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[quote=Anonymous][quote=Anonymous]
I am south asian and this is the advice we got-  you only need enough rent  that it covers your interest payment, that  is enough money to justify keeping  the property.  Think of paying the principle as an investments/savings vehicle.  I would add maintenance fees to this but the people I know who follow this advice are refugees th[b]e I got here with 20 bucks in my pocket/one suitcase crowd and they are all millionaires now[/b].

I know ppl love to leverage debt for real estate but I must say that the fully paid off commercial property I have that brings in a very tidy sum brings me incredible peace of mind for my old age. [/quote]

Oh please, everyone who immigrated and could boil rice and beans for food are millionaires now. Only Americans who have lived here their entire life, did not go to community college, came from broken families, and don't know how to cook from scratch - have remained poor.  :roll:

The exact economic circumstances that these people lived through is not replicable. You have to live very frugally and be single minded about saving money, creating alternate streams of income and putting in the kind of immigrant work that most people cannot - that you use real estate as a means to get rich. [/quote]

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