question concering buying a house

[otherwise]

I can't talk about the US but some things translate from country to country.
Like Dave I also purchased the worst house in the best suburb. I did most of the renovations myself therefore only had to pay for material used. Then sold at a huge profit and did it over again, then sold and did it a third time. I'm now living in my sixth house but kept a couple as renters all in great locations. You have to hold your breath and jump into the deep end. You also have to test the temperature of the water first but not be scared if it's a bit hot.
I've got friends who played it safe and purchased nice houses in working class neighborhoods, they still live in the first one and ask how come I don't go to work any more.

 

[CarlS]

Good for you, Kevin. That is smart planning and a lot of hard work. It paid off.

 

[DaveM]

That it sure did, good going Kevin

 

[otherwise]

Good for you, Kevin. That is smart planning and a lot of hard work. It paid off.

Thanks for the comment Carl. I hope it didn't read as some kind of boasting. What I am trying to do is encourage. I took a couple of younger blokes under my wing (so to speak) a few years back and pushed them into purchasing at full stretch, I pushed "worst house in the best area" and after a bit of inflation they are now doing well, just like Dave they couldn't afford to start again in the area that they are now established in.
Don't get me wrong, in my case I only get enough to replace my wages but I have unencumbered assets way out of proportion for a retired fitter machinist come postman.

Edit,
Another thing to do is understand your local tax laws. It's amazing what can be done within the law that looks suspect from the outside. A friend once said to me "If you want to be successful hang about with successful people". When they see that you are having a go for your family they open up and mentor you, that's what I found.

 

[CarlS]

I did not take it as boasting at all. I took it as good planning and hard work that yielded a return for you. You are spot on about hanging out with successful people. Their mentoring and your hard work will pay off.

 

[dazco]

Thats why i'm hanging out with you guys.

 

[CarlS]

LOL Flattery will get you everywhere!

 

[DaveM]

Thats why i'm hanging out with you guys.

Lol and I thought that was why I was hanging out with you guys