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Updated about 15 years ago on . Most recent reply

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10
Posts
1
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Eric Kim
  • Homeowner
  • philadelphia, PA
1
Votes |
10
Posts

Hi Kiyosaki wannabe here

Eric Kim
  • Homeowner
  • philadelphia, PA
Posted

Hello, I am Eric living in phila,PA and Silver spring,MD. And yes, it sucks to have 2 places to live. I have very low IQ when it comes to money along with other things. For example, 1 bed condo I am living in, can be rented out for about $1050/month. I paid(still owe) 200k(+ hefty HOA) for this condo 3 years ago, because it was remodeled and LOOKED NICE. Bad deal... ya think?? I want to be on the other side of that deal.
I have a brother who is general contractor for 10 years, and it never occurred to us that we could became rich by buying/fixing/selling/renting houses.
I've been reading bunch of REI books and attending seminars. And I found biggerpockets is even more informative. I made an offer on a HUD home today. yup, this is my first attempt in investing.
Wish me luck.

Most Popular Reply

User Stats

1,786
Posts
464
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Eddie Ziv
  • Investor
  • Mableton, GA
464
Votes |
1,786
Posts
Eddie Ziv
  • Investor
  • Mableton, GA
Replied

I'd say that you have some certain advantages. First, you own two places, one of them is fairly expensive and yet, you haven't been foreclosed on, that means you're doing something right, unless, off course you are almost completely submerged and you're holding a straw to breath...
Second, you have a brother who is a contractor (I wish I had one too).
Now, if you guys can afford it, look for real bargains. Maybe not in Phyla, but in Pittsburgh for instance. Buy some run-down place for pennies, fix it and sell it. You may not make much money at first but it will get you going. If you document your rehab, you can also post it for free on a site like Flickr, Picasa or other, as a selling point...

Good luck

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