Thread: Life Anyone have any experience or ideas to fix my own credit?
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Old 12-10-2010, 09:25 AM   #33
Hog's Gone Fishin Hog's Gone Fishin is offline
Fish are scared of me
 
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Join Date: Nov 2001
Casino cash: $-1529523
Quote:
Originally Posted by Saul Good View Post
I hope that works out for you. Someone I used to work closely with lost a 7 figure net worth at age 35 doing almost the exact same thing on section 8 properties. What is worse is that he mentored a friend of mine. That friend left a high paying job to go into real estate the same way. He went broke, too.

It can work, but they were putting a lot of eggs in the baskets of renters. Almost by definition, renters are not the most reliable people from a cash flow standpoint.
It has worked out really well, I've got 21 properties total and about half are now paid for. The area I live in has high rental demand . I am always able to have a property rented within 2 days of being available.
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