If I own 3 condos by the age of 25 will I be set for life?

[EUHustler]

Ok so right now my plan is to work my ass off while cutting most expenses and save enough to purchase 3 condos within the next 3 years (been saving since 20)....Each having 2 bedrooms...That would allow me to rent out to 6 people generating around 4k-5k per month ...sounds good on paper,anyone do this

[ppself]

We talking about you buying them flat out, no payment plan or anything?

[Mimic3]

Ok so right now my plans is to work my ass off while cutting most expenses and save enough to purchase 3 condos within the next 3 years....Each having 2 bedrooms...That would allow me to rent out to 6 people generating around 4k-5k per month ...sounds good on paper,anyone do this

yep, but dont forget to include investment property tax in your total projected income

[EUHustler]

We talking about you buying them flat out, no payment plan or anything?

buying them flat out (around 60k per property)

[mabidi]

unless the people end up trashing the place and you have to end up renovating

landlords always get fuked

[EUHustler]

yep, but dont forget to include investment property tax in your total projecting income

property taxes plus a monthly condofee plus maintenance costs....but i plan on taking the rent in cash only so i wont have to pay taxes on it

[BayAreaBB]

You'll have $180k after saving for only 5 years? Gjdm.

[poopatang]

buying them flat out (around 60k per property)

tfw the 1 condo you bought costs as much as 5 of ops's condos..

[xevolution]

Ehh I don't know about set for life, plus if something goes wrong it's on you to fix it, don't dump everything you have in them or you will end up in debt


Make sure you have AT LEAST another 30k saved on top of what they're gonna cost

[EUHustler]

unless the people end up trashing the place and you have to end up renovating

landlords always get fuked

Im well aware of this,is it possible to do like quarterly inspections? I know most people will just trash the place up

[HumptyBrah]

idk where you're buying but $1500/month rent from a property that only cost $60k sounds optimistic

[EUHustler]

idk where you're buying but $1500/month rent from a property that only cost $60k sounds optimistic

vegas or central florida

[vsportsguy]

It wont work out as smoothly or efficiently as you make it seem, but it seems like a good idea.

[ppself]

property taxes plus a monthly condofee plus maintenance costs....but i plan on taking the rent in cash only so i wont have to pay taxes on it

hahahah. Your next thread is going to be called "If i owe millions in back taxes after the age of 25, will I be set"

Most smart, sensible people who rent from people. Don't pay with cash only.

Only the urban youths and Mexicans with 20 in their family, pay in cash. So you can imagine the headaches financially.

But i have never heard of anybody making it big renting out property. Just look at any super or landlord. They are barely scrapping by in most cases. It's when you sell the property for more than what you paid for, that makes you big.

[EUHustler]

It wont work out as smoothly or efficiently as you make it seem, but it seems like a good idea.

yea im prepared for that...im sure there will be either lots of things breaking, or people not paying rent on time, especially if I buy a place in a lower income area

[fadetoblack1]

Own 3 condos and a 4 unit apt building. After all the monthly expenses I make around 2700-3000 per month.

[invain]

unless the people end up trashing the place and you have to end up renovating

landlords always get fuked

Or you could not be a moron and properly screen for renters. The last couple places I've rented our landlord wanted references of any previous landlords, and I know for a fact he called and asked how we were as tenants.

[EUHustler]

hahahah. Your next thread is going to be called "If i owe millions in back taxes after the age of 25, will I be set"

Most smart, sensible people who rent from people. Don't pay with cash only.

Only the urban youths and Mexicans with 20 in their family, pay in cash. So you can imagine the headaches financially.

But i have never heard of anybody making it big renting out property. Just look at any super or landlord. They are barely scrapping by in most cases. It's when you sell the property for more than what you paid for, that makes you big.

Im not trying to hit the jackpot here...i just want a steady income.

[invain]

property taxes plus a monthly condofee plus maintenance costs....but i plan on taking the rent in cash only so i wont have to pay taxes on it

Good luck when you eventually get audited.

[LawPec]

60k condos? Where you from OP?

[EUHustler]

Own 3 condos and a 4 unit apt building. After all the monthly expenses I make around 2700-3000 per month.

what expenses do u have and are all the rooms being rented out?

[Mimic3]

property taxes plus a monthly condofee plus maintenance costs....but i plan on taking the rent in cash only so i wont have to pay taxes on it

Thats not a very smart idea. Don't think that wont come back and bite you in the ass even in 20-30 years time.

-brb 2044
-hello mr EUhustler, tax office here...
-it appears you have multiple investment properties that were being rented out from 2014 to 2044
-it appears you owe us approx $7,593,395 in income tax that you have purposely avoided declaring in attempt to avoid income tax
-please make a payment of $7,593,395 by X date or will we throw your ass in jail
-thank you and have a nice day!

[ppself]

Im not trying to hit the jackpot here...i just want a steady income.

Well. You won't be hitting the jackpot. And you won't have a steady income. You will gain hassles from the tenants and probably losing money from the kind of people who would be paying cash only damaging the property. Drug lords and welfare peeps.

[GilDeg]

You're gonna have to do it by the books OP.

[EUHustler]

Well. You won't be hitting the jackpot. And you won't have a steady income. You will gain hassles from the tenants and probably losing money from the kind of people who would be paying cash only damaging the property. Drug lords and welfare peeps.

what person wouldnt pay cash only if I lowered the rent to a few hundred below normal price..not everyone lives like an animal and destroys an apartment in 1 year

[PolishPhenom]

unless the people end up trashing the place and you have to end up renovating

landlords always get fuked

What a dumb phucking comment.

[mabidi]

Or you could not be a moron and properly screen for renters. The last couple places I've rented our landlord wanted references of any previous landlords, and I know for a fact he called and asked how we were as tenants.

yeah but how many landlords are like yours? 20%? if that

most say give me the money

[fadetoblack1]

what expenses do u have and are all the rooms being rented out?

My condos cost around 25k each and rent for 650 per month. The monthly expenses for each is 70for taxes, 30 association fee, 40 insurance

My 4 unit apt building cost 99k, total rents per month is 2200. Mortgage is 400, tax, 350, insurance, 150, water, 100, misc, 200.

[HumptyBrah]

what person wouldnt pay cash only if I lowered the rent to a few hundred below normal price..not everyone lives like an animal and destroys an apartment in 1 year

So the ~$800/month would be before or after being lowered?

[ppself]

Please tell me you have a lawyer or something that can actually advise you something like this.

You sound like the same brah who took all his daughters college fund and dumped it into bitcoins and then lost millions when that dude bailed.

Just because you can save money. Doesn't mean you can make sound business decisions with it.