Tuesday, August 4, 2009

Someone Has Questions Part II - Continued

FC said - I just read your entire blog backwards ... in sequence from newest to oldest. I would love to hear more about your background as far as being able to attain such a high net worth ... it seems like you both earn a relatively high income from your jobs/careers but also what else goes into it. I'm hoping that you can provide advice on landlording ... including how long you've owned the properties, how far apart you bought them, how did financing investment properties differ from financing primary home, what were some positive things that you've done versus some things that you would have done differently now that you are wiser, is it ever overwhelming having so much mortgage debt as a liability, how is the actual cash flow now versus a year or two ago versus what you initially planned/expected?

Investment property #4 is not a rental property as it is just land. The property was purchased by me in 2003, individually, and it is still titled just in my name. I put down 13% and the mortgage is a fixed 15 year mortgage.

This is a property that we plan to build on in the future. We would like to build a home in the next 10 years, use it as a vacation home for us/family/friends in the off season and a vacation rental during season. This would be our retirement home in 20-25 years.

The hope is that our rental properties, which would all be sold before we build, will finance a good chunk of the cost to design and build the home. This is the primary reason we invested in real estate.

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