Buying rental property: Sometimes getting rich means taking it slowly

I have two second cousins who serve in the military — both brave young men I am proud to call my family. We don't always talk much, though. The age gap can be a roadblock and those boys are always traveling around, serving overseas and living on bases in order to fulfill their military duties and finish school.

Still, social media makes it easier than it used to be, and emails are a quick and painless way to stay in touch. So I wasn't surprised to receive an email from my cousin, Michael, asking for advice on his future financial goals.

So, what's the deal? As part of his military compensation, Michael will soon start receiving $2,124 per month for housing and wanted ideas on how to parlay that money into long-term wealth.

Buying rental property, and getting rich slowly

But it wasn't random; he contacted me for a specific reason. He and his wife are toying with the idea of buying a property to live in temporarily, then rent out. And since he knew I own rental properties myself, I'm pretty sure he expected me to support this idea wholeheartedly.

Boy, was he in for a surprise.

Too Dumb to be Afraid

It's not that I think he's too young. Truth be told, my husband and I bought our rental properties when we were just a few years older than my cousin (at ages 25 and 26). It's been almost nine years since then and we've learned a lot in that short amount of time, including the fact that we were not prepared to be landlords when we first started out.

I've said it before and I'll say it again — when we bought our rentals, we were too dumb to be afraid. We were too young and inexperienced to understand the many things that could go wrong, and what those things really meant for us. Simply put, we were ignorant.

Asking the Right Questions

So when my cousin asked what I thought about his aspirations to be a landlord, I had a ton of questions to ask — the same questions I wish someone had asked me before I got started. After a short introduction email, here are the questions I sent in reply:

  • What is the average price for housing where you live?
  • What is the average rent where you live?
  • Why do you want to buy a house?
  • How long do you plan to live in Maryland? One year? Five to ten years?
  • Would you plan to keep your rental property for the long term? If so, what is your plan to manage it from a distance?
  • Would you get a 30-year loan?
  • Would you hire a property manager? Have you factored that cost into the equation?
  • Do you have considerable savings to take care of home repairs?
  • Do you have the money to pay for multiple repairs and vacancies all at once?
  • Do you have a down payment? Do you plan on paying PMI?
  • Have you factored property taxes into the equation? How high are taxes where you live?

After talking through instant message for quite a while, I got answers to most of those questions. First, they planned on living in the house for a few years and intended to rent it out after that. He hoped to hire a property manager to manage the home while he moves elsewhere in the country. And since he could qualify for a VA loan, he didn't need to worry about paying private mortgage insurance (PMI).

However, I could tell he hadn't considered many of the other factors I mentioned — including a savings cushion for those inevitable repairs.

“No, I don't have the savings currently,” he told me, after some prodding.

The Truth About Being a Homeowner

Kristin Wong recently asked whether homeownership is still a good measure of financial success and examined why the appeal of owning a home is currently on the decline in some groups, including Millennials.

“Ownership is a sign of financial stability and freedom, but it seems like a lot of people are questioning the rush into that,” she wrote.

In my opinion, waiting it out seems like a good idea.

I spent my 20s watching shows like “House Hunters,” “My First Place,” and “Property Virgins,” and believing every word. While entertaining, they would have you believe that the housing market always goes up and that there are no bad investments — only good, better, and best.

That was before the housing crash of 2007-2008, a time when people believed that real estate could never go wrong.

Now we know better.

Where Things Break Down

But fluctuating real estate prices aren't the only reason homeownership isn't attractive for everyone. Let's talk about repairs.

Over the course of eight years in real estate, I've replaced a roof and two air conditioners, paid nearly $10,000 for interior and exterior drainage and sump pumps to be installed in the yard of a property with a water problem, and repaired $6,000 worth of damage left behind by a tenant.

Most of those repairs were paid for from the profits I brought in from our rental properties or insurance, but not all of them. Unfortunately, being a landlord (and a homeowner) means shelling out some of your own money for repairs from time to time.

The fact is, things break. Often. And as a landlord and homeowner, it is your sole responsibility to fix them when they do.

Far too many people rush into homeownership without realizing the financial implications of doing so, and it is generally to their detriment. Most experts recommend having an emergency fund of three to six months to take care of unexpected expenses, including home repairs.

But landlords need far more than that. Owning rental property generally means having multiple furnaces, air conditioners, and roofs to take care of, and more money to go with it.

