All Forum Posts by: Damon Cameron Jr

The only reason landlords get tax benefits/ tax write-offs are because their doing the government job by providing housing. Without landlords the government would be responsible for providing housing across the country. Are we going to ignore the 12 month delay for a $600 stimulus check in 2020? Only imagine the delay for providing citizens housing. Ignore the people who are talking bad about landlords they are unhappy with where they are in their lives. There are a lot of people with regret and jealousy. 

@Jason Taber @Jim K. @Chris Herrera @Daniel Haberkost @Zachary Beach @Sheena Drake @Steve Rozenberg @Tucker Cummings @Jill F. @Nathan G. @Kristen L Garner 

Thank you all for the great advice and sharing your knowledge!

Awesome thank you all for your responses!

Hello All,

I am a 20 year old getting finances in order and mindset to begin investing post college (get w2 income for qualifying through banks). If you could go back to your 20 year old self what would you tell yourself or actions you would do differently? I am interested in seeing the responses from Investors in the game with all levels of experience!

Thank you!

I agree with Bruce Lynn. I am actually only 19 and some things I have been preparing are as follows:

1. Build credit to a minimum of 620 ( at least 2 lines or credit) (2 year credit history)

2. Get a job in the same field of degree ( Banks count 2 years in college as work experience at same pay of job offer letter)

3. Low debt to income ratio ( Get out of bad debt)

4. Down payment ( Find a job and save at least 50% of income for the down payment/ closing costs)

Based on your info above I would take the 9-12 months to learn and study the topic of Real Estate Investing. You will not know everything but it is good to get some solid education on Real Estate terms, Analyzing deals and building an Investor Mindset. Read some books on Business, Real Estate and Personal Development and watch Biggerpockets Podcasts. 

Write down 5 strong reasons for why you want to invest in Real Estate and/or achieve Financial Independence. If you have strong enough reasons ( A parent, child, freedom, travel, etc.) the fear dies. Focus on finding your "why" and write it down and put it next to your desk or bed so every time that "fear" comes in your head you look at your reasons. Literally there is no such thing as good or bad. Everything is a learning experience so seek failure and mistakes because you are learning and growing into the person you have to be to achieve your goals!

@Breanna Collins

I am 19 years old and all 3 of my mentors have told me they wish they started earlier. Think about it what will your future self 5-10 years from now say. “ I wish I started earlier“ or “ I’m glad I started earlier”?

Hello!

I have a quick question for all who have done renovations to their rental properties before. When you are budgeting for renovations to fix up a property do you include both labor and materials into your analysis ?

For instance:

You purchase a single family home for $150,000 with a 3% down payment ($4500). The property needs cosmetic repairs including paint, new flooring, new hardware etc. If you have a $10,000 budget for the renovations. Do you include both materials and labor costs in your analysis for total investment? Would your total investment be $14500 or $4500 + All materials cost excluding labor cost from contractors?

Thank you !

CASH FLOW over appreciation!

Cash flow affects your ROI and long term income as long as you hold onto the property.

Appreciation is like “Sugar on top” . Appreciation is out of your control. The market can go up, down or stay flat.

That’s awesome! I’m 19 with several millionaire mentors so I walk in your shoes . I would advice that you get your finances in order while your young with very little responsibilities.

Get a part time job and save a minimum of 40% ( I do 50%) into a savings account strictly for INVESTING.

If you have not already get a credit card and build your credit while your young so that when your ready to jump in the game you have your finances in order!