All Forum Posts by: Account Closed

@Martin Morales Well at least I know I'm on the right path. Thanks!

@Sheila F. Thank you for the book recommendation. I am always on the lookout for a great new read and I will definitely check this one out. Maybe this book will give me more direction :D

@Henry J. At the moment I only make 20k being in the Air Force so I'm very conscious of my spending and making sure I'm not throwing my money away at something when I could be saving it for my first deal.

@Michael Swan Oh I see what you mean. I just read the book Tax Free Wealth by Tom Wheelwright and in it he discusses what you just said how there are many reasons RE is the best for tax strategies and how it is possible to pay no taxes! The fact that I can get paid TODAY and also reap the tax benefits is amazing.

I will definitely check out a self-directing Roth IRA. I have never heard of it until today.

I think I feel that If I want to succeed on REI, I need to put all my focus and money towards it but of course, there are many ways to succeed.

I should note that I was born in Naperville, IL and moved to Yorkville and lived there for a year!

All really good advice. Thank you for the input! 

@Michael Swan Thank you for being the devils advocate. Your story is very inspiring and your strategy was insightful as well. I would like to scale up as fast as you did. My goal is to have financial freedom by age 25 so I gotta get going on this. How do you get tax-deferred cash flow??

 What about the fact that I am not supposed to start taking out my earnings till 59 1/2. This is highly discouraging since I want to reap the benefits of passive income now. 

Hello All,

About two years ago I opened a Roth IRA after taking a college class for Personal Money Management since my teacher encouraged diversification and the tax benefits and all that jazz. Well since then, I have learned a lot about investing, taxes and what financial direction I want to pursue in life. REI to be specific. So I have been wondering lately whether it is even advantageous to keep my Roth IRA since I know that I want real estate to be my sole source of passive income and financial freedom. Also, I have learned that real estate is one of the best tax havens so I feel that it makes no sense to use property assets and paper assets as a tax strategy when I should just focus on using one type in order to maximize benefits and results. Thanks in advance!

Erick,

I am also 20 years old but my situation is a little different. I joined the Air Force with no money saved but I have learned to budget and live frugally, allowing me to save money much faster. Where I am stationed in North Dakota, the market isn't very big and was hit hard a few years ago when the oil industry slowed down rapidly, so I have decided not to invest here but to continue to save as much as I can while I am here and educate myself on REI in order to take action when I am ordered to move to a new location unless I go overseas, then I will wait till my enlistment is up in a few years and start then.

If you need any recommendations for books or videos or just have a question, please message me. I may not have any experience yet but I have a little bit of knowledge that might help out.

Refi's are excellence ways to scale up fast! @Franklin Romine