CA3LE Posted May 3, 2006 CID Share Posted May 3, 2006 I haven't had time to read this thread.. but I can tell you this much.... what you already know.... real estate is always a good idea Quote Link to comment Share on other sites More sharing options...
CA3LE Posted May 3, 2006 CID Share Posted May 3, 2006 by the way, I have a friend who came to the US about 24 years ago from Guatemala (he came here legally by the way), he had nothing. His first job was a McDonalds. He got a house after a few years, then got a new one a couple years later and rented his old one.. he did that over and over and then started just buying houses and renting them. Now he owns 16 houses (last I heard) and a 10 unit apartment complex and his net worth is well into the millions and even after paying all of his mortgages he profits about $6000/month. The kicker is that in about two more years most of his properties will be completely paid off (he refied with short term 10 and 15 year mortgages on many of his properties). After those are paid off ALL of the rent he gets will be profit. So he is TOTALLY set for life just because he played te real estate market the right way... OH and plus in the past two years or so the market for houses here in Phoenix went way up (my house has nearly doubled value and I only got my house 4 years ago)... so his net worth has just about doubled in the past few years. Man, I wish I was set up like that, I can't even imagine being THAT relaxed. Hell, if he wanted to he could sell just the little apartment complex he has for a couple million, he told me that he picked that up years ago for 300K and now it's worth a couple million, wouldn't you like to have that kind of equity?!?! -- and that's just ONE of his properties, he's the luckiest Guatemalan I've ever met, and to think... he started only a little over 20 years ago... at McDonalds, that goes to show you that ANYONE can do it if you're determined enough. He always tells me stuff like "Americans have all of this gold right in front of them, but unfortunately for them they are too lazy to reach out and grab it... For some reason they expect someone to put it in their hand, if they only knew how easy it is to reach out and grab it for themselves... if they only knew. I'm very happy to be in the United States but still have the work ethic of a Guatemalan" -- He's a very smart man... we can all learn allot from him, seriously. I know I've personally learned allot from him. -Damon Quote Link to comment Share on other sites More sharing options...
rammolo Posted May 3, 2006 CID Share Posted May 3, 2006 Thanks for the advice. I was talking about renting it out though like tommie said. One day when I grow up I want to rent houses like tommie! Seriously though tommie, as soon as I find out about the type of repo I will get back with ya. Well quite my business here is to buy houses that are pretty bas and destroyed, fix en up and sell them, sometimes i make up to 45K in a deal, Quote Link to comment Share on other sites More sharing options...
j3grizz Posted May 3, 2006 CID Share Posted May 3, 2006 That sounds good rammolo. I think I'm going to rent them out first and then maybe fix and sell in the future. Damon, that guy sounds like he has his head screwed on right. I hope I can do half as well as he has done! Quote Link to comment Share on other sites More sharing options...
Shug7272 Posted May 3, 2006 CID Share Posted May 3, 2006 Congrats on your new house Shug7272!! Wish ya well. Thanks alot man. We are very excited. We move in this weekend. Quote Link to comment Share on other sites More sharing options...
richcornucopia Posted May 3, 2006 CID Share Posted May 3, 2006 You got any pics of the new house Shug? Quote Link to comment Share on other sites More sharing options...
tommie gorman Posted May 3, 2006 Author CID Share Posted May 3, 2006 Well quite my business here is to buy houses that are pretty bas and destroyed, fix en up and sell them, sometimes i make up to 45K in a deal, The idea of renting, is that you can always sell, but in the mean time you receive monthly cash flow. And you can always sell later when you need to. You eventually get your 45k anytime you want. And will you ever be to old to say pay me? But you will be to old to work hard at remodeling. That is also why i am tax free, because of the right offs. In others words it is also a retirement. Quote Link to comment Share on other sites More sharing options...
Shug7272 Posted May 3, 2006 CID Share Posted May 3, 2006 You got any pics of the new house Shug? Na I dont but Ill get some soon and post. Quote Link to comment Share on other sites More sharing options...
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