Real Estate/ Creating your own income.

[Duke41]

A few of you guys know me, most don't. A few years ago I lost my job at an internet company. So I took my package and brought a fishing boat and turned it into a small but money losing charter biz. After 3 years of losing cash, I am shutting the biz down. A few months ago I brought a three family now I have 2 more each property is returning a postive cash flow of 200-600 per month. I only put down 5% on two of them and 0% on the last one. I got mortgages no problem. I would not consider myself any type of real estate wiz at all. But I can see the light at the end of the tunnel. I just wanted to share this with you especaily those of you that like me have been long termed unemployed. If you have any questions pm me. Merry Christmas and God Bless all you great guys.

[Johnny C]

I would be happy to assist any of you with questions, in any aspect of the buying/ selling/ management or any other questions you may have. You can check out my website at eastcoastrealty.com. I have resisted plugging my business in the past, but I really would be happy to help anyone who has any questions.
John

[Duke41]

I do not know Johnny C nor do I endorse him in any way. No offense Johnny but you are plugging your biz.

[Johnny C]

If you read my post you can see that I am offering help to anyone who has questions. ANY he haw with 5k in the bank can buy an income property in a crappy local with crappy tenants and lots of hidden surprises. So someone reading your post could get very horny, run to a lender, get the mortgage buy a place, and then get screwed by money hungry sellers who have their own best interest in mind.
While you mayt have made out well, and I hope you do, It is very tempting for people to think it is as easy as you have made it seem.
It can be. But there are many things to consider to make sure you do not go bankrupt or loose your shirt because your tenants leave, the boiler breaks, and the roof leaks. And you are only making 1200 per month.
Anyhow, I can provide a list of people who would endorse me, and my offer stands. Feel free to pm me questions. You too Duke!
Real estate investments can be a great way for people to make a great living and a way to provide for your future. Be weary of things that are too good to be true.
As for me plugging my business, I work hard, respect everyone else on this board and think that if any of us have service to offer we should look to eachother first. When I had an IT issue and few weeks back I looked to JohnR who has a billboard that would rival the Handcock sign at fenway all over here. We did not go foreard with the project yet, but I would try and hook him up again.
Maybe thats just how I work. I have a "keep it in the family" attitude.
Best of luck.

[Duke41]

My experiences have been much different than the tale of woe you describe. Maybe I am just lucky or maybe I did my homework...most likely a combo of each.

[Ed B]

I have been a landlord for 11 years. My father did it before me for over a decade as well. I will sum up my experiences and that of many others by telling you to read very carefully what Johnny C has written . He has some good advice. There is no such thing as easy money.

Consider what your situation will be as well if interest rates head up and we have a real estate market similar to 1990, 91 and 92.

Ed

[macojoe]

renting sucks!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!

I lost my shirt!!! I am now bankrupt and renting after 10 years of owning a rental property!! And I did cerdit checks and all on people i rented to! They just don't care if it is not theres!!

Not all renters!! I am sure there are pleanty of good ones out there. Maybe I am just a poor judge of a person??

[bassmaster]

I don't see property hitting the crapper like it did in 90, 91
the rates may go up But the property wont dive that much
what's the worse it could get maybe 25% drop.
I see more property on the market now and not selling as fast.
and rental property is a numbers thing so I think it may take longer to sell, unless You target the owner occupy.
Renting is a Hellish nightmare and if You have to rely on rents to pay for the property, You may want to lower Your fee and get some good people in there.
once there in ,its hell getting them to leave and most look at You like You have money. some even want to see You loose the property.

I cant afford to take a chance on rental property or even buying a home with mort hanging over My head right now

The early 90s was the time to Buy and I did.
I bought a duplex and then a cape with 500.00 down
then I got a divorse and gave up the new Cape in falmouth.
at that Time She had 2 homes in Her name and I 2 in my name
go figure.

[Clammer]

my tenants are great or their gone =they stay with me until their ready to buy a house=then I work for them ,into getting their home ==I scan them or ban them////////////////////////

You don,t know what people problems untilyou own a daycare========================

[scoobe]

The thing I hate most about my dad being a landlord... fixing stupid stuff at really bad times. When people don't own the property they really don't give a chit about anything. Things as simple as giving a few turns of the screw driver or replacing a burnt out bulb... they just don't care enough to do it. The worst is the basement. People store stuff there then don't claim it when they move out. At one of our old houses we noticed the water bill skyrocket one month. We went over there to see what was going on and found an illegal immigrant motel of sorts. Some couple we had rented the place to had invited all their immigrant friends and relatives to live with them. Renting propery can be a great source of income... just be ready for the headaches cuz it's not always so easy!

[Hooper]

uhhhhhh, yeah, be careful

[beachwalker]

We see the cycle under a magnifying glass here. I have seen 2 decades of ebb and flow and we are definetly on an Up right now. Yes, we are hearing and experiencing loss, etc. all around us but we have learned that this is a natural correction and a healthy shakeout for the market.

Bottom line: (IMO) when it comes to highend investments the mega wealthy now rule and I believe we are entering an era where is ok to be a "have not" because the elite are now more realistically defined and most wannabes have been pushed to the side. The beauty is (once again IMO) this is America and the climb up the financial ladder isn't anywhere near as class restrictive as other countries. If you are a super-financial success (and can hold it together) you are now a part of the 1%, super elite. The top of the food chain. Congratulations !

