All Forum Posts by: Brendon Burke

Bradley

185k household income and 20k savings! I would pay off that 10k car and 10k student loan tomorrow and waiting on having kids will pay off too. Have a little nest egg, but with that income you could pay off that evil credit card quickly in the short term if something crazy happens. Sounds like your house mortgage/tax/insur is around $1400/month so that is leaving around 14k monthly household income minus "must have" cost of living. I would try to save at least 10k (hopefully much more) a month keeping living costs as low as possible (eat cheap, no goin out). 20k back in savings in 2 months, 40k in 4 months, 100k by the end of the year. Ask your bosses for a raise as all they can say is NO. Sounds like your house is worth 170k, buy what you know and your area is not very expensive compared to the coasts, by your numbers. Make sure you have good credit, talk to banks tomorrow (local) and closely watch/understand your market for next few months, then you will be setup for at least a 20% down on a cash flowing property. Hopefully a 2-4 plex primary res. loan to lock that 30 year fixed. Talk with your banks and see how long you would have to live in a multi unit before you could move back into your house if that's where you want to call home. Repeat a few times when you're young and no kids. I agree that you can't time the market, get in young as time is your principal friend. Lots of routes and adventures ahead, stick with it.

Great post. Some people will screw you and don't even care, others will lead you to success. You are the average of your 4 four closest relationships. Better chose your wife/husband carefully as they are number one of your closest partners. Of my successful friends, all have amazing wife/husbands. My not so successful friends have failing marriages and kids they cant afford and sinking the whole family. Financial stresses are the number one cause of divorce. Don't settle for someone that doesn't have the same idea about money as you... will end bad!

34 year old new here and to real estate. I bought 2-300 sq. ft. comm and 1-700 1 bed condo 2 years ago and 1-680 sq. ft. 2 bed condo in May, have about 380k in debt (25 year fixed loan) and about 250k in equity in the units. Units cash flow and are in a small resort town where real estate is booming. Residential condos are selling for $400+ sq ft. and no new builds will happen ever as town is surrounded by non-develop-able land. Looking at maybe going out of state and buying bulk single family or an apartment building. I own a business and make about 250k/year business is worth 1 million if I were to sell. Would like to sell biz in the next 9-10 years as it takes a lot of my time but money is good. Would like to be financially at 43 and live on rents.

What should I do to expand my portfolio so I can get out of my biz?