Take advantage of the market for sure. I love how many different strategies there are in real estate.
Well . . . it's not exactly a ski condo. It's in Fort Collins, which is quite a haul to the nearest ski resort, but the quality of life in FC is off the charts and is still one of the best kept secrets in Colorado. Attendance at CSU is growing rapidly and the city is essentially land locked by precious open space, so population growth (like Boulder), is very limited. Demand to live within FC city limits is very high. We will consider retiring there.mwp02ag said:
Congrats on the ski condo! We want to move to the mountains for a couple of years so you've already achieved one of our goals!
Imagine you have a large portfolio of rental properties, diversified across different markets and asset classes. Imagine that portfolio generates more than enough money for you and your family to do what ever you want and not have to worry about a paycheck because you know that with out fail you will have income.
If you've set it up correctly, even if the market turns down you should retain enough cash flow to service your debt. There are risks of course and many people tell their story of losing it all in 2008. The ones who persisted, gained it all back and most of them have set themselves up better to weather the storms this time. Study the failures.
We're not wealthy by any means but we are blessed to have, successfully to date, invested in ourselves and we are beginning to the see the fruits of our labors. We would rather die trying to live our perfect life, than live a life beholden to a time clock and paycheck.
Scientific said:
Are some of yall worried about peak market for properties? Can you account for a potential downturn & loss of equity? I think Im also guilty of overthinking the numbers. Ive left a few deals on the table Im regretting now.
jaggiemaggie said:
Where do you guys find majority of your deals? I surf realtor and HAR and numbers just don't work
If your married you can have 20....someone more experienced will have to tell us if that's in both names or 10 in each.BMach said:
You have to start using commercial loans after 10 iirc
Sure. The Coloradoan is the local newspaper up there and has had numerous articles on the housing issues and lack of affordability up there.mwp02ag said:
Ha I have ski condo on the brain....I hear Co and that's all I think about, but I really love the whole place. Everyone is fit, dogs everywhere...just a cool as place. I'll have to add FC to the list to check out.
I had to refi my triplex into one of these products as, unbeknownst to me at the time I bought it with hard money, I would not be able to count any of my income towards a conventional loan since I didn't have two years of tax returns since I had become self employees. It's a 7 year ARM, amortized over 30 at 6.2% with Jefferson Bank in San Antonio. They are also known as Portfolio Loans.jmazz said:
Local banks who keep the loan in house and don't sell on the secondary market. It's a commercial loan versus consumer loan. You can get a million commercial loans if the bank will let you. Rates and such aren't as favorable as consumer/conventional/secondary market loans but no big deal in the big picture.