All Forum Posts by: Elliott Wood

@Dan Sheeks

Thank you so much! I didn’t mention it, but I have had the conversation with my parents and they are definitely on the fence about it, as am I. I will definitely check out that article and see about contacting you in the near future!

Hi! I am 16 in high school with a deep passion and obsession for real estate investment (I'm kind of a newbie). I have always really hated the normal school system, and always found myself learning more about things I am passionate about from the internet than what I am learning from school. Right now I am considering getting my GED rather than finishing high school so I can focus my time on things more important to me, like learning about real estate, making money from a 9-5, and building relationships with people that I value. I don't have any intentions to go to college whatsoever, my current possibilities of work that I am passionate about are real estate, music, and culinary arts, none of which I have any interest of going to college for, thus getting a GED instead of finishing my high school diploma seems like a very good option for me. 

So my question is a pretty basic one I hope, if I want to borrow money for a project in the future, whatever that may be, will having a GED lower my ability to get a loan compared to having a normal high school diploma? Are there other factors I should consider in real estate as far as my education avenues? Do you guys on the forums think it would be a good idea to get a GED over a normal diploma?

Renting on a home can cost upwards of 1500 a month for a lower end home, and you get absolutely nothing out of it, except having a place to live, but having somewhere to live won’t make you money, it’s not an asset in my eyes

On the other hand house hacking is relatively easy, correct me if I’m wrong here (I’m a real estate newbie), but you can just find a duplex that needs little to no work and you can get a down payment on it for a 3-3.5% mortgage, then you pay closing costs, and in some cases you won’t even need to pay closing costs, fix it if it needs fixing, find a tenant and rent it out, once you have that done you are either living for free or for extremely low rates like 300$ or less because the tenant is covering all of the expenses, if it’s a really good deal you could even be making money off of it, but it’s certainly less than the cost to rent would be, not to mention that you are putting equity into the property, whatever money you are paying you’re paying to yourself, which will save/make you even more money in the long term which you can then use to invest in more houses and build your real estate empire

So my question is pretty simple, what reason would anyone have to rent over house hacking?