Becoming a Slum Lord
August 29, 2020
You are determined to become an investor in real estate properties but you did not inherit 3 million dollars from any one in your family. You count your savings and find that you happen to have few thousand dollars in your account.
You search for a house that you can buy with the few thousands and you find one in a section for the poor in your city. The house you found was for $25000. Three bedroom and one full bath. You say to yourself this is a good bargain.
The bank will not give you a loan on the house because you do not have a very good credit score. Your score went down because you refuse to pay those who gave you a bad service, like ORKIN, and cheated you.
You turn to personal lenders and borrow 20 thousand dollars with 12% interest rate. You hope that after buying the house you could find a bank that will give you a loan on the house.
You look for educational material to educate yourself about becoming an investor in real estate and you find lecture notes like the following one