My Posts about Real Estate, in order:
My Wife Knows Money (My first post, also featured on Rockstar Finance)
You did WHAT with New Construction?
The Flippin’ Truth About Flippin’
5 Secrets to Finding the Best Property Manager
How I Bought a Rental Property With Cash and Without a Clue (My first rental)
Prospective Tenant? When in Doubt, Just Say No!
How Much Money Will I Make From My Rental Property
The One Secret to Buying Rental Properties Dirt Cheap
Seven Steps to Being a Military Millionaire (Video)
My Secret Weapon for Real Estate
5 Secrets to Finding the Best Property Manager
5 Surefire Ways to Payoff Your Mortgage Fast (Video)
What You Didn’t Know about Appreciation in Real Estate
Real Estate Mistake Military Members Should Avoid
The Complete Guide to Investing with VA Loans
What is a Cap Rate and How to Calculate it?
5 Best Places to Save Your Downpayment (Video)
Should I Buy a Turnkey Property (Video)
Secrets to Finding a Mentor in Real Estate (Video)
So I found your awesome site last night, and I have to say it gives me so much to think about! I made a real estate mistake over ten years ago buying just when the market topped out at 22. I read the Rich Dad Poor Dad series shortly after and realized what a huge mistake me and my then husband made. I’ve finally got from under that. I’m now retired military, 38, pregnant, starting over. Right now I own a small piece of residential land in California i just pay taxes on, and I am ready to use my VA loan for a home purchase. Using your model… I should use it to buy a condo in a low cost area for 65k-100k live there 1 year, rent it out while I rent someplace else, pay it off quickly then go for another one?
You don’t have to pay it off quickly. I just think it’s good to put 20% down and make sure it’s cash flowing well and property values are rising before you purchase a second property. I’m fine with carrying a mortgage, as long as you understand the risks.
I’m interested on your thoughts about incorporating and/or getting an umbrella policy. What is the tipping point for those decisions?
Thanks
Rob
I don’t have a great answer. I think it’s important as your net worth increases. I believe you don’t need it if you are still rather meager in your net worth. For me, it’s about protecting what you’ve built up over time.
Have you done any overseas investing? I have a few condos that were a good investment until corvid hit. I think however if I can weather the story another year things will turn around. We are Americans In Phuket Thailand and we invested in Patong Beach condominiums.
That sounds awesome, but covid has got to be kicking your ass.