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Author: numbrel Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308543  
Subject: Re: Ideas on getting out of debt Date: 7/4/2007 10:35 PM
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kook79,

I don't like to rain on your parade, but just how do you figure you will be able to go into real estate fulltime in five years with properties that are COSTING you money not earning you money?

The numbers you put up for the mortgages vs. income is scary and it doesn't cover where you are going to get the money to pay off the $18,5000 on your credit card. It sure isn't coming from your properties.

The secret to real estate is in the purchase price, not counting on future appreciation or higher rents which may not arrive. You need to find properties that not only cover their finance costs, but also throw off enough to cover maintenance and give you income from the moment you sign the purchase contract. You don't have that now.

You don't have a "small real estate business," you have a hobby that is costing you money.

Barbara
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