With the current economy and how the US dollar could end up, would it be smart to hold off on purchasing rental properties? I am highly considering purchasing the diamond package and get a 1 on 1 mentor but scared to get into real estate right now if I screwed with the economy… Any thoughts?
It may depend on your situation. In my opinion, everyone needs someplace to live. Your "survival" as a real estate investor in any economy is a function of how you acquire the property and then your exit strategy. In general, the profit is made upon the acquisition of the property. If, for example, you were to pay all cash for the property, then your profit will be based on the rental income minus all expenses (tax, insurance, repairs, etc). Other factors that will improve your bottom line are Federal Income Tax credits and deductions. The building and its composite parts can be depreciated over time. You also may be able to get income tax credits for installing energy-saving improvements, although that credit is constantly changing with regard to what qualifies the maximum credit allowed. I hope this helps a little. Robin Carriger can better communicate the benefits of the Diamond membership and mentoring.
Thank you Terry. I would love to speak with Robin to get this started. Do you have their contact info?
Robin CarrigerPresident, DFW REI Club(817) 300-1132Robin@DFWREIClub.com
If you aren't otherwise engaged tomorrow morning and would like to talk to Robin in person, the DFW REI Club meets every Saturday at 9:00 am 50 weeks a year.
You can register for tomorrow's meeting on this website.
I think rentals is no longer a viable business. The costs to buy and prep are too high, the taxes and insurance are too high, maintenance and capex are too high, and the rents are too low. I am about to sell off my last 2 rentals this year.
My wife, Cindy, and I are VERY pleased with our portfolio of rental properties, and I'm very much still a big believer that investing in rentals is the best investment vehicle available. I'd be happy to chat with you about how the Diamond Membership works. Give me a call any time at 817-300-1132.
Manhattan Plaza6850 Manhattan Blvd, Suite 205Fort Worth, TX 76120