All Forum Posts by: Brian Mathews

I don't think many people caught your humor.    People are way too serious. 

 Dave Ramsey.    While I do agree with him on a lot of things, such as not generating debt on rentals, have them paid off.   I have a friend that doesn't have many mortgages.  He has 42 doors, 30 of them paid off and makes more than most that preach about borrowing and borrowing.   I think he  generates around $75K a month in rents.  You can get foreclosed on by not paying taxes as well even if paid for.  

How will they pay for damage to the house from the leakage should it occur?  What if it costs several thousand dollars?  What if they throw a party and an inebriated friend drowns in it?   They will sue you the property owner, not the broke tenant.   A customer of an associate had a person die in the guest house from carbon monoxide poisoning as the pool heater wasn't vented properly.  The parents of the guest are suing the property owner and everybody else they can.   

Your goals are admirable and I'm glad you want to better yourself.    I think maybe you need to focus  a little more and hopefully college will enable you do to that.    Getting a job is easy, you can flip burgers, clean houses, etc....     You mentioned wanting a dream house, opening up your own marketing firm, opening  a luxury rental car business and owning 10 duplexes.    From my standpoint of being twice your age and life has taught me  a few things.   First thing is to get through school with as little debt as possible.   Your best investment is yourself.    If you have college debt, eliminate it as quickly as possible as soon as you enter the workforce.   Focus on your career to get established and start making money.   Then decide where you want to go.   It maybe be real estate, it may be on starting your own business which is as good an investment as real estate or better.   You might meet a nice young lady and decide to start a family, who knows.   Don't rush things, that's when it gets screwed up. 

 Why do you not have a choice but to take loans?   Are you working already?  Why are you going into a career field that pays terribly?   I think you'll need to re-think your goals or strategy because putting down $50K when you make $50K isn't mathematically possible.   Maybe you'll have to get a 2nd job to achieve your goals.   

I would not take out student loans or try to keep them at a bare minimum by getting a job and work your way through college.    That will enable you to get started faster on your life's goals.   College loans are an albatross around your neck.    Then I'd buy a duplex or 4 plex and live in one of the units and rent out the other.  

I think it depends on the franchise.   I'm not sure I'd invest in one that has limited owner involvement.  Post the name of the franchise and maybe somebody on here has experience with it.  

@Linda Osborn    She's on here and a member of my networking group.   She specializes in this sort of thing.  

Something doesn't add up.   You must be leaving something out.   You're obviously a smart guy to have a degree in physics, but you only make $1000 a month washing dishes?  Why?   You can get a job earning more than that anywhere.   Like McDonalds or a grocery store.    Nobody is going to lend you money to buy a house making $1000 a month no matter what the credit score.   If somebody does, I'd really look at the terms as they will likely be taking advantage of you.  

 I have a $1 million one for $208 a year through Safeco.   Just got my bill 3 days ago.