Quote: (08-17-2013 11:57 AM)Cr33pin Wrote:
Buy and rent, the people living there will make the payments for you with rent. Once its paid for its money in your pocket every month for the rest of your life long as you keep it rented. I have multiple houses and hired a guy to look after them now I am free to travel the world or live were ever I want and not have to work. Its a pretty good set-up if you ask me.....
Nice! I like your lifetsyle. I'm thinking along those lines, however I want to get a jump start on buying and renting. In some parts of the country, you can get houses for $30-$50K, however I am concerned about the:
- Valuation, want to get 75% or less in terms of LTV. Buy right.
- Cap Rates/Cash on Cash return.
- Finding the 'right' property manager, getting the most comprehensive insurance (in case the tenants burn place down).
Do you have any advice/want to share how you made this happen? My goal is to get to $5K per month in net rental income from real estate. I don't care about the location of my properties (State) as long as I am making the dollars every month.