Sidebar Sidebar
Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.

How do people do it?

dukebound85

dukebound85

macrumors Core
Original poster
Jul 17, 2005
19,218
4,342
5045 feet above sea level
I recently moved places with a friend and his wife. So far, it has been great

However, I can't help but be envious of them. They are both my age, around 27, and own 16 properties, SIXTEEN, with 15 being rentals. He is a real estate agent with a 1 year degree in automotive tech. She manages the properties and has a 4 year degree in finance. He comes from decent family wealth from my understanding.

How the heck is that doable? Here I am thinking I am doing things right, got my undergrad in engineering, worked a year or 2, came back to grad school, and can not see myself being able to afford ONE house on my own until I graduate, and even then, would be iffy.


Perhaps the rich really do keep getting richer.

I know I have alot to be thankful, considering where I could be, for but when I hear things like this, I can't help but be like wth

/end mini rant
 
Managing rentals can be very good financially if you have decent places and decent tenants. It doesn't require loads of work allowing you to do other jobs in addition and the rent you charge easily covers the mortgage, insurance, and repairs that your tenants aren't responsible for.
 
Not sure how you haven't been successful with engineering (although you didn't give much detail, so I apologize if I'm wrong)... My friend's ex-bf finished a 4 year undergrad in engineering at UofT with a high 60s average and got a job starting 70k a year. A few years later and now he's making 125k+commission at a firm in Montreal.

It is easier to make money if you have money, and, with a finance background, I'm sure your friend's wife knows how to take advantage of that. But connections and networking are also key and I find that people in real estate are good at those which likely played in favor of your friend's success in this field.
 
dukebound85 said:
I recently moved places with a friend and his wife. So far, it has been great

However, I can't help but be envious of them. They are both my age, around 27, and own 16 properties, SIXTEEN, with 15 being rentals. He is a real estate agent with a 1 year degree in automotive tech. She manages the properties and has a 4 year degree in finance. He comes from decent family wealth from my understanding.

How the heck is that doable? Here I am thinking I am doing things right, got my undergrad in engineering, worked a year or 2, came back to grad school, and can not see myself being able to afford ONE house on my own until I graduate, and even then, would be iffy.


Perhaps the rich really do keep getting richer.

I know I have alot to be thankful, considering where I could be, for but when I hear things like this, I can't help but be like wth

/end mini rant
Click to expand...

If he comes from a wealthy family then I'm sure they made an "investment" in the business to get them off to a good start. After that, it's a matter of managing debt and revenue. You could do the same, but it would take you a lot longer without the financial backing of rich parents.
 
15 rentals "should" mean they have a positive cash flow that would allow them to accumulate cash to buy additional property.

Years ago a friend of mine bought a 4 unit building, lived in 1 of the units and found that the rent from the other 3 covered all the costs involved......that freed up his money for other things.....like buying expensive presents for his girlfriend :p
 
You must log in or register to reply here.
Register on MacRumors! This sidebar will go away, and you'll see fewer ads.
Top Bottom
Back