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Welcome Good luck. I don't know your numbers but your goal is reachable. I am at your goal right now from rentals. Just be careful not to over leverage and make sure you have a positive cash flow. That way if the economy hiccups you can ride it out. Make sure you have a reserve too, don't spend...

To each their own, but isn't this stereotyping people? You just said you were rich, does this mean you aren't a real person? That you are shallow? How would you feel if people avoided you because they prejudged you? The houses range from 200k to 1.5 million. People aren't really rich if...

If buying a 250k house myself, then I am the staff and maybe the staff for the richer people in those big houses too.

Ha ha. I hear you. I too really like the beautiful more expensive homes up there and that is part of the charm of living there. I was just impressed that you could at least live in the community for a lot less if you had a limited budget. I can't figure out the feeling I get from that...

Looking on realtor.com I see 3 houses at 234K, 255k, 259K on the Ga side and one at 299K on the Tn side. Depends on how you look at it, but those prices don't seem that high.

Is lookout mountain split part in Ga and part in Tn? That was one of the things I loved about Chattanooga and If I moved to that area it's where I would live . I even looked at homes and there are some in the high 200's. I do a lot of driving around for fun and love to explore neighborhoods...

The bottom line is that passive income is good no matter the source and as long as you have enough to do what you want, no one can say one way is better than the other.

Okay, so you went overseas on the first apartment complex? I think in your case with the BK and you walking from it the whole tax thing gets convoluted. It's not like you made a profit from it to take the recapture expense from. Glad you came out ok in the end. Those were some tough times on a...

I only meant the recapture was done when you sold, but since you haven't sold, it hasn't happened. Sorry the prop manager bungled things up, that had to be a PITA.

I'm not sure if you were addressing me or the other poster. Haven't heard anything about rental not being refinanced in Texas. There's a guy on the mustache forum rehabbing in Texas with the target of refinancing each one. He has a pretty good thread. The 680 a month if you were referring to...

I understand what you are saying about cap rate. In my mind it is that for me but if someone were to buy it it would sit at about 7-8x. I did catch the tail end. A few others got there a year or 2 before me and were buying at 15-20K! Most of the bank owned properties are gone now unless they are...

I don't know if the IRS will do it for you, but I believe if you ever get audited they will recalculate you returns with it then recapture it when you sell.

Whoops made a mistake. The cap rate is for the 17 properties I hold in my name only, the other 5 are held in my retirement accounts. I hold no rentals in Marietta, as you may have noted I said they were 800 miles away. The portfolio has been built up over the last 3-4 years. Typically I was...

That's the key, your margin. But do you feel the property manager is responsible for the run of expenses you now have?

Ah, I see your point. Have you now found one that seems honest?

Exactly, many people fail to meet the qualifications to be considered a re professional so The IRS is all over that one. If you make the claim you better have good provable documentation. I heard one person tried this and the IRS looked over her credit card statements and saw she was vacationing...

You do know he makes a living being the contrarian to all real estate gurus. right? My friend met this guy as he lived locally to where I am from. Based on your link all it says is "The property-management industry has few happy customers. Neglect and kickbacks are near universal in the...

Can't say for sure, but it sounds like you want to be classified as a real estate professional which has a set of conditions such as you must be working at least 750 hours a year and if you have a job you must spend the majority of your time in real property businesses. I believe passive...

I'm not sure where you've read this. I know a fair amount of people making money using property managers. Several retired from the income from rentals -no 401 or ss as they are too young to collect. The average they get charged is 6 to 10% of the gross rents. I have 22 properties with a average...

I live in Marietta Ga and it's about 90 minutes to Chattanooga. I've driven there a few times and liked what I saw. Had I not bought a house recently I would put that city as a possibility.

Ok . While I will argue that real estate CAN be passive while most here say it is not, I will admit the op did come across as bragging a bit which could irritate some people.

Just curious. Are you saying landlording can never be passive or just irritated with the op?

It's a hands off deal. You have to set it up first and you can't buy properties from yourself nor self manage them.

As a business owner I had set up a self directed IRA and a solo401k . Both are roth accounts and I have checkbook control to invest with. Keep in mind you don't get tax deductions like depreciation with real estate because you aren't paying any taxes to start with. 5 of my 22 properties are in...

I believe it was the OP. I'm sure the relative is working but then that makes it passive for the OP since he is hopefully paying the relative something. The OP appears to have a property manager he pays but then has a relative sometimes watch over the property manager