All Forum Posts by: Kevin McCollick

These are all great answers keep em comin!

I want to ask everyone in here what they would do if I had given them $20,000. This could be answered 100 different ways and quite frankly I would love to hear all 100 answers. Try to be as specific as possible, don't just say "I would invest it" tell me what you would invest in and how you would do it with your $20,000 budget. Go!

how would he get taxed on it if i were to "gift" him his half of the income under the table?

Hey BP, I want to begin my investing journey by finding a multi-family to house to hack for a price anywhere between $250,000 - $300,000. A friend of mine and I are considering going 50/50 on a down payment for the loan ($10-15k each) for an FHA loan. Are there any difficulties when dealing with 2 investors? Are there any differences when it comes to taking out a loan between 2 people? What if he "gifted" the money to me and I took the loan out myself? Any other comments or questions are open for discussion. -Kevin

I really appreciate all the feedback guys. It's nice knowing I have somewhere to go for support in all this. Can't wait to start my investing journey.

I love the idea of commercial real estate... and I plan on going the commercial route but unfortunately it requires a lot of saving since there is typically a bigger down payment from what I understand.

Just to clarify, I won't be quitting my job and remaining unemployed. I simply want to find a job that is closer but still pays well. I feel as though house hacking would be the only option I can do right now in time but I also don't know if I enjoy my position enough to gamble that I would be here longer than the next few months. I haven't been working consistently at my current job and fear that will be a run-in with a business loan. Also, i've been approached to do wholesaling. Not sure how lucrative that is but I'd love to hear more about it from someone currently doing it.

Hey BP, I am Kevin. I am a 22 year old working a full time job in which I drive over an hour and a half to and from work (I know... "ouch!" right?), spending well over two tanks of gas per week. I figured since I got to work early today I would post something in the forums... My situation is as follows: I still live with my parents and have no debts other than student loans which I begin paying next month. I live well below my means in order to save money for my first real estate investment. I have the following choices: 1.) Use the money I have now to house hack with a lower % down payment for a 3, 4 or 5-plex hopefully much closer to where I work and begin building my portfolio. I would be able to put this into effect much sooner because of the low down payment which I could save up for within a year. 2.) I have talked about quitting my job to find somewhere more local to save money for a 20% down payment on a 8+ multi family this would take much longer than a year or even two but would probably be worth it in the end. After talking with my parents about my plan on quitting my job (might not have gone about this correctly) they were pretty upset and probably think i'm crazy. I am not just some unhappy millennial kid who hates working and is looking to make money being lazy. I am a very hard worker (stay late twice every week to avoid traffic) but I want to be a smarter-harder-worker doing something I will feel is giving me a better return on my time and effort. I see the opportunity that real estate investing has to offer and I want in! I have bigger aspirations for myself than my parents do and they want me to choose a safe route that will assure I can pay $500/month for my student loans (I had a pretty good athletic scholarship in college) I am turning to the forums for advice. I feel as though I have a few plans on how to achieve my goals of financial freedom but choosing which path to travel is proving to be difficult. Thanks in advance, -Kevin

Hey guys, My name is Kevin and I am planning on joining the world of real estate investing within the next year. i am currently saving up money for my first down payment. I live in New Jersey and still live at home with my family (I'm only 22). I plan on house hacking to begin