Hey, it's Craig. To echo Pete's post about action in investing, I'd like to point out that we're not advocating a "fly by the seat of your duplex" strategy to buying properties. But, when you're financially prepared and you know what it takes--then its time to buy. And when you make that decision, move fast. Essentially, it comes down to asking yourself if real estate investing is right for you or not. It's okay if it's not. Just because it's one way for people to make money doesn't mean it's the right way for you to make money. Some people invest in stocks, startup companies or land. Others buy rental property. And those that do, know what they want and how to get it.
So again, when your confident in your position to invest, go ahead and invest. Before someone else does.
2 comments:
I think that it is important to tell people how to figure cash flow the RIGHT way. Cash flow is everything when evaluating multi-faimly investing. According to the national apartment association data and data from the institute of real estate management (irem.org and naahq.org) operating expenses run around 45-50% gross income. Do you own research, but make sure it is from an unbiased source like the two stated above, not a real estate blog! So if you have a duplex that brings in 1200 per month gross, 600 will go to expenses. This figures everything except debt service (NOI). A great forumla to use is gross rents/.02 minus repairs equal MAX purchase price. The retirement hype needs to be taken with a grain of salt.
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