After many years of trying different strategies to make money with real estate, I can tell you without the slightest “hiccup” – It’s not a sound idea to buy houses that don’t pencil out on the day you acquire them or shortly thereafter! There’s only one reason in the world that I know of to buy investment real estate, THAT’S TO MAKE MONEY. If it don’t or can’t, then I don’t want it regardless of whatever else I may like about it.
1’ve have been “sucked-in” on FUTURE VALUE, HIGHER POTENTIAL and PRIDE OF OWNERSHIP so many times; I’m embarrassed to admit it! Fortunately for me, I learned my hardest lessons early in my career before I lost the ranch.
If your goals are similar to mine, which are investing for current income and long term security with, the least amount of daily management involvement, then my strategies will work for you like they do for me. Naturally there are many things to learn and most of it should be accomplished during the early stages of your investing. On-the-job training is most effective! Buying multiple units (colony houses) like I recommend will get you cash flow the quickest, with less risk involved. Houses are considered a basic necessary of life. The danger of anyone taking your investment houses, with any equity, is almost nil! If you buy them right and structure the financing, so your tenants can pay them off, you’ll he-very well rewarded for your initiative