real estate

You should be saving everything you can so you're ready for the next real estate crash (it will happen).

Along with saving between now and then educate yourself on foreclosures and short sales so you're ready when the time comes to take action.

Save, educate and patience for now imo.

 

Before you get into real estate, ensure that you research landlord tenant laws wherever you choose to invest. Some states allow people to stay in your investment property and have lengthy eviction processes that favor the tenant robbing the landlord and prolong evictions.

Depending on where you are, criminal activity and non payment get dealt with rather quickly.

Others will not give a crap that you worked hard for your investment, nor care if you lose it.

 

I will add, check out this forum BiggerPockets just as this site is about everything trucking, BP is a forum all about real estate investing.

 

BIL bought a foreclosure in California in 1998 for $250k. Recently sold it for $1.1m. Had it rented 95% of the time. He said he put about $75k in maintaining it during that period. Beats a depreciating asset

 

I bought lots around mine, for few years. Along hwy 60 in nm. Have 20 of them. I wont get rich but might support me in few years. But sometimes i feel lots own me rather than i own them

 

Real estate has done me well.

Especially buying large parcels of land, developing them into small acreages and selling.

 

What ive learned about real estate, or at least "distressed" properties
Cash talks bs walks.
One guy wasneeding, not wanting to sell and was not naming a price. I took him to lunch and laid out 7 piles of crisp hundreds with bank banks saying 1k and quit claim deed. He changed his tune and waitress was doing her best for us

 

Truck driving full time and being a landlord don't mix too well. That's from my own experience.

 

being a landlord sux , for every good Tennant there are 100 ####ty ones . If i had to pay for every plumbing and hvac problem , lets just say i was able to save money . Broken windows , destroyed flooring , holes in sheetrock defacement of walls , all around uncleanness , lawn maintenance , making sure the elec bill is paid in the winter . I could continue

 

Yes renters suck. Unless you have enough units to use property mgnt. It dont seem worth while. I own land, i prefer it. But selling lots on real estate contracts is hands on. You have mess to clean when you take land back from missed payments. Typically you sell it 3 or 4 times before someone actually pays it off. But cash buyers seem to stay away from middle of nowhere....