I always figured it was because I'm Irish... part Irish at least. I have to have land. I have to own it. When my husband and I had been married six years, we bought our first duplex... both sides and now we have a modest portfolio of six units not including our residence. We started by moving in and living there, fixing it up and moving on. We leveraged. I recommend it for young freepers starting out. Now, however, it's almost full time for my husband who is Mr. Greenjeans. He's combination contractor, janitor and social worker. I'm the mean ole lawyer he can threated the tenants with as a last resort but we've only filed two or three forceble retainer actions in 29 years.
They are not making any more dirt. Our goal now is to get it all paid off and retire on the rent and maybe start moving back into the properties as we tootle around in our motor home, selling them off one by one after living in them two years to avoid capital gains.
I pointed something similar out on another thread. All it takes is getting in on the bottom and working your ass off.
Good work and I hope you have a happy retirement.
This phrase 'They're not making any more dirt" has been thrown around lately, and it cracks me up.
We have PLENTY of land. Ever fly across the country, and look out the window? We have vast tracks of empty land.
Been to the Bay Area lately? There's PLENTY of new construction.
You are right, that starting small and building an investment like you are is a GREAT idea. The only problem is, to do that NOW, requires inheriting a small fortune, making $300K a year, or signing insane terms like an interest-only loan. Plus, you have to believe that housing NEVER loses value, which to me is also a sign of being irrational.
Who's buying right now? Investors. Who's selling? Investors. Nobody else can afford to get in the game right now. The minute the investors blink, and stop buying from each other...it's over.
That is so funny...I can't tell you how many people I have told that to...the Irish need for land. My grandfather pounded it in to us that his family couldn't own land for so long...you can have a million dollars in the bank in my family but you are rich/safe unless there is a piece of dirt that you own...
Holy crap, you're me! My wife and I have been doing this stuff and appear to have the same goals that you do. Except, neither of us is a lawyer.