All Forum Posts by: Irene Virag

@Berkli Jo Boudreau

Thank you!! That was a very encouraging reply! 

That's awesome you're a bartender! I'm a hair stylist so I have great networking opportunities everyday just like you! The service industry has been good to me, but I can't do it forever. And I'll never make near what I need to make to get out of this debt quickly.

It probably seems crazy and really risky to some people to start off with debt. But I'm looking at my 30k in the bank and trying to figure out how I can make that little bit of savings work for me to increase my net worth.

I do realize this is a huge risk and I must be cautious. I am definitely not ready to do a deal today, tomorrow, next month and maybe not this year. I need to read more, meet more experienced people, visit forums like this, etc. I literally can't afford to make a mistake.

I will definitely look for that book you mentioned, sounds helpful. And I would love to go to some REIA meetings.

Would you mind sharing how you find deals? Do you drive around? Have relationships with realtors? Auctions? 

The next time I'm in Waco I plan to drive around and look at some neighborhoods just to get a feel for them. I'm also thinking about investing in my home town back in SC, because I'm familiar with it and there is a lot of cheap real estate there. I'm even thinking of flipping my mom's house because she wants out so she can get something smaller, but can't afford the repairs.

I don't know what my first deal will be, but I'd like to do it with as much knowledge as I can attain beforehand.

Thanks again!!

Ha! Get out of debt first. Ok that's very practical advice. Thanks. I'll check back in 20 years from now.

Hi everyone! I am totally new to real estate investing. I'm mostly just soaking up knowledge right now and haven't done any deals, besides buying our own house that I currently live in with my husband and two young boys (ages 5 and almost 2).

I just want to make sure I'm not crazy for thinking this is a good idea. 

We currently owe almost 100k in student loans and wet have a mortgage of 240k on our house.   I'm looking for a way to get out of debt faster. I'm also looking for a way to secure our retirement and pay college for the boys so they won't have to take out loans like we did. 

I have been looking at estate in the Austin area for years and the values have gone up tremendously. There's no way the numbers could work for us here..? 

We currently have 30k in savings and I'm itching to invest it in something. We also have loads of credit available, including an LOC for 8k and 3 credit cards with 0 balance with limits of 15k.

I have been looking in smaller towns within 1.5 hours of Austin and I found some rehab properties in Waco for 30k. I also found some near Killeen for the same price. 

I know nothing of these areas so I'm not sure if they would be wise investments or not. 

What are the main questions you ask yourself before buying an investment property?

Thanks!