All Forum Posts by: Vincent L.

 I totally agree. Being frugal is very important to building wealth, but once your investment is throwing off a decent amount of net income, there's nothing wrong with treating yourself to nice things you've always wanted, if the numbers say you can more than afford it...

No, no, no; I'm not planning on spending a dime there. I have enough books to read already and I've taken to heart the advice of members on this forum that say a better resource can be found here and its free!! I like free......

Just going in order to network and step out into the REI world.

@Brian Yes, you are correct that this money currently languishes in low interest rate prison and should really be out working. As you alluded, and as I saw in another thread of this forum, great deals that were once the norm are getting harder and harder to come by so we'll see.

In the meantime, I'm already lined up to attend my first REI meeting on Wednesday so I'll see where it leads...

@Brad Thanks for the input...

Thanks folks for the very thoughtful replies. Each one touched on a different aspect and point to consider and that will help me in the decision making process.

@Nathan I like that affirmation that waiting year or two while learning more may be an overall better strategy.

@Bill I wish I was was financially savvy. I have read some books and surfed online about money and investing etc but it all makes my head spin as it has gotten so much more sophisticated and uncertain. What I have learnt though is to not get into something you don't understand...

Thanks again all. I'll contribute when I can to this board but I think for now I'll mostly be reading and bugging you guys with questions as I embark on my REI journey...

Hi folks,
Like so many members and lurkers, I stumbled upon BP while surfing for info on real estate investing and what an amazing information resource it is!!

My goal is to derive sufficient income from doing real estate deals so that eventually, I wont have to worry about losing my day job and be able to retire comfortably in the later years.

My question as a newbie is about my particular situation and plan:

I am 41 yrs with a low six-figure income and I have excellent credit. Realising that not having easy access to money have inhibited many people from achieving their entrepreneurial dreams, I decided to embark on an ambitious savings goal and was able to save $200,000 in 5 years. Starting this year, I plan to save another $350,000 in 5 years which would result in a total of savings of $550,000 by the end of 2017.

So, with the record low interest rates and low house prices, should I get in and try my hand at REI before things change?; OR should I stick with the original plan of building a financial war chest while networking and learning more about this business?

BTW, I became an accidental landlord 2 years ago when I rented out my home in So. Florida after discovering that the associated monthly expenses related to owning a house was affecting my ability to maintain an aggressive saving schedule.

I would appreciate any insight or opinions and I hope I too can become a successful contributing member on this board in the not too distant future.

Thanks!!