Comments on: Real Estate Investing Should Not Be a Get-Rich-Quick Scheme http://www.moneycrashers.com/real-estate-investing-should-not-be-a-get-rich-quick-scheme/ Personal Finance Blog, Your Guide to Financial Fitness Thu, 09 Feb 2012 20:13:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Freddie @ Real Estate Investinghttp://www.moneycrashers.com/real-estate-investing-should-not-be-a-get-rich-quick-scheme/#comment-15670 Freddie @ Real Estate Investing Thu, 14 Oct 2010 22:04:32 +0000 http://moneycrashers.com/?p=161#comment-15670 Wow, that does sound like a horror story and someone that was up late night that got wrapped in that mess watching flip that house or something. As a former real estate appraiser, I have seen it all. People have gotten themselves into some terrible deals chasing a fast buck...then they expect me to bail them out of jams by fudging the numbers a bit. NO WAY!! NOT UP IN HERE!! That is the quickest way to get a law suit. Anyway, the investors that I know that have earned them some cash and stayed in it for the long haul have been the slow and steady investors. They were in no rush. There is something to be learned form this approach...I have noticed. Wow, that does sound like a horror story and someone that was up late night that got wrapped in that mess watching flip that house or something.

As a former real estate appraiser, I have seen it all. People have gotten themselves into some terrible deals chasing a fast buck…then they expect me to bail them out of jams by fudging the numbers a bit. NO WAY!! NOT UP IN HERE!! That is the quickest way to get a law suit.

Anyway, the investors that I know that have earned them some cash and stayed in it for the long haul have been the slow and steady investors. They were in no rush.

There is something to be learned form this approach…I have noticed.

]]> By: The Landlordhttp://www.moneycrashers.com/real-estate-investing-should-not-be-a-get-rich-quick-scheme/#comment-2986 The Landlord Tue, 18 Jul 2006 18:33:27 +0000 http://moneycrashers.com/?p=161#comment-2986 I agree with you in principle, but not nessecarily in fact. My partner and I have now bought two investment houses and both are financed (we put money down, of course). The thing that makes us different from your desperate caller is that we've carefully planned our business, including setting aside a large cash reserve to cover any problems from major repairs to deadbeat renters. We've also been very careful to only invest if we had the disposable income to cover the mortgage payments if our renters couldn't. But I feel horrible for the guy. Not only did that "guru" take a very large amount of money from him (most likely in the $thousands), but the "guru" also put him on a disasterous path. DO YOUR HOMEWORK PEOPLE! I agree with you in principle, but not nessecarily in fact. My partner and I have now bought two investment houses and both are financed (we put money down, of course). The thing that makes us different from your desperate caller is that we’ve carefully planned our business, including setting aside a large cash reserve to cover any problems from major repairs to deadbeat renters.

We’ve also been very careful to only invest if we had the disposable income to cover the mortgage payments if our renters couldn’t.

But I feel horrible for the guy. Not only did that “guru” take a very large amount of money from him (most likely in the $thousands), but the “guru” also put him on a disasterous path.

DO YOUR HOMEWORK PEOPLE!

]]> By: Young Finance Guyhttp://www.moneycrashers.com/real-estate-investing-should-not-be-a-get-rich-quick-scheme/#comment-2985 Young Finance Guy Tue, 18 Jul 2006 11:31:33 +0000 http://moneycrashers.com/?p=161#comment-2985 Agreed, as like any investment, you have to do your homework and not get in over your head. Agreed, as like any investment, you have to do your homework and not get in over your head.

]]> By: Erikhttp://www.moneycrashers.com/real-estate-investing-should-not-be-a-get-rich-quick-scheme/#comment-2984 Erik Mon, 17 Jul 2006 18:10:57 +0000 http://moneycrashers.com/?p=161#comment-2984 And I understand that there are people out there whom finance an investment property and end up successful by doing it. My point is that when you get too greedy and start financing 5 or 10 properties, you are asking for a disaster. And I understand that there are people out there whom finance an investment property and end up successful by doing it. My point is that when you get too greedy and start financing 5 or 10 properties, you are asking for a disaster.

]]> By: Young Finance Guyhttp://www.moneycrashers.com/real-estate-investing-should-not-be-a-get-rich-quick-scheme/#comment-2983 Young Finance Guy Mon, 17 Jul 2006 10:29:51 +0000 http://moneycrashers.com/?p=161#comment-2983 Obviously a lot of cash would be helpful when investing in real estate, but I do not you have to have it. I am only 24 and I own a house and an investment property. Since I work in the RE industry, I feel I am more educated than most peoeple on the topic. So I found a good opportunity and took it. Luckily I have great renters and this plan is really coming together. Obviously a lot of cash would be helpful when investing in real estate, but I do not you have to have it. I am only 24 and I own a house and an investment property. Since I work in the RE industry, I feel I am more educated than most peoeple on the topic. So I found a good opportunity and took it. Luckily I have great renters and this plan is really coming together.

]]>