Quote:
Originally posted by Carrie@Nov 6 2003, 02:45 PM
I honestly have never heard him say that, but he probably would. He works in quantity more than quality - 10 houses that you can move easily making you $100/mo each are worth more than one really nice house that's hard to move (flip) that would bring you $1000/mo. In the end they're the same, but in reality you'll spend twice as long trying to move the big house and could've had the first ten gone and be working on another 10 in the meantime; making more money in the process.
Each week he's got at least 7 new houses in the paper here that he's moving and people are lining up to get into his investment group.
(By "new" I don't mean newly built houses, I mean houses that he wasn't pushing the week before.)
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too bad this guy isnt in jersey. trying to find a decent house in this part is impossible so i had to go south jersey. the houses down south are the same price as here but with 3 times the space.
that guy is absolutely correct. the first 2 properties should be an investment (multi family homes so god forbid you lose your job, you will always have someone paying the mortgage and a place to live; people always need a place to live so it should never go 2 months in between rentals), the 3rd house should be the house you stay in for a while (5-10 years) and by that time, you have so much equity built in the first 2 houses that if you do lose your job, they can either be sold or the an equity loan can be taken out to hold you over (this "you" i am using is in general terms btw). or that money can be used to purchase more property.