Quote:
Originally posted by strobi
Don't forget you have to pay intrest on your loan, you HAVE to be able to pay your mortage in the next 10-20years and you'll have ALOT of expenses maintaining the house. Real Estate seems like a "even an ass can make money" kind of way, but there are alot of people who failed at investing in real estate. Also if you're married get SOLID legal advice
I wouldn't touch real estate with a pole if you only have 10K$ to invest. Only do realestate if you got ENOUGH liquid money to handle everything that could go wrong.
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Amen. I bought a building in Tampa recently. I knew it would cost me 35k to build the downstairs out the way I want. Within a week the old AC system went out, and I had to completely replace it - another 50k
I found a tenant for upstairs, so it is going to cost me another 30k to build it out for them to use.
If I had not had cash reserves I would have been screwed. If you are going to try an boot strap a property, borrow more money and include improvements and repairs into the loan.