These people tend to tell that the key is to use capital that’s not your own – like from a bank. I understand how it works with common mortgage. But let’s say I already have a mortgage, thus own one property/real estate. Now I’m in debt towards the bank and they’re not giving me another loan to buy another flat since I need to be repaying the first one (?).
So, how does it work? Where do these people get the needed money to buy the second property? The third one?
In: Economics
My grandparents owned 30 houses. Aunts and uncles all own houses. My parents had 20 when Dad died. Mom has lived off that and slowly selling them for 25 years.
I don’t own houses for a reason. I’ve been there through full gut renovations and had to deal with arguing with the county over tax rates. I make a similar standard of living to mom and dad, but I’m an accountant. The bonus is I’m not out painting the interior of a house I need to get on the market instead of enjoying Christmas.
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