Have you experienced those infomercials about buying houses with “No Money Low?” They are really well done. They’ve all kinds folks offering great testimonials about how they’ve gotten rich, buying rental properties, with absolutely no money out of their pocket. You see this guy, standing on a street corner, asking someone, and he says, “I own that one,” pointing to a beautiful colonial. “I also own that one next to it, and the one two doors down, and I’ll be closing on a single directly across the trail from it, next week.” He then assures us that she has purchased 17 homes in the last eight or ten months, with zero money down at the properties. Plus, in many cases he’s also paid no closing outlay.
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Soon, this became the norm, not the exclusion. There were constant problems within my houses. Unhappy tenants leaded to poor repair off the property and extra maintenance disappointments. About one year, after Experienced amassed 26 houses, I’m having issues with roughly 10-15 houses and/or tenants each week. I was evicting minimally two tenants each month, and approximately four to seven tenants were either behind on rent or not paying in. Promises were made, payment plans arranged and few, if any, ever followed through.
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In a long time of as a landlord, Two decades thousands of dollars and likely took some years away from my life with all the stress We endured. So, whatever you do, cautiously No Money Down Get. There are much better, still inexpensive ways to generate in industry.