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Updated almost 3 years ago on . Most recent reply

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How do I get income from real estate

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How do I start investing in the real estate, become properties owner and start leasing same for regular and steady income? 

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Will Barnard
  • Developer
  • Santa Clarita, CA
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Will Barnard
  • Developer
  • Santa Clarita, CA
ModeratorReplied
Quote from @Jake Handler:

Buy a house, rent it to tenants, and have them pay more than your mortgage costs


 Not quite that simple, aside from mortgage costs, you also need to know about all the operating costs which consist of property management, legal fees, accounting fees, utilities, repairs, maintenance, etc. You also have to allow for a vacancy factor as you will have vacancies over time as well as loss to lease costs. Lastly, you will have capital expenses which include replacing a roof, water heater, HVAC, etc. While these items do not come up every month or every year they will over time and if you fail to allow for them, you will not have the returns you expected.

Asking us a blue print step by step of how to get started is not the best way to go about learning. You need to invest some time and energy into researching the best books to read on the real estate strategy you intend to use, engage this community as well as your local real estate meet ups, and start building your team and your knowledge of the market in which you would like to invest. There are no short cuts or "secrets to success" as the gurus will have you believe.

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