Real Estate within 6 Months
Looks like I will be getting into real estate a lot sooner than I had expected. I can't stand the idea of paying rent. It's one of those things that really gets under my skin. You pay hundreds of dollars a month and when everything is said an done, you have absolutely nothing to show for it. Months back, I was approved for an $80k loan to buy a duplex but that was back when I was working for $6.84/hr at the bookstore. I might start visiting mortgage brokers tomorrow and see if I can get a bigger loan with better terms. I don't have the money for a down payment but there are some places that will give 100+% loans. If I could get approved for one of those and get a duplex, that would eliminate my cost of living which is going to be my single largest expense. I REALLY hate renting and I will do everything in my power to avoid it like the plague.
I finished two more articles and about 3/4 for a third one yesterday. I've looked around at other affiliate marketing websites and my some of these articles I'm writing are huge in comparison. That first article I posted about having to cut into 2 articles actually went for a 3-for-1 split when all was said and done. Wish my stocks would do that. Alright, time to do the taxes. One day I'll have a CPA taking care of this for me=)
I finished two more articles and about 3/4 for a third one yesterday. I've looked around at other affiliate marketing websites and my some of these articles I'm writing are huge in comparison. That first article I posted about having to cut into 2 articles actually went for a 3-for-1 split when all was said and done. Wish my stocks would do that. Alright, time to do the taxes. One day I'll have a CPA taking care of this for me=)
posted by JonnyQ888 at
6:40 PM
4 Comments:
Why buy a duplex and not a 4-plex instead?
By
Unknown, at 7:22 AM
I would love to get into Real Estate. Its one of my goals in the future
By
Chris, at 7:34 AM
A 4-plex would actually be better and the preferred way to go. With a 4-plex, I would be able to get a larger loan since the rent from the other 3 units counts as part of my income. The only thing about a 4-plex is that all of the ones I've come across so far are have had only one occupied unit. That's a no go. With a duplex, I could go with breaking even and lose no sleep as long as I was living in one unit. A 4-plex demands positive income though whether I'm living there or not. Its just my mentality. I will be looking for 4-plexes but I'm not going to get my hopes up on finding one with positive cashflow in the next 6 months. What's your perspective on this Jean-Rene?
By
JonnyQ888, at 8:57 AM
Well, my theory is that banks won't loan you based on rent income. The only they'd to that is by providing lease agreements. So if you bring this to the party then your at least guaranteeing that you'll have additionnal sources of income. If you don't have these, I'm thinking that banks will look at your past income for a number of years to see if your own personal income is consistent. But that's just my theory, I could be wrong. But I think that a fourplex is the way to go, especially if you could find one that you could afford WITHOUT tenants, so tenants would be extra income. You wouldn't need to be scared.
By
Unknown, at 12:11 PM
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