long time member first time investor PNW
I think I joined right around the time i got roped into the rich dad poor dad scheme about 5 years ago. Learned a ton of lessons from that one. After years of paying that debt off and increasing my income I finally purchased a very nice duplex. I qualified for a VA loan so i had no money down, the property was bank owned so the lender and sell covered all my closing costs. I occupy one side and use a property management company to rent out the other. I have had 2 tenants and both have no idea I am the owner. I like this set up and if you have any questions on it please feel free to ask. IMHO the most important rule of this type of investing is to only invest if the current cashflow makes sense. I saw the original sale price from 2005 and there was no way it would have cash flowed even at todays rental market, its a Navy town so it stays pretty consistent. Well I'm really looking forward to becoming an active member here.
One area im very interested in is I ran into a guy that owned a bunch of boat slips. He said this was the best way to produce cash flow. If any one has experiance in this please contact me. I have not met any one since this guy that has any info I and lost contact with him, he isn't a member as far as I know.