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22 May 2024 | 0 replies
. - 6% cap rate reflects a nice safe part of Los Angeles, California, a prudent investment, not one that will make anyone rich overnight, but a place that higher net worth individuals park wealth to preserve it (imagine the depreciation write-off). 6% cap rate also tells us, right off the bat, that we're going to be in the ballpark of 60% LTV.- We will stipulate that this is hypothetical.
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21 May 2024 | 7 replies
Need to be well located and be amenity rich - I assume this to be true in quite a few markets.
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21 May 2024 | 5 replies
A wise investor will not try to get rich quick with shortcuts.
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21 May 2024 | 21 replies
Here are a few I recommend: "Rich Dad, Poor Dad" by Roberto Kiyosaki; "Set for Life" by Scott Trench; "The Unofficial Guide to Real Estate Investing" by Spencer; "The BiggerPockets Ultimate Beginners Guide" found here on BP; "The Book on Rental Property Investing" by Brandon Tuner.
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21 May 2024 | 21 replies
If they're inside of the range above, you're overpaying by a lot and the GC, is getting rich off of you.
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22 May 2024 | 13 replies
The perception of you as a rich STR owner verses a resident is probably an important one to address.I think some of the problem here is that you aren't a member of town.
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21 May 2024 | 34 replies
I agree 100% - part of the problem is a lot of RE investing these days is marketed as a get rich quick scheme where you'll be able to buy a few rent houses, make monthly passive income, retire and travel the world.
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22 May 2024 | 15 replies
There are rewards and riches for creativity in life!
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20 May 2024 | 8 replies
The big differences are that RV parks are typically amenity rich which requires more overhead, can be seasonal in nature (but not always), require a nearby destination to work well (as opposed to employers), and use values that are typically 2 points higher in cap rate.
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20 May 2024 | 0 replies
The rich get richer, and the poor get poorer, and not a single worthwhile word of any authority was ever said in my home and or my school about how someone who is broke might stop being broke, and why that could be a worthwhile life goal.