Posted by SusanL.–FL on December 23, 1999 at 08:30:25:
We finally got really ‘burned out’ with the ‘landlording’ and decided it was time for a little R&R…
I almost felt sorry for my buyer (of that duplex). I kind of ‘wonder’ if they had just come into some money. She tried to sound like she knew what she was doing as a new landlord—think that maybe she had just finished a book or two…and that was about it.
Why I think she didn’t really know what she was doing as far as investing goes: On a little $40,000 handyman duplex, she wound up putting down a $13,000 down payment (!!!) PLUS her closing costs!!!
(I didn’t say a word.)
I couldn’t IMAGINE an investor tying up THAT much $money$ on such a small purchase!
(That place I had originally bought with ZERO down!)
Guess that is the difference between someone with a little bit ‘o knowledge under their belt and one who is chompin’ at the bit to ‘get started’ in real estate (and not really knowing the ‘ins’ and ‘outs’ yet.
On THAT property ALONE, I could write VOLUMES (on tenants) !! :-)))