Want to make a lot of money, here are some tips:
House 1: 13 years ago I bought the home I live in for 39k (bank loan). It did not have central air, one bath, 2 bedrooms 1100sqf. Built in 1939, gravel driveway, low income neighborhood etc⦠I install central air, painted the interior, refinished the hard wood floors, new driveway etc⦠Except for the AC, I did all the work myself . I bought it because it had an apartment (600sqf) attached to the home with a renter already in it. Iâve been living in my home for free all these years.
House 2: 12 years ago I bought the house across the street as a foreclosure for 21k (cash). Some borrowed from friends and family). I bought it because it had 2 efficiency apartments on the same property. I put in a new roof, A/C, paint exterior/interior, some electrical, refinish the hard wood floors in main house etc⦠Except for the A/C, I did all the work myself. I rented the home for 700.00 monthly and the apartments for 450.00 each monthly.
House 3: 8 years ago I bought another house across the street for 32k (cash). I put in a new roof, installed central air, painted the interior, refinished the hard wood floors, painted the interior, etc⦠Except for the AC and roof, I did all the work myself. I rented this one for 680.00 monthly.
House 4: 5 years ago I bought a house 3 houses down from where I live for 35k (cash). I install central air, painted the interior, refinished the hard wood floors, painted the interior, etc⦠Except for the AC, I did all the work myself. I rented this one for 725.monthly.
House 5: 4 years ago I bought a house one block down from where I live for 52k (cash). I bought it because it had 1 apartment on the same property. I put in a new roof, A/C, paint exterior/interior, some electrical, refinish the hard wood floors in main house etc⦠Except for the A/C, I did all the work myself. I rented the home for 675.00 monthly and the apartment for 400.00 monthly.
House 6: 2 years ago I bought a house 4 houses down from where I live for 28k (cash). I put in a new roof, A/C, paint exterior/interior, some electrical, refinish the hard wood floors in main house etc⦠Except for the A/C and roof, I did all the work myself. I rented the home for 700.00 monthly.
I sold house 2 for 115k, House 3 for 86k, House 4 for 85k, House 5 for 95k and House 6 for 85k.
Yes, a lot of money not to mention all the money I made from rent and salary from programming!
Several factors made all this possible:
- I work full time as a programmer and only work on these homes on the weekends and after work.
- I drive an 18-year-old S-10 blazer (No A/C but itâs paid for!!!!)
- My wife drives a 10-year-old dodge van (Itâs paid for!!!)
- I bought these homes in a âbread and butterâ neighborhood. Cars in front yards sitting up on stands with no wheels, chain link fencing, 2 families piled into 900sqf etc⦠Most people drink beer, make barbeques and buy new trucks. They never had money to buy a house â¦. They rented from me !!!!
- Property values increased 40 to 70 percent in the last 10 years. (Weâre near downtown and central to most everything)
Itâs all about priorities boys. While most people were relaxing, going to movies, visiting friends, watching football, drinking beer, I was working most
Weekends on these old rental homes.
I donât fish, donât hunt, donât play golf, and I did not spend my money on new cars or fancy cloths and jewelryâ¦â¦.
BUT NOW I CAN!!!!!
I bought an empty lot in a nice neighborhood and am about to build my dream house (custom 7000sqf)
I will be the general contractor and builder and should take about 18 to 24 months. Since Iâm building it myself, the cost to build should
be approximately 1/3 of what it would cost buying from a homebuilder.
As soon as the new home is built I will sell House 1 for about 95k.
The new home will be partially financed in the 6% range and Iâll use some of my cash to invest in stocks when things turnaround.
There may be an easer way to make money but you canât go wrong with real estate. Unfortunately most people are not willing to put in the
effort it takes nor have the skills to make a go at fixer uppers.
I started buying real estate 10 years late in life (35). Can you imagine what I could have done if I had started at 25?
So all you twenty somethingâs out thereâ¦â¦make me proud!!!!!!!!
