Haven't been posting as much lately as I have gotten deeper involved in a depressed Mid- Michigan real estate market. A huge buyers market.
What started off as buying a few rental homes to setup a possibile retirement and long term investment strategy has now turned into something I may pursue full time and try to make a career out of. Still kind of a dream but the hustle and bustle has been right up my alley. I think this could be fun and profitable. Havent enjoyed something this much since when I started gambling at a higher level.
Like most things I enjoy, I become borderline fanatical about it. I have read somewhere around 20 books in the past 2 months and have closed on 1 property and closing on the other in a week (not too mention I bought a primary residence also, making 3 homes). Up until this I had only bought 1 house my whole life.
Here is the weird thing, as word has got out people have been coming to me and pretty much begging to take these homes off of their hands. Not sure if this is a good thing. A couple of friends of friends have homes up for sale for a year or so and said they will take around 20-25% less than appraised value than they have listed for right now on the market and this is just the beginning ofthe negotiation process.
This is moving way too fast and not sure I want to deal with anymore so quickly but also afraid the time is right and the oppurtunity will pass me by. Just had a buddies lawyer call me when word got out and said he has a client in bad finanacial situation and will take 122k for a 172k appraised home (house is on market right now for 151k after dropping it). This is just one of 3 type examples that have came my way in the past week from people who have heard I am interested in buying properites.
Off to a way better start that I expected at this, as my 3 soon to be purchases (one is my own home) are WAY WAY better situations than I thought I would find getting started at this. The thing that has me really scratching my head is now that word has got out I have sellers CALLING ME (not me calling them) and their offers are even better. With interest only loans I can see a small (100-200 a month) positive cash flow and have alot of equity in these that I draw out sooner or later in life. There are a ton of hidden costs involved in RE investing and mostly it is a longterm investment, so I am not nieve to think buying some homes underpriced, means I am instantly rich. Never have did the whole landlord thing either and may look into hiring a property management company if I get more homes.
Would love to hear others who have pursued this as a full time job. Would love to talk off forum with you or would love to hear from others on here on what I/they would do.
Something I have noticed and read is that most people will buy the books and even make a few phone calls but when it all comes down to it they won't jump in. I figured I would shoot then aim later at the start as I knew if I didnt buy 1, I would find an excuse and put it off to do it.
I have went above and beyond with the research and feel strongly that the time to buy is now. I first said I was scared to do something like this but realizing that I could lose my high paying job in the blink of an eye my whole attitude changed and I realized I am more scared to NOT do something like this.
Would love to hear from my RX family who have helped me thru the thick and the thin in my life the past couple years. I have debated on posting this the past few weeks because of all of the talk of staying to gambling subjects but in my eyes this is gambling and money at its highest level (plus havent posted an offtopic in a long time and figure I was due, LOL). I don't like the word gambling, as to me gambling is when someone doesnt put the time and effort into risk and that is not the case with this or betting on sports for most on this forum. I think most on here (hopefully myself also) have the right attitude to succeed in things like this if they ever went for it. I figure this can be a very educational topic for most. Thanks for taking the time to read such a long thread!!!!
What started off as buying a few rental homes to setup a possibile retirement and long term investment strategy has now turned into something I may pursue full time and try to make a career out of. Still kind of a dream but the hustle and bustle has been right up my alley. I think this could be fun and profitable. Havent enjoyed something this much since when I started gambling at a higher level.
Like most things I enjoy, I become borderline fanatical about it. I have read somewhere around 20 books in the past 2 months and have closed on 1 property and closing on the other in a week (not too mention I bought a primary residence also, making 3 homes). Up until this I had only bought 1 house my whole life.
Here is the weird thing, as word has got out people have been coming to me and pretty much begging to take these homes off of their hands. Not sure if this is a good thing. A couple of friends of friends have homes up for sale for a year or so and said they will take around 20-25% less than appraised value than they have listed for right now on the market and this is just the beginning ofthe negotiation process.
This is moving way too fast and not sure I want to deal with anymore so quickly but also afraid the time is right and the oppurtunity will pass me by. Just had a buddies lawyer call me when word got out and said he has a client in bad finanacial situation and will take 122k for a 172k appraised home (house is on market right now for 151k after dropping it). This is just one of 3 type examples that have came my way in the past week from people who have heard I am interested in buying properites.
Off to a way better start that I expected at this, as my 3 soon to be purchases (one is my own home) are WAY WAY better situations than I thought I would find getting started at this. The thing that has me really scratching my head is now that word has got out I have sellers CALLING ME (not me calling them) and their offers are even better. With interest only loans I can see a small (100-200 a month) positive cash flow and have alot of equity in these that I draw out sooner or later in life. There are a ton of hidden costs involved in RE investing and mostly it is a longterm investment, so I am not nieve to think buying some homes underpriced, means I am instantly rich. Never have did the whole landlord thing either and may look into hiring a property management company if I get more homes.
Would love to hear others who have pursued this as a full time job. Would love to talk off forum with you or would love to hear from others on here on what I/they would do.
Something I have noticed and read is that most people will buy the books and even make a few phone calls but when it all comes down to it they won't jump in. I figured I would shoot then aim later at the start as I knew if I didnt buy 1, I would find an excuse and put it off to do it.
I have went above and beyond with the research and feel strongly that the time to buy is now. I first said I was scared to do something like this but realizing that I could lose my high paying job in the blink of an eye my whole attitude changed and I realized I am more scared to NOT do something like this.
Would love to hear from my RX family who have helped me thru the thick and the thin in my life the past couple years. I have debated on posting this the past few weeks because of all of the talk of staying to gambling subjects but in my eyes this is gambling and money at its highest level (plus havent posted an offtopic in a long time and figure I was due, LOL). I don't like the word gambling, as to me gambling is when someone doesnt put the time and effort into risk and that is not the case with this or betting on sports for most on this forum. I think most on here (hopefully myself also) have the right attitude to succeed in things like this if they ever went for it. I figure this can be a very educational topic for most. Thanks for taking the time to read such a long thread!!!!