

[RikaKazak]

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couple quick points

the one thing alot of people are missing is this. yes of course i wouldn't touch a property unless it was a positive cashflow. However even if you are only making 100$ after your expensises you are also making the mortage money thats being paid down. Thats all building your equity.
I own a house and am renting out rooms to friends, and am part of REIN (real estate investors in canada)... hoping to get a couple more propertys nad keep growing once my equity builds. Real estate is a great investment and passive income.
btw im 21 too. Great to hear someone kickin ass at it as young as me, very inspirational.

any horror or intresting tenant storys? right now im just living with guys in my band, but once i start branchin out im sure ill experiance some of them. how do you deal with [censored] tenatns ect?
thanks man!

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very valid point on the debt pay down...also equity build up [img]/images/graemlins/wink.gif[/img]

I do lower income...so [censored] tenants are STANDARD for me unfortuanately [img]/images/graemlins/frown.gif[/img] Actually going to start the evicition process tomorrow on someone [img]/images/graemlins/frown.gif[/img] But it's part of the job, and SUPER standard for lower income.

Also on the cash flow thing, I do have a minimum...meaning a $1.00 a month income is still in my eyes not + cashflow [img]/images/graemlins/wink.gif[/img] My rule of thumb is usually $40ish a unit MIN the day I buy it (so slowly over time as I raise rent it gets higher and higher [img]/images/graemlins/wink.gif[/img]

[Off Duty]

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I'm part of the inland empire rental association

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IE=BEAT

[raptor517]

good thread rika. holla

[kyleb]

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Seriously, rich people just don't give money to 22 year old peoples because they "know what they're doing".

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Uh, I'm 23, and at least one 2+2'er has loaned me mid-high five digit sums because "I know what I'm doing."

Soo...

[kickpushcoast]

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The other reason is "loans." You see due to my "job" I do a lot of "creative" finanacing. Meaning non traditional, non "bank" loans. Basically what I'm saying, is people who are rich trust that I "know what I'm doing" so they just give me money.

[/ QUOTE ]


Do these peoples names begin with M(om) and D(ad)?



Seriously, rich people just don't give money to 22 year old peoples because they "know what they're doing".

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i guess you missed that whole dotcom thing in the late 90s

[Equal]

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I thought the real estate bubble burst?

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You'd think with all the misinformation out there regarding poker playing, just look at all the threads about our experiences with misguided friends, family about poker, you'd think we would be able to not fall into the same trap looking at something else like real estate.

Just realize that real estate is "+EV" for people who know what they are doing, just like poker.