All Forum Posts by: Account Closed

Hello again...

I just told my brother that I am thinking about buying/building a camper or "tiny house" so I can rent out my cozy little 1 br house. He thought that was histerical, he asked why would you do that? I answered that it would bring me a new stream of income. I preceded to tell him that a garage to work in and build projects worthy to sell along with rental income and my full time job would create a massive income stream for me to invest in more real estate. I would then create a even bigger income and net worth. 

I know my brother well so when he made a excuse right away to get off the phone, I took that to mean he never expects me to go that far or to even make money with real estate. Now dont get me wrong my brother is very knowledgeable in his own wright but he as well as my other siblings think that I am still a baby or to young to know whats best for me. I am the second youngest of seven children and the age differance between #1 an #5 is seven years, then 6 years later came myself and 4 years after that my little sister was born. I was thrust into the little puppy role that no one ever thought anything of. Thats very unfortunete because growing up i always considered myself the smartest of all 7 siblings. I even had teachers wowing over certain aspects of my education, primarily science and math.

I am not as smart as I may think I am but I would love your feedback! Good or bad I dont care!! What are some things I need to look out for? Please!

Hi BP!

I have just woken up to the idea that I am procrastinating! I want to invest in rental properties to gain financial freedom but I am burdened with about $35000 of debt (1BR house included of $23000). I have always told myself that when I am debt free, I will save a down payment for a rental property or use my house as collateral to purchase a rental property. My goal is to be debt free by the age of 30, I am 18 months and $35000 away from hitting my goal.

I better tell you a little bit about my income so you can critic my numbers. I make a minimum of $700 (net income) a week and my expenses are around $430 a week. I have bad credit because of a 3-month period when I was injured and could not work 4 years prior. I also suffered a very tragic loss in my life when my mom died of a sudden heart attack a few months before. I was in a very depressed state of mind and never cared about paying bills or keeping credit in any fashion. Before all of this happened, I was the kind of person who got nervous when I had paid a bill within a few days of the due date.

I have a 12-month loan of $3000 ($270 a month) and am using that to build on and put a wood furnace in to decrease my heating bill 6 months out of the year by $150-$200 a month. I intend to pay it off in just a few months (Its down to 2600 now) and in the spring I want to get a $6000-$8000 loan to build a garage/ workshop. I would like to build and sell wood projects. I intend to use that as my main source of income so I can hopefully quit my full-time job and work from home as well as invest.

Now to the good stuff!! I would like to buy a camper and park it in my back yard and then rent out or Airbnb my house while living in my camper. I wont have the luxury of a house but at least I might have my workshop/garage to spend time in and make money. I have always thought that I would pay off my little house and buy a rental property but maybe a camper is my best choice for now?

I need a place to do my woodworking so I have another income stream but it cost around $6000-$8000. If I buy a camper, I can get around $400-$500 from renting out my house per month but I don’t think I can do both this spring/summer? The camper may cost $3000-$5000 itself. If I am to stick to my goal (debt free in 18 months) what path should I choose and why? Is there a way I can do both and how? Thanks for time!!