The tough part is can the rest of us hold it all together and accept our "place" in the world without pointing fingers and constantly comparing our worth to others ?

I live in one of these fish bowls and it is hilarious how disrespectful what the lack/abundance of wealth does to a persons demeanor. A bunch of friggin whiners



I suppose the rest of us will just keep chuckling to ourselves as we watch and listen to the "Be's" and the "Wannabes" go through their routine of life.

The one I love is when the client comes to me with a concept/dream for a woodworking project and doesn't understand the costs or commitment involved.
This is where it defines itself. When I communicate the potential costs (in order to keep it realistic) I find out who truly is and who is a wannabe. The "Be" will tell me that they realize there are costs but effort takes money so lets move forward and arrange a schedule. The "Wannabe" starts to haggle and squirm. In the past, I would take the wannabe projects and end up doing MORE work for LESS money. Then the friggin ass would walk through the door with a $10,000 plasma screen.

These kind of losers are now spotted VERY quickly and I will not budge on my pricing. I have no time for their games.

Some will say that it is woodworkers such as I that are making it expensive out here. When did my efforts at being professional and honest get pushed aside by a wheeler dealer with more guts than brains ?

Most of these people have something to do with Real Estate. They are without a doubt the classic wannabe and we professionally interact on a VERY cautious basis.

The world is a hilarious place sometimes. Throw in a couple of 's Mobsters and you have a film. Oh ya, that's right. They come out with a new dose of that shiite every other day...........



Here's to the honest and proud of the world.......

And to the rest of you..........




We're watching you........
(even if our eyes are a little bloodshot )

[beachwalker]

Can you say "off on a tangent " ?

Heeheehee..........

Whoo. Isn't great to hang out on a cold sunday morning and pontificate ?

Merry Christmas

[Duke41]

Why is it that the world for most people boils down to us vs them?
Really kind of sad when you think about it.

[Hooper]

Hey Beach walker, you're over on the grey lady aren't you? I live on the Cape and my wife and I run the boat to the island several times a year to have lunch, wlak the town, drink some beers. Great place, but man, some snooty too. If you can ignore that part of it it is a great time!

-Hooper

[beachwalker]

You aren't sh%$ttin Duke. I lived here long enough to just accept it and be diligent and reliant to the ones I serve. I just have to look out for the bad ones while I look out for myself.

The old tried and true way for years was a handshake and payment upon completion. That changed over the last decade and now it can be a crap shoot if one doesn't filter out the wannabe's. Enough good folk left to make it all worth it. The Grey Lady is still the best one of the bunch. She pays you every day and night ! I pinch myself most days, especially the tough ones . Tomorrow is another marvel...........

Life is, so love the one you got cause you might get runover or you might-get-shot...........

I hope some of you folks come over again and bring your gear. Not THE place to be but it is one of the most beautiful for sure.

Merry Christmas

[Raven]

so wheres the best place to go if you dont mind me askin
for i have not yet had the pleasure of going >>>>YET
gee.... that makes me a wannabeer lemme know k , Raven

[Hooper]

We always stop in at the Rose and Crown and the Atlantic Cafe when we need some cold ones....

Funny story here, some years ago we had breakfast at one of the breakfast places on the wharf there and ate pancakes next to Jimmy Buffett.

Guess he was there doing some fishing with Spider Andresen of Salt Water Sportsman. It was a great experence actually. I've listened to and drank to Buffett more times than I can't remember and it was nice to meet him finally, and on Nantucket of all places.

I just said hello and shook his hand, told him I would be the drunk one at his concert at Great Woods in a few weeks!

I do love visiting ACK...

-Hooper

[beachwalker]

You folks know why it is nice here. No where I know is perfect. Good couple of Bars you named. Can't forget the Box and try Kitty Murtaghs. Authentic Irish Pub/Steakhouse. THE place on the island for a proper pint of Guiness and more. Opened last year.

Located on West Creek near Box. Across from Nantucket Bagel.

[Duke41]

Raven your box was full. Empty it buddy.

[Mr. Kav]

does anyone no what ack actually stands for?

i heard something about Air Control K??????

[Raven]

mailbox-emptied, emptied.... several times ...i'll be at the plug fest tommorow to learn some stuff... and munch out and see some friends.... otherwise you can email me at
ravenob1@charter.net i dont have a landline phone anymore and LOVE IT that way , but i have a cell phone when needed even though its rather pricey to use it.

[Raven]

thanks for the info...and i should've specified ale instead of the broader term of beer even though ale falls under that general classification. Guiness is a great beverage...

but i hear yah on the distinction on the clueless out there...
i refer to it as the magic wand syndrome...where they think your gonna get it all done in a blink of an eye. Some things take time
and quality work is one of them. I used to accept a handshake
in the old days too because then it meant something then but no longer.

the people that act like moneys no object are better than the squirmers who are always saying:" This is taking longer than i thought". its especially irritating when its a remodel and not new construction when you get into a can a worms scenario of the un-forseen problems that slow you down to the point you are hating it.
thats about the time they show up and try to re-negotiate mid stream.

[beachwalker]

Ack is the airport abbreviation for Nantucket airport. It is just the acronym that they chose when it came to a 3 letter combination.