Sometimes Your Best Route is to Think Long Term

After nearly scaring my cousin to death with all of these issues, I gave him the best advice I could muster.

“Rent the cheapest place you can while you're young,” I said. “Put all of your money into savings and investments and don't look back. One day, when you have the money to own a home, and perhaps rental property, you can reassess.”

“Sometimes progress means taking it slow,” I added.

That advice may sound funny, but I've found it to be true.

When I was 25, my thoughts on making progress in the wealth department were entirely different than they are now. In those days, progress meant taking huge risks and making moves. Progress meant doing something and making things happen — not just waiting to let things happen to me.

But now that I'm older, I realize that the opposite approach usually works best. I don't regret buying our rental properties or becoming a homeowner, but I also realize that I wasn't prepared at the time. We would have been better off if we had more savings ahead of time, for example, and done a whole lot of research. Instead, our success can mostly be attributed to luck … and good timing.

The truth is, sometimes progress is boring. Sometimes the best thing you can do for yourself is literally nothing, except to see where life takes you and make the best decisions you can with the information you have at the time.

One of the best decisions you can make is to keep saving because, as we all know, having money means having options — the option to stay put and rent, the option to buy a home or even to become a landlord if that's what you really want to do. Especially when you're 25 years old, the more options you can give yourself, the better.

Are you building wealth by taking risks or are you taking time to plan your investments more carefully? Has your idea of making progress on building wealth changed over time? Do you regret any of your financial decisions?

More about...Planning, Home & Garden, Investing

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NicoleAndmaggie
NicoleAndmaggie
6 years ago

Great post!!

LMoot
LMoot
6 years ago

See, I feel that buying rental property while young is better (unless you are saving to buy better quality rentals) because like any investments you have more time to make those mistakes and rebound then use those mistakes and expertise you hopefully acquired to continually improve the process to gain the maximum return. I bought my house at 25 and have been renting it out for a year (and renting out the detached apartment on the lot for most of the 5 years I’ve owned the house). I’m 30 now and eagerly looking forward to buying a second property by… Read more »

Holly
Holly
6 years ago
Reply to  LMoot

I agree with you in some ways and disagree in others. There are some huge differences between my situation and his. For example, our first home (which is now a rental) only cost us $103,500. The same type of home in his area would cost 3 times more. And obviously, the more money you spend, the higher the risk. His mortgage would also be much higher and therefore more difficult to cover during vacancies. Second, he doesn’t have any money saved for repairs and that is a recipe for disaster. On the other hand, we are way ahead because we… Read more »

nicoleandmaggie
nicoleandmaggie
6 years ago
Reply to  LMoot

I don’t think you’re disagreeing with what Holly said at all. You’re saying that you should do it, if you’ve done your homework and you’ve run the numbers and you can hedge risks. She’s saying that you shouldn’t do it unless you’ve done the homework and you’ve run the numbers and you can hedge risks.

You’re saying it’s not a game of chance if you’re prepared. She’s saying it is a game of chance if you’re not prepared.

Gretchen
Gretchen
6 years ago

I’m not a landlord yet, but I will be within the next couple of years, and you’ve definitely given me food for thought! Thank you!

Tim
Tim
6 years ago

I thought the basic housing benefit was a take it or leave it – that is, if you didn’t spend the full amount on housing, you only received what you actually spent.

In that situation, it completely changes the decision calculus, and buying a property may then allow your cousin to build up savings than renting a cheap apartment would.

Holly
Holly
6 years ago
Reply to  Tim

I’m not sure about whether he has to spend all of his allowance. I do know that rent and housing are very expensive where he lives.

The point is, renting instead of buying would free up more money to save for the future. Buying a home to live in (and eventually turn into a rental) will cost him in ways that renting won’t- for things like repairs, upkeep, etc.

Scondor
Scondor
6 years ago
Reply to  Holly

I agree with Tim’s point – to maximize the value of your cousin’s allowance – where it is essential to know whether it is a use-it-or-lose-it scenario. Renting a cheap place and then losing the rest of the allowance is likely less optimal than buying a more expensive place and using all of the allowance.
Please do the follow-up research for your post, including whether/when VA loans are eligible as rentals.

Holly
Holly
6 years ago
Reply to  Scondor

My cousin says that it is NOT use-it-or-lose-it. It is part of his compensation and he can save it or spend it. Currently, he is renting a place for around $1,800 so he gets to keep the difference.

