All Forum Posts by: Eric Heinen

You summed it up perfectly!  

This.  I much prefer a traditional forum layout.  I find myself actually avoiding the forums because the layout is so troublesome.

The Discover IT card is a good starter credit card. You might have put money up front to get it, so it's essential a prepaid card, but they'll return it once they see you're responsible with it and upgrade you in a few months.

It's pretty awful.  

You're welcome Ryan.  That list should keep you busy! :) 

Some great suggestions so far.  I think the Austrian School of Economics would be right up your alley.  I'd highly recommend visiting the Mises Institute and their vast library on their website.  The Youtube channel (Misesmedia) is also immensely valuable with their on-going lecture series.  

Books: 

The Theory of Money and Credit by Ludwig von Mises

https://cdn.mises.org/Theory%20of%20Money%20and%20Credit.pdf

Money, Bank Credit, and Economic Cycles by Jesus Huerta de Soto

https://cdn.mises.org/Money_Bank_Credit_and_Economic_Cycles_De%20Soto.pdf

A History of Money and Banking In the United States by Murray Rothbard

https://cdn.mises.org/History%20of%20Money%20and%20Banking%20in%20the%20United%20States%20The%20Colonial%20Era%20to%20World%20War%20II_2.pdf

What Has Government Done to Our Money by Murray Rothbard

https://cdn.mises.org/What%20Has%20Government%20Done%20to%20Our%20Money_3.pdf

The Ethics of Money Production by Jorg Guido Hulsmann

https://cdn.mises.org/The%20Ethics%20of%20Money%20Production_2.pdf

Videos:

Mises on Money

https://www.youtube.com/watch?v=zWdaa2i-4YA

Banking | Robert P. Murphy

https://www.youtube.com/watch?v=cWjKL9Olqic

Money | Lucas M. Engelhardt

https://www.youtube.com/watch?v=pO_FBCH0O8s

Tom Woods Podcast Excellent Response About The Gold Standard 

https://www.youtube.com/watch?v=m1vwPnwuxdE

Tom Woods Explanation of the 2008 Housing Meltdown

https://www.youtube.com/watch?v=541bajR4k8g

Banks like seeing that W-2 so you having a job is pretty vital, at least when starting out.  If you don't want to go the tradition college route, you could look into a Praxis apprenticeship. They'd match you with a start-up most likely and it's a paid apprenticeship, after that's over (6-9 months) you get a job offer. It's an accelerated way to enter the job market without incurring any debt. Here's the creator talking about it. 

https://www.youtube.com/watch?...

You should really read Scott Trench's book Set For Life and Craig Curelop's book The House Hacking Strategy, they both invest in and around Denver and do quite well. I think they're the best books for young people to read.  BTW if you're in Denver why not just try to get a job at BP? :) 

Subscribe to Mark Ferguson's Youtube channel while you're at it, he's a wealth of information and takes you along his investing journey in Colorado.

https://www.youtube.com/user/I...

Originally posted by @Laurence Obi :

Hi Ned, can you explain this further please? What's d difference between buying and living in a 2-4plex and a 5plex and above? I am super curious. Thanks

The difference is that you can get into a 2-4 plex at a much cheaper price point with great terms. You can use an FHA loan and only have to put down 3.5% as the downpayment as long as you live there for a year. Anything over 4 units is considered commercial property, so you'll be facing much more unfavorable terms (25+% for a down payment, shorter loan period like >25 years, higher interest rates, potential balloon payment, etc). One way you could get around that is to purchase a mixed-use property with retail space below and apartments on top. You can still use a FHA loan for a property like this as long as the commercial space is 49% or less of the total space of the property. Common areas like stairways don't count against you so a lot more mixed-use retail properties qualify than people think. Look for a property with 4 apartments above and a store front below, and now you have 5 tenants instead of 4. :)

So did they classify the property as a single family 1 unit home or a multi-family 4-5 unit?  

 You refinance the rehabbed property into a conventional mortgage and pull out 70-80% of the newly appraised value to pay off the credit cards in full.  If done right, you're left with a cash flowing asset that you essentially paid zero to acquire. Rinse and repeat. :)