Thread: Plan Already in Motion -- Need feedback

Depending on the prices of homes in your area, it may be better to rent. I currently own two houses that are doing well, but we rent a house at a steal at $275 a month. Keep in mind this is rural Kansas we're talking about here. There are some calculators out there, but I would definitely weigh renting vs. owning for your area.

If you check out the thread I started here, it goes into detail about the two houses I currently own.

I would also recommend getting a good real estate agent, as mine referred me to my second house which was an absolute steal that I would not have known without her help.

I highly recommend reading the book: The Weekend Millionaire's Secrets to Investing in Real Estate: How to Become Wealthy in Your Spare Time. The title sounds cheesy, but it has step by step instructions on how to get started in real estate in your free time, as well as many forms and how to do the calculations when evaluating a deal. It has helped me quite a bit and I feel it gave me the background knowledge I needed to feel confident about my first two deals.

I wish you success in your endeavors. You will find a lot of support on here as well and people will generally tell you straight up their opinions on things. Cheers!

Originally Posted by danoodle

Depending on the prices of homes in your area, it may be better to rent. I currently own two houses that are doing well, but we rent a house at a steal at $275 a month. Keep in mind this is rural Kansas we're talking about here. There are some calculators out there, but I would definitely weigh renting vs. owning for your area.

Wow thats really inexpensive, nice.

Over here where I am, it's right next to a large downtown capitol. Rents can easily run 600-800 for a one bedroom apartment in an apartment building...

The house is actually pending sale, someone hit it up with a bid...it was at 29,900
2 bed 1 bath and 900 sq feet, detached garage and small yard. PITI on a monthly basis was around 275-300 bucks. So it's something I would love to live in, and have a roomate and charge them 450-500 a month and include everything, or straight up rent out the whole thing for 1200 and include everything.

The huge problem I have right now...jumping through the bank approval hurdles.
Even if the mortgage amount is about what I make in one year....
Banks have extremely tight standards for lending now...

But I'm seriously hoping that once my level of debt falls to 0%, they will lend to me.
If not I think I'll appeal their decision or something...