Today I realized that on paper I will be a millionaire if I simply do what I have already done.
1-Step 1. I bought a home using just a regular job. If I had it to do over, I would have got a 10 or 15 year mortgage. I got a 30 year. 4 years later, I got a 15 year loan and still owe less than 14 years left. I pay 4.375% in interest.
2-Step 2. I almost had it paid off and found a trailer park that I couldn't get financing on. I pulled money out of my home, put $100,000 down on the trailer park, and had the owner carry me for $65,000 for 3 years. I paid this park completely off in 3 years.
3-Step 3. I bought 6 rental homes. I have sold 3 of them, but I continue to rent the other 3. I have a 30 year loan on them, but I have paid them down and owe 15 more years on them. I could refinance and pay them off faster.
4-If I pay off my home, and the 3 rentals, on paper counting my trailer park, I will have over 1 million in equity in properties and over $5600 in passive income. That is assuming that I never raise the rents.
If I had it to do over again, I would have bought the homes at better prices, financed them at 15 year loans, and put more money down. If I just continue to leave things the way they are, I will have them all paid off in less than 15 years and have a million dollars on paper.
I could have increased the cash flow if I would have bought the properties at good deals, but I bought at the peak of the market. Also, how many people can say they will own their home free and clear in 14 years. It seems like everyone gets a 30 year loan. If you can afford it, I recommend you get a 15 or 10 year loan.
You can learn from my mistakes, and I can help coach you on how to structure your real estate investments. If you are interested in getting started, find a home at http://www.seidahohomes.com, and let's go take a look at it to see if it will meet your criteria.
Thanks Burke Bennett
Realtor/Broker of SE idaho Homes
http://www.seidahohomes.com
208 589 5599 for Apt
burkebennett@hotmail.com Email me what you are looking for.
I can help you buy or sell homes in SE Idaho. The counties I work in are Bonneville, Bingham, Jefferson, Madison, and Fremont for real estate. Or Zip codes 83401,83402, 83403, 83404, 83405, 83406, 83442, 83440, 83444, 83274, 83427 for real estate. I try and concentrate on a 30 mile radius from the city of Idaho Falls.
The School Districts that I work in are Hillcrest, Idaho Falls, Bonneville, Skyline, Rigby, Ririe, West Jefferson, Shelley, Firth, Madison, Sugar-Salem, and South Fremont for real estate.
I sell real estate in the following cities: Ammon, Archer, Hamer, Idaho Falls, Iona, Lewisville, Menan, Mud Lake, Rexburg, Rigby, Ririe, Roberts, Shelley, St Anthony, Sugar City, Terreton, and Ucon for real estate. If you really know what you want, I can work out of these areas.
