Originally posted by @Aaron Knoll:
Originally posted by @Jay Hinrichs:
I had an especially bad day when I wrote the boat post -- but I'm faced with the reality of no career advancement, no meaningful ability to save or to lower my standard of living, a wife with a stalled career and two kids to raise, and RE investments being the only light at the end of a long, dark tunnel. My point is that living beneath your means when you're young is key. This means not blowing money at bars but also not having kids until you've made it. If I could go back in time, I would have acquired 50% equity in roughly $2M in property, with positive cash flow, before having kids. That way, when they're nearing college age debt service is over and you can sign the deed over to your kids and teach them how to invest. As it is, my oldest is 6, I'm only halfway there and have a lot of catching up to do.
_____________________________________________________________________________
I'm working a deal right now, the home owner is asking 400,000
I have never seen that much money before not even close.
I work for 12.50 hr job with 3 kids and a wife. I have maybe 1,000 in my checking account
but guess what that 400,000 house coming along nicely. That deal can make me 70,000 - 100,000. But James you have no money and kids :) so whats the secret, I networked, I put a team in place. I did not say I have no money or Dam these kids cost to much lol. I used what I don't have or lacking and used it as motivation.
Its real easy to say whats stopping you or slowing you down.
