All Forum Posts by: Daniel Cho

@Sean Hughes 

Welcome! There's TONS of info on here and great connections to be made. I'm in Newburgh as well and have just began my real estate investing journey, but would love to help in any way I can.

@Michael Garrett

If you're looking for a good investor, get connected with people who would be partnered up with them. Get in touch with contractors, real estate agents, portfolio lenders. Something I've been doing lately is just looking at zillow listings and looking at pricing histories to see what houses got flipped (i.e. purchased at 20k, selling at 120k) and you can see the listing agent. I've noticed that certain listing agents frequently come up with these flips and have come to the conclusion that they have connections to investors. I would definitely encourage you to bring something to the table for the investor though, such as a deal to work on together or cash for the investment. Look at it as a means of how you can help the veteran investor as opposed to just getting help.

Lynn, welcome to Bigger Pockets! Without specific numbers, I think it's hard to say which way would be better to go since actual comparisons can't be made. For example, what is the APR on your credit card? I have a friend who was in a similar position to yours and because of his lack of credit and not-so-wise decisions, he got caught on +20% interest rates on his credit cards and +20% interest rates on his car payments and he has a couple of young kids. In a situation like that, I think paying off the debt is far more important because the interest rate is way higher than any other returns you could get on a flip (realistically speaking). So since credit card debt tends to run on the high side (which I consider to be 8% or higher), I would live on rice and beans and pay all of that debt off as quickly as I can or it will suck out any potential for investments.

I am motivated by my need to prove myself. Growing up with an absent father and a mother who has always tried to pamper and shelter me, I didn't know what it meant to work hard. After failing through college with 30k in student loans and no degree, I felt preeeeetty crummy. Since then, I have learned to work hard at my job in commission sales and have come to  believe that you earn as much as you want to earn. I am now transitioning that to the next step: becoming financially free. I want to be able to reflect on my life when I am 80 and be able to tell my grandkids my story, my legacy, and be proud.

Dang! Thanks you guys! I look forward to getting involved. I'm definitely a bit overwhelmed by the abundance of info on here, but I look forward to the things I'll be learning and the work I'll be putting in. :)

Hey everyone! My name is Dan and I'm just starting out in the rental gig. I work full time as a furniture store manager and I've decided to invest in real estate for my retirement. I want to be earning at least 5k a month in rentals by the time I turn 60 with a goal of owning atleast 7 rental houses. I am currently looking for a second house as a primary residence while turning my first house into a rental. Wish me luck!