Got it!

[true]

Ok sorry to let you down, not an NSX yet....but, getting there quick. I purchased my first house yesterday! This will be a rental property. The location is awesome and if I can get it rented out fairly quick, the positive cash coming in from the property should pay for the NSX. I'm Really glad I got the house first and not the car...NSX is so tempting. I budgeted myself to have my downpayment ready in 1 year from last Jan 1st...and it's exactly 1 year that I met my goals. (Dec 31st!)

Now that I've shown the discipline to save that kinda money, I plan on getting a property every year using money made at my day job. At this rate, I'll have about 7 properties by the time I'm 30..should be enough to quit my dayjob. Ok, so that's obviously wishful thinking, but I've got to set a goal somewhere.

Any of you realestate guys/landlords have any tips or tricks?? Especially for getting multiple loans...can I really get a mortgage a year if I have a good downpayment? Thanks.

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jack of all trades, master of some.
I don't own an NSX.

[This message has been edited by true (edited 31 December 2002).]

 

[PHOEN$X]

Congrats! And good luck with your real estate investmenting venture! That's the smart way to do it, if I had the patience to be a landlord I'd do it too. Anyway, you'll be in your NSX in no time!

 

[Tom Larkins]

Originally posted by true:

Any of you realestate guys/landlords have any tips or tricks?? Especially for getting multiple loans...can I really get a mortgage a year if I have a good downpayment? Thanks.

Not a loan officer and can't be specific, although i'm a real estate appraiser. No tricks as its basically what time you have to find the right property w/positive cash flow. Lots of other folks to compete w/like yourself. Most importantly as a landlord, use great dicernment when you select whom your tennant will be. I can't tell you how many times i've seen rentals trashed by some people. If at all possible, reduce your risks by selecting good market areas if you can afford those rental units and first & last months deposits in cash. Your plan basically sounds good for starters with aquiring one unit per year. I assume your in your early 20's so you do have a higher risk factor when getting a loan even with stable employment and your track record will be important (credit rating/outside debt) to any lender. I would suggest you establish yourself w/a lender. Sometimes the big boy banks are not always the ones to go to, so look around as the rates/closing cost will really vary with investment properties as you have certainly found out. A max. of 10 properties will be all you can do with any one lender w/newFNMA guidelines and if your buy yourself doing all the leg work that could be more than you can handle. I know people that own of 50 homes and 2-4 family units and the ? themselves. Good luck.

 

[O-Ace]

Big congrats! Hope to see you in an NSX soon!

 

[milz50]

Congrats!

Quick note, then I need to run.

Acquiring one per year for 10 years may be difficult because after the first few you may not satisfy the lender's liability/income ratio restrictions.

This is analogous to the 28%/36% ratios on conventional mortgages. I believe it is in the 40% - 50% range for investor loans.

I think it'd be a good idea to look into that.

Later,

M

 

[nsxtasy]

Congratulations, true! Excellent move.

Buying rental property is the best financial move I ever made. In addition to the fact that it can pay for itself on a cash basis, you can realize a capital gain (assuming the property's value increases over time), PLUS you can depreciate the property on your taxes so that you may show a taxable loss even though it generates money on a cash basis - and that loss may be deductible on your taxes (with certain constraints). So it can make money, gain value, and reduce your taxes - like winning the trifecta! (Even if it doesn't make much money on a cash basis, it can pay off big-time in the other two areas.)

To answer your question, just buy them one at a time, and get your financial backing each time. If you reach a point where you can't get financial backing, that's when you stop.

 

[Bilulan]

Originally posted by true:
Any of you realestate guys/landlords have any tips or tricks??

I have bought mostly 1 bedroom units in my area. The cost is usually 20-25% less, and rent collected is only about 15% less. Best of all...you avoid the tenants with kids! No kids eliminates one possibility for damage.

 

[NeoNSX]

hope to read a post from you soon titled "Got my NSX".

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NeoNSX
If the Matrix is real, then the NSX is just a figment of your imagination.

 

[MYNSX]

Originally posted by NeoNSX:
hope to read a post from you soon titled "Got my NSX".

Now you got it!!!