My dad bought his first non resident investment property 16 years ago and it is 80% paid off, with the money we collect in rent every month but when our old tenant committed suicide, he rented our our apartment to a new tenant for $800 more than what he charged the previous tenant so now we are earning our investment money back faster and if we sell it, that's even more profit. Now he has other investment properties too. The house we live in might be worth over 5 times what we paid for it 19 years ago but houses increase in value faster than apartment buildings.
Click "Show More" for your mentions
Most Helpful Opinion(mho) Rate.
Learn more
Learn more
We're glad to see you liked this post.
You can also add your opinion below!
What Girls & Guys Said
Opinion
3Opinion
Personally speaking, it depends on one's financial status and frankly one's age & energy. Example: At one time, my (ex) wife and I, owned 51 rental properties some outright, most with loans and about half in partnerships.
Many were lower income rental properties. If you are familiar with this or not I will say nicely. Sometimes those folks will fib repeatedly to delay paying for months. My ex managed them and when she could no longer take the lying, and in 2008, when two factories closed 5 miles west of Nashville, all of our Renters had trouble paying.
And with almost no margin, as we were young and silly about over-leveraging property, we lost everything as sold it all off for less than we had in them. She blamed me, and I sorta blamed her, but never said out loud, we were divorced soon after.
Later in life when my career was more settled, credit good, and income no longer an issue; I bought and flipped some for $10k & some for $25k. But truthfully, that industry is dead to me.
However, I admit. If one finds the right deal, one can easily earn over $100K if patient. It is a tough market right now. Prices are super inflated like the dollar. I once earned a little over $125K in a 4 year hold property, paid zero taxes, 5 years after my divorce.
Today, I have 10 different online vehicles, income streams, that are cheaper all around.
If one is patient, investors will earn far more with less at risk - online streams generally make most people a lot of money.
Frank T.
I don't have property myself but
My late antique dealer bought her first property for £5,000 in 1957, it's now worth £6,000,000
She owned 10 identical places the last she bought in 1983 for £200,000, last rent increase was 1997 and she netted £70,000 a month from them until her passing in 2019
My school friend's dad bought his apartment in 1994 for £50,000, moved out to a house when my friend was expected in 1997, he rents it out and turned down £600,000 to sell it (since then bought a house in 2012, inherited his parents house (my friends grandparents) and during renovations found millions stuffed in the floorboards so bought 12 more rentals)
All outright cash purchases, I know a bit about finance but nothing on mortgages as my associates are all cash buyers
If you need a loan to get a property it will be difficult to make money with interest rates being so high.