It appears that it is against the rules to use a VA loan for a rental. That means he would need to take out a traditional loan and pay PMI, which just makes the entire situation more risky and expensive.

Jonathan
Jonathan
6 years ago
Reply to  Scondor

Presumably, if you buy a personal residence with a VA loan, and after some number of years (when you are relocated) you convert it to a rental, they wouldn’t call the loan due…I have no knoweldge of this specifically, but that’s typical with, for example, FHA loans.

Jennifer B
Jennifer B
6 years ago
Reply to  Scondor

It’s not “use it or lose it”, but it is a housing allowance that will vary depending on what part of they country they are living in.

Or, if they end up living on base, then they lose it completely.

Barb@lvingrichlyinretirement
6 years ago
Reply to  Scondor

To jump in here,two points. First, I agree with Holly in general. That being said, if this young main lives anywhere between fort Meade and DC God’s sake purchase property. Now, now, now!! DC prices may flatten but they always rise. Even in the housing bubble, and having renters who trashed my home, I sold my suburban DC home for over double what I paid for it in five years. And if he believes that he will return to the DC area as part of his career, he may not be able to afford a house the second time around.… Read more »

Tim
Tim
6 years ago
Reply to  Holly

My apologies — I was confusing the basic housing allowance with the overseas housing allowance. The OHA is use it or lose it, but the BHA isn’t.

Jill
Jill
6 years ago
Reply to  Tim

Just because he does not have that “repair savings cushion” now dose not mean he should not buy. Before ruling out that option. He should see if he is able to save that sum of money while he is currently living in the house. Depending on how long he will be stationed there and how much his current expenses are it may or may not be possible. Many people in the military invest in real estate by using their VA loans. One officer told me that every time he changes station he buys a house where the payments are less… Read more »

CheapMom
CheapMom
6 years ago

Around that time I loved the home shows too, especially Trading Spaces and the flipping shows! At that time it made sense for me to buy a place where I would be happy living and that I could fix up. That made sense at the time, but now with the market cooling (we’ve yet to have a crash here) and a kid, we’ve decided to settle down. Living well within our means has always been a theme though. At first for renos and savings, then weddings and cars, and now paying off our only debt: the mortgage.

MoneyMiniBlog
MoneyMiniBlog
6 years ago

I would have gave the same advice. If you want to own rental property, build up your saving reserves, almost as a giant emergency fund, with a certain amount of it dedicated for each house you want to own. On top of the emergency savings, you will need the money to buy the house (down payment, closing costs, initial repairs, etc.) That’s pretty much the only way to protect yourself from the inevitable. My wife and I own rental property and we know that Murphy’s Law is in full effect. Something will always break…things you didn’t even know could break… Read more »

Mark Ferguson
Mark Ferguson
6 years ago

In own 11 rentals and this is a real good article. I happen to be an aggressive investor and I don’t mind taking risks buying real estate, but you can’t buy any property and expect to make a fortune on it. One advantage to buying rentals is if you can get a great deal it usually makes your investment a positive one. It takes acting very quick or buying a home that needs some work to get a great deal. I think the key to building wealth is saving and building investments. Many people do not calculate the maintenance and… Read more »

SavvyFinancialLatina
SavvyFinancialLatina
6 years ago

About a month ago there can an opportunity to buy a rental property. I got super excited, started doing the numbers, and after about a week, we decided to not go through with it. Although I was willing to take the risk, my husband said he didn’t want to be stretched too thin. I’m glad we made that decision.

suzanne
suzanne
6 years ago

Great post!
I will note for both your cousin and other readers. Getting a VA loan means that you are not allowed to rent out the property. I wish I could find where I read that statement–I believe it was in my loan agreement. A quick google search shows that the borrower must occupy the home or be within close promixity. Multi-unit properties look to be an exception. The article I found about it is here: http://www.valoans.com/va_article?id=345

David William Edwards
David William Edwards
6 years ago

Here’s my issue with Rental Property: My father got very into the Robert Allen plan in the 1970s, where you bought 20 properties, held them for 5 years, sold off 15 and using the profits, paid off the first 5 properties. In a market with increasing home prices, this sounds like a plan. Unfortunately, Rental Properties require renters. We had renters that totally trashed homes where the Cleaning Deposit would never cover the cost. When renters would get behind on the rent, they were almost impossible to evict if they could come up with some money. My brother and I… Read more »

