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03-04-2023, 01:15 PM #31
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03-04-2023, 02:42 PM #32
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03-04-2023, 03:11 PM #33
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03-04-2023, 03:15 PM #34
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03-04-2023, 10:13 PM #35
- Join Date: Apr 2012
- Location: Alberta, Canada
- Age: 39
- Posts: 26,174
- Rep Power: 235277
You'd likely need to come up with a business plan of sorts w/ financials to get approved for a large loan on something like a 4plex, or have big income and the bank will mitigate risk by approving only what you can handle with less than 100% occupancy
If you use an existing property to get a mortgage on a second house here in Canada, rental income is included at 50% occupancy
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03-05-2023, 01:07 PM #36
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03-05-2023, 04:13 PM #37
There's no such thing as a risk free way of making money or investing, that's just a given. But as long as you're smart about it and take calculated risks then you shouldn't have any problems. My uncle has several single family houses that he rents out and he's doing well and doesn't have any problems with any of his tenants. But he does background checks on them and checks their credit report so his tenants are low risk.
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03-05-2023, 07:22 PM #38
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03-05-2023, 08:13 PM #39
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03-05-2023, 08:51 PM #40
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03-05-2023, 09:33 PM #41
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03-05-2023, 09:45 PM #42
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03-05-2023, 09:58 PM #43
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03-06-2023, 08:31 AM #44
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03-07-2023, 10:26 PM #45
I don't get it, misc always has a hard on for landlords.
I remember back in the day. "A landlord charging $3K per month rent is living in poverty. You should be able to afford it since they only make $36K per year"
Now where are these boomers at?Work is a joke compared to college.
Pureblood Crew
Accounting Master Race
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03-10-2023, 11:40 PM #46
I think the thing you are missing is the power of smart investing. You are not going to establish wealth on an hourly wage, but if you can at least maintain that income level over time, not waste it all on stupid things, and invest smartly, you can use it to establish financial freedom and multiple million net worth. That won't happen overnight but unless you have some great business idea and the ability to execute it, that is going to be your only path to get where you want to be.
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03-11-2023, 09:42 AM #47
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03-11-2023, 10:09 AM #48
- Join Date: Apr 2012
- Location: Alberta, Canada
- Age: 39
- Posts: 26,174
- Rep Power: 235277
You would need many cashflow-positive rentals to live off just real estate. I'm renting a house out for $2500/month and am technically losing money on it, however it's just on the side of regular income and is more about someone else building the equity in it rather than providing living expenses etc -- I'm putting in like $400 and getting renters that are putting in $2500.
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03-12-2023, 12:38 AM #49
He is never going to afford to purchase a house somewhere like Los Angeles on that income alone. Saving is futile, Investing IS the next step to make that level change. Way too many people make the mistake of thinking their job is the primary factor to their earnings potential and lifestyle, when the money you make from working yourself should be seen as the starting point to make money. The crazy thing about money is it has earning potential of its own, gives you all the proceeds of its work at a much lower tax rate than the income the person works for. All you have to do is give your money a job. That is how the large majority of people reach financial freedom, not by working hard and saving their paychecks.
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03-12-2023, 05:15 AM #50
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03-27-2023, 04:22 PM #51
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03-27-2023, 04:40 PM #52
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03-27-2023, 05:52 PM #53
- Join Date: Jul 2010
- Location: Eliot, Maine, United States
- Posts: 1,719
- Rep Power: 19017
I can agree with OP. I grossed 140K last year. After I paid my taxes and saved for retirement like I am told to do by society I netted 70K. Probably spent 35K between the mortgage/upkeep for housing so that only left me with 35k to live on for the year. I don't have any debt besides out side of my mortgage but things still felt tight. I think alot of it was the price of everything basically went up like 20-40% in a year and my wages stayed the same.
Live & Direct from rural Iowa- GBR
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03-27-2023, 05:57 PM #54
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