Re: ot make money in real estate

Posted by glennster on July 31, 2007 at 06:56:58 from (76.223.248.108):

In Reply to: ot make money in real estate posted by chris sweetland on July 31, 2007 at 05:59:14:

chris, forget about the tv stuff. you are wasting your money, like the other guys said, they make money off the books. my wife and i do real estate investing. primarily rental properties. yup it can be a lot of work, but its probably the only way an average joe can become a millionaire. a 4 unit rental will generally give you the highest rate of return. you need to cash flow your propertys. i use the 1 percent rule. what ever the cost of the property, the monthly income needs to be 1 percent. a 100,000 building needs a 1,000 a month income to cash flow. my target rents per unit are in the 700-750 month rent. much more and the tennants should be looking at buying their own property. there is always a market for the lower end affordable housing. a decent 4 unit building will generally run in the 200-250k range, figure 700 month rent, you have a 2800/month cash flow, which is above the 1 percent rule, good rate of return. we find our tennants thru referrals by current tennants, or use a realtor. it eliminates the riff raff. we formed an L.L.C. corporation to manage the propertys, you have tax deductible depreciation on the buildings, and all maintenance and improvements are deductible too. if you want to pick up a decent book on real estate investing, go to your local bookstore, pick up "secrets of a millionaire landlord" by robert shemin. its a good guideline, but take everything with a grain of salt.

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