Kenny
Kenny
6 years ago

I beg to differ with some of the opinions above for a subset of people out there. If you are a professional or on a professional-like track with your career, then do NOT get into Rentals. It will distract your life for a small amount of money. So, if the formula for you is “work harder at work and get promotions after promotions, leading to making $10K to $50K more in the next 10 years (annually)” then do NOT get into rentals now. I did the exact thing above and waited until I had the money, more time, good pricing… Read more »

jessica
jessica
6 years ago

Suzanne makes a good point about the VA loan. I have a first-time homebuyers loan (also through USDA Housing, like a VA loan), which means I can’t rent. I’m in a spot I have to refinance the house after a divorce. In doing so, I’ll free up equity for home repairs through a refi. A refi and repairs means three things: I can rent the home later if I choose to move or upgrade; I can more easily sell the home after updates; or I can live in the home more comfortably after updates & repairs. BUT – I’ve been… Read more »

John
John
6 years ago

BAH in the states is not use it or lose it. It is an allowance. So use what you can for housing and pocket the rest tax free. You only lose it really when you live on a base.

Waverly
Waverly
6 years ago

A great way to invest in real estate, without the hassle of buying a house or condo and renting it out, is to invest in a REIT fund. There are lots of different kinds of REIT funds.

You can also buy stock directly in a REIT company.

Meg
Meg
6 years ago

If he lives off base, his housing allowance is all his. It’s up to him if he spends less, exactly or more than that. I just turned 26 this summer and my husband & I are getting the keys to our first home soon. While we don’t know how long we will be here yet, we found an ideal property at a great price point & it just made sense. We plan to rent it out if/when we move. Being military, our BAH should cover our mortgage and utilities just fine. The house we bought was a foreclosure and we… Read more »

Meg
Meg
6 years ago

As an add — we have a VA loan which requires the purchased property to be your main residence for the first six months. It can then be a rental property, and you can get multiple VA loans as well.

JS
JS
6 years ago

I have at times bounced back and forth between wanting to be a landlord and not. I think what cured me of the ill was in my late twenties watching my own landlords have to deal with a string of bad tenants, including one that smoked indoors and was also secretly keeping a dog (both against the rules, so she left her windows open, in the winter, driving up my landlord’s heating bill and inevitably our rent), one that skipped town, and one that was on drugs who they had a heck of a time evicting. This was in a… Read more »

Dianecy
Dianecy
6 years ago

I think this is a great post! The advice you offered was spot-on and I hope these fine young men benefit from your hard-earned wisdom. I would like to clarify one point: “I spent my 20s watching shows like “House Hunters,” “My First Place,” and “Property Virgins,” and believing every word. While entertaining, they would have you believe that the housing market always goes up and that there are no bad investments – only good, better, and best.” I confess, am an HGTV addict. I am also aware that what I’m watching is ENTERTAINMENT. I’m okay that the shows/producers package… Read more »

Alex
Alex
6 years ago

Growing up I see my uncle owning 10 fourplex and retiring comfortably at age 45 from a city job so owning rental property was my way to an early retirement. What I fail to realize was that my uncle was always at the rental units fixing this and that 90% of his free time outside of the 8-5. When I ask him why he retire so early he said he’s too tired to work anymore….I myself own 2 condo units that are having a 50% cash flow but that’s after enduring a year of out of pocket expense to pay… Read more »

chris
chris
6 years ago
Reply to  Alex

like your uncle I owned 25 properties over 26 years and I learned its hard work. I retire slowly sold the rentals before the crash and cash out. and just did flips one at a time until last year. I taking a break a long one. lesson always have reserve cash for repairs and keep your personal expenses low and plan on double for any repair work and do most of it yourself.you made your money when you buy and buy in good areas people want to move in for flips or rentals if you have to sell. I aways… Read more »

El Nerdo
El Nerdo
6 years ago

Landlording is a business like any other–it requires labor, capital, and the assumption of risk. People wanting “passive income” probably should be looking at bonds and dividend stocks.

sarah
sarah
6 years ago

I think that if I was going to do a rental property, I’d do it like my sole proprietorship. I’d have separate accounts, and after an initial outlay (down payment plus an emergency/startup fund in a separate checking/savings) I would have a plan in place to pay everything out of that separate account and transfer profits to myself quarterly or so. I can’t stand the thought of not even knowing for sure if I’m coming out ahead or not.

