Opportunity Knocking Loudly
I have been researching Real Estate investing and have been listening to the Get Rich Education podcasts for a few weeks now. I am sitting on about $300k of equity in my home that I have purchased in 2001. I purchased this house with a hand written offer and did the deal without an agent, so I know that Real Estate deals can be found. The problem is I didn’t want to manage the property ( I was an apartment Manager for a year in the mid 80’s). So, I was actually seriously considering buying several turnkey properties out of state. Here is the way I see it after doing the math. Bottom line is I need $20-$30k per property for the down payment for about $200-$300 per month in cash flow per property. It will take at least 2-3 YEARS to extricate my down payment out of each property, IF I can even do so. Each refinance will cost an additional $5-$6k. Additionally, there are numerous risks of liability or loss to unforeseen events such as fire, flood, general liability etc. Enter the LAND GEEK. I can take the same $20k and buy numerous lots of raw land, recoup my original investment back within 6 months and have multiple streams of passive income coming in from the sale of these lots. Way, way MORE than $200 per month with virtually zero risk of loss. Even if there was a fire, flood, earthquake or volcano I would loose NOTHING. Then you simply recycle your orginal $20k and repeat the process. Now I KNOW that this program takes a lot of WORK, but the way I see it you will reap what you sow. Seems to me that the RE agents, Mortgage bankers and property Managers, not to mention the Legal beagles are going to be VERY DISSAPPOINTED. I will probably still need my CPA and probably a couple of bookkeepers because they will be very busy counting the money coming IN rather than telling me how much is going out. And I will never have to shell out for a new toilet, sink, garbage disposal or termites. SHOW ME WHERE TO SIGN!
Reviewed on Apple Podcasts