All Forum Posts by: James Barnes

Ok, finally just read every poster. To the lady that is justifying the “high end” car because she’s a car person is laughable. The only reason you have a high end car is to impress your family, friends and the other person(that you have no clue who they are)at the stop light. I might be off on my assumption but something tells me I didn’t miss the nail.They usually have the “Rat in the race mindset” as well...no need to be “Extra”. Go ahead, impress while your wealth continually takes a hit... Now if you’re Mark Cuban...then..we’ll s***, buy what you want. Who’s going to say anything?? SOME damage has been done already...Not THE Damage has been done. If you keep the car you’re still going to be paying interest and the ridiculous high payments. Ok that was my last post on the thread! Good luck

2 Votes

I have an MBA in Stupid ...as Dave Ramsey would say. No but seriously...can’t beat OJT...but it would be nice to have that MBA to fall back on just in case. In the near future a McDonald’s application will read like this: Must have Bachelors Degree...point being...even though I think degrees are pointless the Real World does not. Keep working!

1 Vote

If you haven’t already...check out the sticky that Josh had on flips...be vigilant on the extra costs that one usually doesn’t think about. It includes a spread sheet and list of items.

0 Votes

Originally posted by @Malcolm Lawson:

Hey Dantuna,

I am a vet and now a MD Realtor. Yea, there are not too many multi units to invest in here in MD but you do see them occasionally. There are plenty of single families to invest in though. An option you might want to look into is purchasing a primary residence then moving out and turning it into a rental. With the VA loan, you have a maximum cap for your loan and this is determined by the county you are purchasing in. For example, Anne Arundel County MD is $500K. So what this means is you could purchase a home for $250K then move out and rent it then purchase a second home for $250K. The property just needs to be your primary residence at the time of purchase. Only real tricky part is your lender usually won't give you your second loan unless you have had a tenant paying you rent for at least 3 months.

The biggest advantage to going this route though is you can make these purchases with $0 down and get a great interest rate of probably around 4%. A typical loan for an investment property is around 7% - 8%

What area in MD Maryland do you live in?

Aren't you only allowed to have one VA loan out at a time? Seems to be the consensus around my workplace...

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Not sure why it posted twice?? 🤷🏻‍♂️🤦‍♂️

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28 years old here too and what’s important is that we’re asking these questions and evaluating life and “if we’re doing it right”. Get that first property under your belt! Get rid of the “wealth” killer. NOTHING will kill your wealth quicker than buying a depreciating asset(oxymoron?? Lol). Stick to cars that are 3 years and older. Good luck man!

0 Votes

Southern MD here too. Dantuna..man it looks like you have a lot of options going for you. That VA loan is awesome since it’s 0 down. I also agree with Malcom..not much as far as Duplex’s or Multis around the area. Where were you trying to buy in Lexington Park Malcom? I currently have a rental in California that’s doing pretty well. Looking to buy 2 more in the near future but need to get my HELOC on lock.

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Hmmm Rat Race...has someone been reading Rich Dad Poor Dad? I think it’s awesome that you are considering the sacrifice of dumping your car and going against the normal. I look at most with NEW cars and chuckle a bit..jokes on them(if they financed of course) Honestly for me, I would respect you either way whether you showed up to a listing appt in a rundown Honda Civic or a brand new Jaguar. That being said..most “normal” people probably like seeing their agent in the latter?? I’ll have my RE license in May so I guess we’ll see if they like rolling around in my PAID for beat up F150. Shouldn’t matter as long as I know my s***. I agree with the other posters about your DTI.

1 Vote

Well of course they are redundant...one can only mess up in so many ways. Nevertheless, people feel as if their question that they’re asking is specific to them(even when it’s not). They want to hear an answer to THIER question. Nothing wrong with it. Kudos to the OP for trying to come “reach down and pick the next investor up”. I’m still seeing plenty of new posts as well though.

0 Votes

Kansas City, Missouri

Hmmm Good point Tom 🤔🤔. *Asks neighbor*...”What’s it worth to you”? Could get a nice chunk but is it worth it if you have “that neighbor” that has a ridiculous amount of traffic? Up to you...

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All Forum Posts by: James Barnes

James Barnes has started 8 posts and replied 118 times.

Post: Should I trade in my car to improve DTI if I am a Realtor?

Post: MBA in Real Estate investing and development

Post: Should I trade in my car to improve DTI if I am a Realtor?

Post: Just Some advice on what you think my best course of action.

Post: Just Some advice on what you think my best course of action.

Post: Should I trade in my car to improve DTI if I am a Realtor?

Post: Just Some advice on what you think my best course of action.

Post: Should I trade in my car to improve DTI if I am a Realtor?

Post: What happened to you BP? Where are the new investors?

Post: Neighbor Asking for Easement