phoenix1920
phoenix1920
6 years ago

I love the questions and think they are very helpful, but if you are basing a decision on real estate on the fear of a bubble, how does not also apply to the same investment advice you provided? Most of us got equally burnt by the stock market crash–and for me, that crash hurt me a TON more than the real estate bubble. For those that foresaw the stock market crash, they were able to luck out by withdrawing money beforehand and putting it back after it hit bottom. I began my investment plan 3 years before the market crash… Read more »

Dianecy
Dianecy
6 years ago
Reply to  phoenix1920

No, phoenix1920, “most of us” did not necessarily get “burnt by the crash”. An investment plan generally means 1). Well balanced and 2). Long term. That means you don’t go running for the hills when the market dumps, you buy more and stay balanced. Panic is not a long-term investment plan. I didn’t sell anything and ratcheted up my saving/investing after the crash. As a result, my investments are worth a TON more than before. Same with real estate. Unless you are forced to sell, who cares what your house is “worth” on paper? Oh, yeah, real estate prices in… Read more »

phoenix1920
phoenix1920
6 years ago
Reply to  Dianecy

I think you completely missed my point, which was that there is not really a difference in the risks of real estate and investments. BOTH are long-term investments and both can go up and down. (And one does have more control over real estate, if done smartly) My investment plan is one based on the S&P 500 index, which I favor because it has incredibly low fees. And yes, this is a long-term investment, but I could have profited greatly if I had decided to sell right after the market began its crash. While the market has recovered, the market’s… Read more »

Dianecy
Dianecy
6 years ago
Reply to  phoenix1920

PHX – What I primarily took issue with was your use of the term “lucked out”. Just a few quick thoughts: – An investment plan based on the S&P is NOT a balanced plan. And not all S&P Index Funds have “incredibly low fees” per se. It’s important to do your research. – In the examples you cited, you’re overlooking something important. In either case, you will not be using all the money at once. – In the case of retirement, if I had to retire during a downturn, I’d take out as little as possible to get by, leaving… Read more »

Even Steven
Even Steven
6 years ago

I think your advice for his situation is certainly one route to take, I think renting something very cheap and putting the extra in savings is a great plan.

I think if a couple other items were in place I would highly recommend the owner occupied housing this way they can get a taste of some of the cautionary items you mentioned. If it were a VA loan, I would either want them to have a large down payment or large house emergency fund.

All in all I think based on his answers you gave the correct advice;)

Jonathan
Jonathan
6 years ago

“Most of those repairs were paid for from the profits I brought in from our rental properties or insurance, but not all of them. Unfortunately, being a landlord (and a homeowner) means shelling out some of your own money for repairs from time to time.” All of the money is your own money. Any that’s not spent goes to your pockets, so any that is spent comes from your pockets. If you’re paying more in repairs – in the long term – than you’re making in cash flow, you probably bought the wrong property. Also, it is very helpful to… Read more »

Holly
Holly
6 years ago
Reply to  Jonathan

I actually don’t see it that way at all. One of the great things about owning rental property is having someone else pay the mortgage on our properties for the duration of the loans. I feel fortunate that we did, by some miracle, buy properties with positive cash flow. And some years have been better than others. For example, we spent quite a bit of cash on repairs last year but almost nothing during the 3 years up to that point. On the other hand, the ups and downs don’t really matter that much to me. All I care about… Read more »

Beard Better
Beard Better
6 years ago

For as clear as Boglehead-style investing seems, I really cannot understand why the average person would want to go through the potential nightmare of dealing with rental properties. Not that I would have nearly enough cash to even put a down payment on one, but my experiences with roommates has been enough to dissuade me from ever wanting to get involved in this industry. Even places that screen potential tenants can’t account for the disgusting and bizarre things that people do to rented houses and apartments. To give just a few examples from my life: a roommate dislodged a sliding… Read more »

M
M
6 years ago
Reply to  Beard Better

I have to say your experience is a bit extreme. I have owned a 6-plex for several years and apart for one cranky tenant, all the others have been kind and considerate. It’s not a fancy place, either. What appears to make a difference is the fact that we take of the place ourselves, are timely with repairs, and DH is really handy. He’s also gruff at times so no taking-advantage-of-the-landlord thingy. I play the “good cop”:)
We respect them and they respect us. Simply good human relations.

