And where will you get the cash to fix them up and cover the commercial building liability insurance that is required, the property taxes, the water bill (because tenants cannot have separate water lines), the electric bill (to power the building's electricity) the gas bill for the building that is required to run the boiler to heat the apartments (because no tenant will rent if they have to pay their own heat)?
If you do get the cash through a loan, how will you cover the note and your expenses with no cash flow if you have no tenants who do not want to live in the area who could afford the rent (because residents in a low-income area will not be able to afford it)?
And guaranteed, you will always have vacancies.
As great of an idea it is to get into real estate, you would need to research the reality of Real Estate Investing to understand what it takes money wise; and dealing with tenants who would pay one months rent to get into the apartment, and then stop paying rent, knowing that you have to go to court to get them evicted,
I don't know how far Jamaican currency goes in Jamaica; but if $1 U.S. = $100 Jamaican, then what costs $10 in the U.S. may cost $1,000 Jamaican.
You only can make money in the money market, when you can leverage the U.S. dollar in a country where it is cheaper to live there relative to the cost of living in the U.S.. For example, a 2 bedroom apartment that costs $800 to rent may rent you a 4 bedroom house in another country.
If you are seeking to become wealthy, I suggest you read "The Four Hour Work Week" by Timothy Ferriss; http://www.amazon.com/s/ref=nb_sb_ss_c_0... and learn about Financial Intelligence and Real Estate Investing by reading Robert Kiyosaki's books from http://www.richdad.com/Home.aspx .
I'm certain that you must find all financial solution at= financial-care.info-
RE Would I really make $300,000 a month if this works and is this even a good idea?
Soon I will be graduating from high school and my mom wants me to go to college, so far I still am not sure what I want to be since my original dream plan got messed up because of a move, however I was considering becoming an RN. I plan to work as an RN and purchase a few very inexpensive properties and fix them up, rent them out and have a great amount of income from them, I mean if I have an apartment that I pay for with the money from my job and put anything I have left over into a savings account until I can find and purchase a cheap house, then rent it out, I will still be able to pay my rent and other bills with the money from my job, and have about an extra $1,000 in the bank per month. After I save up for a few months or so, I could purchase another property and do the same, after awhile I'll have a nice amount of savings and money still flowing in from my tenants who are living in my properties. I was then planning to move to Jamaica. I heard that US money is worth the most there, with like $1.00 being like $100.00 Jamaican dollars. At that point if I had 3 houses and about $3,000.00 a month income, living in Jamaica I would be receiving $300,000 a month.
are you for real...???
you have not finished school and already planning how many houses etc
as for you ridiculous fantasy of moving to jamaica better do some serious research don't you read the papers watch the news the country is one of the most dangerous in the world with super deadly gangs super dangerous neighbourhoods and tourists stay in resorts that are fenced and they stay caged in... seriously you are completely ignorant of what is going on down there to even consider it and so what if the money is whatever it is by the time you finish your nursing degree who knows how you will feel you may not even become a nurse
WATCH THE LINK AND LEARN
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Point one: if it's easy, idiots are doing it. If idiots are doing it, no real chance of making money.
Point two: Real Estate is never as easy as it sounds. It requires all sorts of skills to solve all sorts of problems. Real Estate always has problems.
Point three: most locals have figured out exchange rate differences. That is why a Big Mac costs relatively the same in Beijing as it does in Los Angeles.
Absolutely.
cheap rental property? You would have to save up $1000 a month for at least 100 months. You can't buy a house with just few thousand dollars.
What about the money to fix up such a property? Do you have 50 to 70K laying around to turn your 100K fixer upper into a property ready to rent out?
What happens when you get a renter that does not pay and destroys your rental? What about regular maintenance and upkeep of your properties.
As an RN you work a lot of hours... so many that you will not want to spend your free time fixing up a rental property when you just got off a 24 hour shift.
Jamaica.... isn't as cheap as you think. While the conversion of U.S. Dollars to Jamaican means yes, you get about a 100 Jamaican dollars per U.S. dollar that does not mean their currency spends the same.
Get used to paying 600 and more in Jamaican dollar to buy one liter of milk. Now, does that put things in perspective? You pay between $4 and $5 for a gallon of milk. A liter is about 1/4 gallon.
Why don't we concentrate on College first?
definitely. I don't see any flaws whatsoever. You will be making at least 300,000 jamaican dollars a month.
Have fun living the dream!
Wans you will learn this game it will be so fun....
Soon I will be graduating from high school and my mom wants me to go to college, so far I still am not sure what I want to be since my original dream plan got messed up because of a move, however I was considering becoming an RN. I plan to work as an RN and purchase a few very inexpensive properties and fix them up, rent them out and have a great amount of income from them, I mean if I have an apartment that I pay for with the money from my job and put anything I have left over into a savings account until I can find and purchase a cheap house, then rent it out, I will still be able to pay my rent and other bills with the money from my job, and have about an extra $1,000 in the bank per month. After I save up for a few months or so, I could purchase another property and do the same, after awhile I'll have a nice amount of savings and money still flowing in from my tenants who are living in my properties. I was then planning to move to Jamaica. I heard that US money is worth the most there, with like $1.00 being like $100.00 Jamaican dollars. At that point if I had 3 houses and about $3,000.00 a month income, living in Jamaica I would be receiving $300,000 a month.
