All Forum Posts by: Jess White

@Tanner Marsey That’s what I say. Do it all, the 401k, Roth, and Real Estate. It’s all worth it.

I’ve never met anyone at 40 or 50 that says, “man, I wish I wouldn’t have put money in that 401k”. Most of us on here can agree it’s not the best investment, but it’s part of a good plan.

@Russell Brazil Dang. That’s good.

@Yonah Weiss Two year trade school degree. Could’ve done it 100% without it.

@Russell Brazil. Very true. I just try to think through potential liabilities. Such as, what happens if a leak happens and the tenant is exposed?

@Jose Linares That’s a really good point, no remodeling necessary on this unit. That’s what makes it desirable given the price.

I found a great deal on a 1930’s era house, remodeled, and it sits on a 1.00 acre lot that I could build two additional rentals on. HOWEVER, there is asbestos in the home, as most homes of this time have asbestos somewhere.

What’s the risk? It’s something I’ve never dealt with, as we typically just do new construction deals.

This is in Texas, there’s no current leaks, and it’s not testing positive for asbestos. It’s just in the insulation and a couple other areas.

HELP!

@George Gammon For the majority of the world, the main purpose is to get individuals to be inspired and take action, and he is doing that extremely well. He’s not “preying on the religious south”. That is ludicrous, and honestly quite offensive for a lot of families.

I love real estate and debt. However a lot of families don’t, and this is a perfect path for them. They gain back control over their money and spend intentionally. What on earth can be wrong with that? There are countless people here on BP that were originally inspired by DR, and that shouldn’t be forgotten.

You mentioned mutual fund swings of over 50% annually, which is pretty bizarre and unlikely if you are in a good balanced vanguard portfolio. What you said is true about 50% loss one year, and 50% gain the next. There are simple fixes for that, not buying terrible funds. There’s tons of fantastic funds by Vanguard and more. Look at the track records year by year, you won’t see 50% drops.

Like I said, I love real estate and debt. Don’t criticize people that don’t though.

@Shiloh Lundahl I used to be big on the “All successful people get up early.” However, if you get up at 9 or 10, but you grind till 12:00 or 1am. You are doing the exact same thing as waking up at 5, bedtime at 9.

Whatever side gets you more productive throughout the day, who cares what side of the morning you wake up on.

I say find something that works, and stick with it.

@Joe Villeneuve Love this answer.

@William Thomas 15 year notes are great in theory, as long as you still cash flow. However the problem lies in scaling up your business. When you acquire a 15 year mortgage you are increasing your debt to income ratio, compared to a 30 year. (Not always true, but to some banks it is).

Also, you have less wiggle room and protection during vacancies and down times. You will need a lot more reserve cash for those times.

I say if you want it paid down faster, put it on a 30 year, but pay it like a 15. The discipline on this is tough, but if you want that you can make it happen.

Good luck @William Thomas !