Investing, Rentals, Retail Space etc.

#77
#77
85SugarVol said:
Nope!
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Coming from someone who dealt with tenants for a number of years, and whose parents dealt with tenants for a number of years before that, I wish you luck. I sold everything and am totally out of the rental business now. It can definitely be an avenue to wealth, but it will test your mettle at times. Plus, the law is not on the side of the landlord.
 
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#79
#79
1972 Grad said:
Coming from someone who dealt with tenants for a number of years, and whose parents dealt with tenants for a number of years before that, I wish you luck. I sold everything and am totally out of the rental business now. It can definitely be an avenue to wealth, but it will test your mettle at times. Plus, the law is not on the side of the landlord.
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He will learn just like we all did.
 
#86
#86
85SugarVol said:
Iā€™m in closing on my first rental property.

Paying cash... $37,500 for a Duplex that generates $850 per month in rental income.

Both sides are occupied with long term Tennants.

In an area of town that has been going through some gentrification.
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How did you get to the 37,500 cash? Solo? Read everything. Youā€™re buying the whole duplex for 37.5???? Also have you been working in property management world for a while?
 
#94
#94
Big Gucci Sosa said:
How did you get to the 37,500 cash? Solo? Read everything. Youā€™re buying the whole duplex for 37.5???? Also have you been working in property management world for a while?
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I had set aside $60k as ā€œseed moneyā€ to start up a rental portfolio. So I had the cash sitting there ready.

Was looking for something more than just what the Market would return, where most of my investments are. Want to build a significant passive income stream.

Yea, the $37.5k is for the whole Duplex. 2 units.
 
#96
#96
Once I get this first property settled, and flowing, Iā€™ll start looking for my next one.
 
#97
#97
85SugarVol said:
I had set aside $60k as ā€œseed moneyā€ to start up a rental portfolio. So I had the cash sitting there ready.

Was looking for something more than just what the Market would return, where most of my investments are. Want to build a significant passive income stream.

Yea, the $37.5k is for the whole Duplex. 2 units.
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Have you been working in the rental world for a while?
 
#98
#98
Big Gucci Sosa said:
Have you been working in the rental world for a while?
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No. This is my first foray into it. Been reading and studying for a while.

Iā€™m using a Property Mgmt Firm though. They handle almost everything.

They charge 10% of the ā€œcollected rentā€. So if the unit(s) are vacant, they collect nothing until they are filled and generating income again.
 
#99
#99
McDad said:
Smart move. Best wishes. Hope you do very well.

If I can offer any advice, feel free to contact me.
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How did you organize your rental portfolio? Did you set up an LLC? Some other structure?
 
#100
#100
Big Gucci Sosa said:
How did you get to the 37,500 cash? Solo? Read everything. Youā€™re buying the whole duplex for 37.5???? Also have you been working in property management world for a while?
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Look into a self directed ROTH IRA. You can buy real estate in it and all the profits are tax free. Do your due diligence however and talk to a tax advisor about it. There are some downsides to it, but if you are young enough it can set up a nice retirement.
 
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