All Forum Posts by: Red Morgan

@Brandon Miller

I will NEVER pay off my mortgages. Unless it is to refi and cash out and reinvest somewhere else. As long as they're cash flowing, that's fine. The more equity you have, the more exposed you are for lawsuits. The most equity I will ever have in a property will be 50%. Not interested in paying anything off especially with tax write offs.

@Jordan Lucas

Most of the people who are on this thread (if not all) are not the ones to ask and neither am I. If you're REALLY serious and not just a made up number, you follow those who are doing it. You have ppl who are doing well on this forum but not controlling 100M portfolios. You find THOSE people! Seek them out! Work and learn under their tutelage! You have to learn sales and syndication! To amass 100M, you can't start with single family and duplexes! You're in the wrong mindset. Is that your goal? Your grind and focus? You willing to sacrifice? They play differently! I have a nice, modest lifestyle that real estate and other forms of passive income help. I do not have a 100M mindset. And don't let others who don't have that mindset tell YOU what you can't do because theirs is limited as well. Good luck if that's what you truly want.

@D'Andre Byers

I'm really sorry to hear this. What's more important to you. Building wealth or having a family with this lady? I know you feel that it's the end of the world if you aren't compatible but being at a different stage in my life and you were my son, my advice would be "don't rush into marriage so quickly". This is the beginning of other issues if she isn't open to understanding about building wealth. You haven't begun living life yet. What's the rush on marriage? If she is the one, she'll be the one 3 years from now. Just my thoughts. Good luck.

@Ivan Loza

I'm on a flight and very impressed by what I'm reading. Congrats on your choices of investing and not being caught up on wasting your money on trivial things. You're an intelligent individual. I read where one gentleman is worried about the real estate crash. But he seems to be worried about a lot. I have that personality. I pull the trigger in spite of the stress. I didn't grow up poor. I grew up lower middle class. You can do what is comfortable. You don't have to put down 20%. You can put in more if you would feel more comfortable. I wouldn't suggest it but, you could. Think about partnerships with like minded ppl or friends even. Access more rental income. 50% of something is better than 100% of nothing. Love your mindset. Markets crash and ppl flee. True investors capitalize on blood in the streets unfortunately. Money doesn't disappear, it just shifts to the financially knowledgeable. Best of luck to you. You're on an excellent path.

@Dan Gamache I'm having that problem now. I have also have this issue and don't mind the Adjustable rate. They are only lending 75k and up. So with the 25% down, it brings it to 60k. Which is our dilemma.

Excellent story.  Congrats. As long as you are enjoying your life somewhat socially, I'm all for it. You just need to enjoy your life. We aren't promised anything. Whatever make YOU happy, please do! You seem to be rather successful. I congratulate you again

I have been contacted by them as well a month ago and have been pretty busy to do my due diligence. But now I go online and have seen that you gentlemen (and ladies possibly) have spoke about it. Any updates if anyone has invested with this group? 

Wow! I see the different views and the way we were raised differently in the replies. I commend you for taking action to your real estate career. I have to agree with those who have opted with not pulling out a ridiculous sum of money! Your parents sweated for the day to not have to pay a mortgage again. And although you may become a great real estate investor, it maybe the opposite. My opinion (and that is what it is, just opinion) is, if you are to borrow any money, please make it a reasonable sum. You don't have to swing for the fences on your first deal. And if you are successful and show them the return, PAY them back in full and use your OWN property as leverage for future deals or partner with someone else. I couldn't imagine the thought of something going wrong and they having to foot the bill. I have read that you have a great job. Don't know what you do for a living and it sounds like the potential of being even better. But things happen!!! Think cautiously and borrow as little as you can possible do and pay them back quick! This way they may even trust you and give you more on the next deal!!! Just my opinion!!! Good luck.

Yes, just to agree with the others. He could just refuse to do the repairs and it is the buyer's choice to continue with the contract or use their contingency clause to get out of the contract. Is your friend trying to get out of the deal because he may have gotten a better one? That could be an issue. Then he should have been patient. I work on ethics. But a lot don't. There will be other deals to come and go, I am sure it isn't taking a loss so hopefully he will make the right decision when it is all said and done. 

Welcome Will and best of luck to you.