All Forum Posts by: Ryan Watson

Thanks for the insight everyone. Im glad you all could narrow it down for me. When the time is right, ill be sure to reference this.

I recently found out about being able to open up a self directed IRA for investing in real estate. What i am eager to know are the stipulations? Can it be my primary residence or do I have to do something else with it, like rent it out for cashflow?

Im not under pressure to use funds from my 401k, which has between 10 and 20k in it. Its doing well on interest and by rule of 72 it should double in 4 years. What do you all think?

so you make the seller sign a contract with you guarenteeing you will be handling the deal, correct?

ive been pondering on this for a while. I understand the idea behind this and how you come up with your numbers. However the thing i have yet to grasp is how do you get paid for jumping in the middle of the deal? What guarantees you will get paid? What is stopping the buyer from cutting the wholesaler out of the middle of the deal and dealing directly with the seller? can someone clear this up for me?

If i understand wholesaling correctly, the wholesaler does not have title to the property, so that is why i ask.

you're most welcome! anytime

I almost forgot to mention, always pay more than the minimum amount even if its 5 or 10.00. minimum payments are designed to keep people in debt longer. the more you can throw at it the better

Thanks Kerry.

Any other suggestions?

Welcome to BP. I wish i would have heard of this place when i was 18, im 26 now and wished i had tried to save more of what ive made through my work life, so you're already ahead of the game. Just think of the money you can make by doing comps on a friday night instead of going to walmart at 3am to goof around in the toy section like others do in our age group when they are bored? Defiantly dont let your age stop you! Good luck and see you around the forum.

Building up your credit is easy. First try to find a credit card about 300 dollars with no annual fee. Remember that credit cards report to credit bureau around the 1st and the 12-15th of the month. If you spend over 50% of the cards value, you get derogatory remarks on your report and your numbers fall, while paying the balance down below that value will make your score go up. So try not to max your cards out, and if you do, make sure you have enough cash to cover 55 or 60% of it. As a personal preference i like to pay on mine weekly. Ive had a good score, had time to mess it up with a medical bill and have almost rebounded. Its a game you've got to stay ontop of for sure but building up your score isnt hard. They just want to see repetitive payments

You handle alot of money but you dont make alot of money.

Over seas shipping containers is a pretty nice gig, but not many like to put up with the rail yards.

Title says it all. I have a closing attorney. Now i just need to find a good title company.

Any that are reachable on saturdays?

I think eliminating a washer and dryer is good. Less chance of something breaking. Those people are used to going to a laundrymat anyway.