I want to work at this for 15 years will I be able to retire?
I also understand that you buy houses and rent them for more but if you can only rent them for $200 more per house how many houses does it take to retire on? I know that one day they will be payed off but for the time being?
It sounds to me like you would really benefit from reading Dold de Roos' "Real Estate Riches". You'll find that the last thing you want to do is pay them off. That would be wasting money you could use to buy more.
Take care of today's cash flow needs then worry about building wealth.
Sub To
Wholesale/Retail/Rehabs
Flipping, Short Sales, Preforclosures,
Short Duration holds, these will take care of today's needs
Then look into becoming a landlord, rental properties, apartment buildings, commercial property, defaulted paper, private lending, etc.
You need a plan. Fail to Plan, Plan to Fail. Look at your options, understand the different methods, the different ways to do deals, the different avenues you can travel down...find out what you want to do and than do it.
Set some goals, and then begin to turn your dreams into goals and finally into reality. 15 Years is a loooooong way away, and you could become a millionaire 20 times fold in 15 years.
Rich Dad Poor Dad, One Minute Millionaire, The Millionaire Mind, and the many many many other books out there about how to become a millionaire mentally, read those first.
Be, Do, Have
Be a retired person mentally
Do what it takes to be retired
Have your retirement party in 15 years.
[addsig]
Can it be done, maybe. Can you do it, I don't know. Too many unknowns and variables right now to even attempt a different answer.
Once you tell me your lifestyle requirements in 15 years, your proposed investment strategy, your tolerance for risk, your current financial position and financial resources, and your plan to handle major life events in the future, then I might give you a different answer.[ Edited by DaveT on Date 11/13/2003 ]
This is a very wide open question. Do you want to be a little more specific?
Here's how:
buy a whole bunch of houses and rent each one for more than what they cost you.
I want to work at this for 15 years will I be able to retire?
I also understand that you buy houses and rent them for more but if you can only rent them for $200 more per house how many houses does it take to retire on? I know that one day they will be payed off but for the time being?
It sounds to me like you would really benefit from reading Dold de Roos' "Real Estate Riches". You'll find that the last thing you want to do is pay them off. That would be wasting money you could use to buy more.
whoops. that Dolf, not Dold.
Take care of today's cash flow needs then worry about building wealth.
Sub To
Wholesale/Retail/Rehabs
Flipping, Short Sales, Preforclosures,
Short Duration holds, these will take care of today's needs
Then look into becoming a landlord, rental properties, apartment buildings, commercial property, defaulted paper, private lending, etc.
You need a plan. Fail to Plan, Plan to Fail. Look at your options, understand the different methods, the different ways to do deals, the different avenues you can travel down...find out what you want to do and than do it.
Set some goals, and then begin to turn your dreams into goals and finally into reality. 15 Years is a loooooong way away, and you could become a millionaire 20 times fold in 15 years.
Rich Dad Poor Dad, One Minute Millionaire, The Millionaire Mind, and the many many many other books out there about how to become a millionaire mentally, read those first.
Be, Do, Have
Be a retired person mentally
Do what it takes to be retired
Have your retirement party in 15 years.
[addsig]
I mean pay them off at the end of my investing days
Can it be done, maybe. Can you do it, I don't know. Too many unknowns and variables right now to even attempt a different answer.
Once you tell me your lifestyle requirements in 15 years, your proposed investment strategy, your tolerance for risk, your current financial position and financial resources, and your plan to handle major life events in the future, then I might give you a different answer.[ Edited by DaveT on Date 11/13/2003 ]