Kathy
Kathy
6 years ago

We were military and we did exactly that…..and I would never recommend it. The home we had overseas was always rented to military, and although complicated by the fact that it was overseas it wasn’t too bad of a headache. Military renters have been level headed, competent, capable renters who can handle things and then send me the bill. But after 10 years when we sold, financially it was pretty much a wash. No big win, but no loss. Our stateside property was another story. I’m shocked at how easy it is for some people to not pay their rent,… Read more »

No Nonsense Landlord
No Nonsense Landlord
6 years ago

Rental property can be a blessing, or a curse. I have had bad tenants, and great ones.

It’s all a matter of proper screening, and recognizing what a great tenant looks like in terms of income and credit score.

Julie
Julie
6 years ago

We gave very similar advice to a newly married cousin and her West Point grad husband. They were working with a broker in about year 2 of the housing market decline. The broker was trying to convince them prices were near the bottom and they would soon have equity in the home. We advised them against purchasing. They were relocated about one year later and the market had dropped substantially. Had they bought and kept the home as a rental I believe they might still be upside down in their mortgage.

bruce
bruce
6 years ago

Holly, great article. As a 25 year landlord, I would also recommend that buyers have a reserve to handle breakdowns (a line of credit works also). The easiest way to get into rentals (my opinion) is to buy a distressed house to live in, fix it up, and rent it out in a year or two, instead of flipping. Then, buy another house. Repeat. You then have the knowledge of knowing the home you rent out has been upgraded (perhaps new roof, hvac, etc.) But, can you handle owning rentals? You need to be old/experienced enough to have a hard… Read more »

Heather
Heather
6 years ago

Great article. We would like to own rental properties sometime in the future. We’ve thought about a lot of these things, but I think we need to get it all down on paper and evaluate the business plan. We’re in our 40s, so I don’t think we have a “too young” category. But with three kids, we need to work on our savings. I do know we have a lot of good homes for sale in our area that would make great rental properties and we don’t want to move out of this area anytime soon. We would, however, like… Read more »

green_knight008
green_knight008
6 years ago

I’m pretty certain you actually gave your cousin bad advice. He indicated that he would be staying at the home for a few years, and that his BAH would be $2124. Since that is based off of the average expenses (and it IS money that he would not receive if he was living on base)-having him rent means that you’re essentially throwing away a percentage of that money on…rent. Let’s say he’s spending $1000 on rent instead of $1000 on a 140k home-half the allowance, which is probably a reasonable estimate. After 2 years, that’s going to be $24,000 dollars-most… Read more »

Steve @ Live Smart Not Hard
Steve @ Live Smart Not Hard
6 years ago

Holly I like the advice. I’m 30 and own two rental properties and think they are the best investment you can make. BUT, I acknowledge I’ve had a good experience so far. There’s not a be all and end all. Sometimes it makes sense to wait, especially if you haven’t gone through all the numbers yet.

Jeff
Jeff
6 years ago

Millenials aren’t under-represented as homeowners because the majority doesn’t want a house, it’s because so many of them can’t afford it in the current economy which was discovered when someone actually surveyed the age group rather than just looking at statistics.

Fred
Fred
6 years ago

If you can afford the down payment, and the rent will cover the mortgage and all other monthly expenses, buy the house, assuming you can hold it long term. Most people underestimate the potential gains long term through the real estate leverage. Let’s assume a low historical return on real estate of 3% per year. Most people put a down payment of 10% to 20%. Let’s assume 20%. Based on your down payment, you are earning 15% per year.

Anna Suzdenkova
Anna Suzdenkova
6 years ago

My boyfriend and I have one rental property each. I got a condo when I was 24 and he got a house when he was 23. Best thing we ever did. I rented the condo out to an amazing tenant (knock on wood), headache free so far and it’s been a little over a year. Condo was brand new at the time with minimal maintenance. My boyfriend got a house, rented out the top to a very nice family and we currently live in the basement of the house. We are renovating the basement and are planning to eventually move… Read more »

tom
tom
5 years ago

Seriously? No disrespect but this seems like a case of “I screwed up so this system won’t work for you either”. How much do you really expect your cousin to earn by sticking his money in savings or CDs? Does he know enough about the stock market to invest there? The best financial education your cousin will get is my diving in after studying up. Even if he only makes $1/yr off his properties after repair, someone else is building him EQUITY. Cash flow is king, but equity is queen. I know COUNTLESS people who are investing in real estate… Read more »

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