How Often Can You Buy Houses?
I own my own home and am looking to now starting investing. I've found 2 SFR worth pursing with the goal of renting them out. Both have occupants. Assuming the numbers work out and they are in fact good investment properties what are the chances at getting both of them? Perhaps my more general question is this. Pretending that I can find a good investment property at will (this is a fantasy I realize) how often can one expect to make a purchase? Is once a month feasible? I.e. in this case I've found 2 worth pursing. Once a year? What are some of your thoughts?
Dear Friends,
There are no limits when it comes to human endeavors. I would set no limits, just buzz along on your lawful occasions until you feel that your plate is full.
Then you sit down and explore the next stage of business, the creation of an organization to manage, hold and manipulate.
Once having accomplished this task, you may if you like change your name to Trump or proceed on to the next stage.
This next stage is achieved after having put into being a management organizatioin. It can consist of one or many depending on the amount of properties. But you are now above this day to day stuff. You are now at the level of manipulation of assets and the utilizing them as counters in the game of accumulation. You may remortgage, or utilize secondary paper as downpayments on future purchases. Or you may go sideways and trade in groups of little properties for larger properties. It goes on and on. Depends once again on how far you wish to go.
You can play Warren Buffett, or stay top heavy like Trump. Its your deck of cards.
Most of all enjoy it and when it is no longer fun. Stop and on to the next level which may or may not be Real Estate.
Reflective non subjective Lucius
Only when they stop selling RE can you stop buying it!
Some people live a lifetime and never own a home, others are named Donald Trump, Ron LeGrand, and Marriott.
The limiting factors will be you, your time, your team, your desires, and your system. Get those perfected and there are no limits.
jeffm_60
In another word, to solve your enigma you'll need a self made set of tools that looks as follow: Vision, Commitment and desire to learn and learn and learn while you should never stop dreaming about some curious numbers in your bank account that we call money or moola' or... call it whatever you want. it's yours!
I can almost hear your question: How do I do that? So here you go: Buy applying the method! ... and method my friend is like a custom made home. It doesn't come easy You have to create it for yourself based on acquired knowledge and locally applicable experience. And if this was not difficult enough, learning to unlearn is the mother of all studies; you have to constantly learn and unlearn because things change. Sounds good? So go do it and newer look back!
[addsig]
Jeff, there is nothing that would legally prohibit you from buying as much or as often as you want. I am thinking that your question may be more related to how you would get the money to make those purchases. If that is the case, you are still not limited to how many you can buy, but rather who you will be able to get the money from to continue acquiring real estate. Banks start balking at you when your debt-to-income ratio gets high ( approx. 38% or so ) and my credit union will not count the rent I am collecting from my investment property as income until it is rented out for 2 years. There are plenty of other ways of getting money for those purchases including limited partnerships, seller financing and creating notes that you will pay off at the specified time(s). I hope this has been relevant and helpful and I wish you well in your investing endeavors[ Edited by MikeWood on Date 01/06/2004 ]