Comments on: Real Estate Investing for Beginners http://www.american-apartment-owners-association.org/blog/2008/09/29/real-estate-investing-for-beginners/ Real Estate News, Landlord Help, and Apartment Information Thu, 19 Nov 2009 18:45:35 -0800 http://wordpress.org/?v=2.8 hourly 1 By: George http://www.american-apartment-owners-association.org/blog/2008/09/29/real-estate-investing-for-beginners/comment-page-1/#comment-7202 George Tue, 30 Sep 2008 14:15:10 +0000 http://www.american-apartment-owners-association.org/blog/2008/09/29/real-estate-investing-for-beginners/#comment-7202 I can't agree more with this article. I am 59. I bought my first house in 1972, $33,000, then first apt bldg in 1972, a 6 unit, for $76,000. Budgets were tight. Any vacancy was paid for out of my own income (then about $200 per week). Then a divorce lost the first house, but I moved into the building. Another building followed in 1976 (7 units) for $150,000. Then followed remarriage, a home in 1979 (we still live there), then a 4 unit bldg, then a rental house (probate court auction), then another 4 unit, then two houses on one lot, then another 4 unit bldg, then two rental houses on one lot (one lived in by my wife's parents), then a two unit bldg (undergoing mold remediation), and now a teardown two unit building. We have 4 mortgages now, the rest being paid off, and are (for now) stopping further investment plans til 8 of those units (that are currently vacant) are remodelled/completed. I've always worked at my fulltime job, and a second partt time job for about 14 years, and on the units when I had time, and never borrowed to buy anything but the properties. Cars were cash purchases, credit cards paid in full monthly. And these properties are all in the L.A. Area, in a non-rent controlled city. Outsiode of the house I lost in divorce, I have never sold any real estate I bought. Needless to say...Steve Homer and I shared the same thoughts a LONG time ago... I can’t agree more with this article. I am 59. I bought my first house in 1972, $33,000, then first apt bldg in 1972, a 6 unit, for $76,000. Budgets were tight. Any vacancy was paid for out of my own income (then about $200 per week). Then a divorce lost the first house, but I moved into the building. Another building followed in 1976 (7 units) for $150,000. Then followed remarriage, a home in 1979 (we still live there), then a 4 unit bldg, then a rental house (probate court auction), then another 4 unit, then two houses on one lot, then another 4 unit bldg, then two rental houses on one lot (one lived in by my wife’s parents), then a two unit bldg (undergoing mold remediation), and now a teardown two unit building. We have 4 mortgages now, the rest being paid off, and are (for now) stopping further investment plans til 8 of those units (that are currently vacant) are remodelled/completed. I’ve always worked at my fulltime job, and a second partt time job for about 14 years, and on the units when I had time, and never borrowed to buy anything but the properties. Cars were cash purchases, credit cards paid in full monthly. And these properties are all in the L.A. Area, in a non-rent controlled city. Outsiode of the house I lost in divorce, I have never sold any real estate I bought.

Needless to say…Steve Homer and I shared the same thoughts a LONG time ago…

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