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All Forum Posts by: Kyle R.

Kyle R. has started 4 posts and replied 11 times.

Post: Is a construction job good experience?

Kyle R.Posted
  • Liverpool NY
  • Posts 12
  • Votes 4

Sorry for the big jumble of sentences. I had paragraphs, but they disappeared (I wrote the post on my phone.)

Okay, thanks for the reply. I guess one of the questions I am looking for is if its enough to make it with just construction as a job.

Although I read alternative methods to real estate investing, I feel like I would need substantial income to get started.

Post: Is a construction job good experience?

Kyle R.Posted
  • Liverpool NY
  • Posts 12
  • Votes 4
Hello, I have a job opportunity for helping build houses. I don't have experience so I would have a lot of opportunity to learn. My biggest worry would be if the income would be enough to later on get into real estate investing. I am interested in buying and renting houses. The pay would not be great for this job but the learning experience would be good. I am not sure if the income would be substantial enough to invest. I am deciding between that and college. I have an opportunity to finish a bachelors in (probably) finance. It would set me back 3 years to finish and i will have some student loans. With college, i would have opportunity for better monthly income but I will be set back about 3 years. I am 22 already and was hoping to start thing early.

Post: No Credit History

Kyle R.Posted
  • Liverpool NY
  • Posts 12
  • Votes 4

I have had a credit card for about 3 weeks.

Other than that, I have no history of borrowing or making monthly payments. (I bought all my cars in cash, I never rented, and never even had a cell phone bill.)

I talked to my credit union that I have been using since I was 18 (I'm 21 now) and I tried to get pre-approved for a mortgage. The lady told me that it is not possible for me to get a home loan because of my lack of credit history. She told me to use my credit card and try again in 6 months.. I read online it can take 12 months to build enough credit history.

Am I stuck for now? I was hoping I could get something started earlier.

Post: What is possible for me? Young and Poor

Kyle R.Posted
  • Liverpool NY
  • Posts 12
  • Votes 4

Thanks for the reply Paul! Your posts are helpful and give me inspiration.

I found a few places that look decent in my area. I'm going to try and get pre-approval at my credit union and get the ball rolling.

Post: What is possible for me? Young and Poor

Kyle R.Posted
  • Liverpool NY
  • Posts 12
  • Votes 4

Many people here said to buy a multifamily home. I don't know if home prices are that much lower in other areas but for me to even afford a single family home (about 150k, there''s not much cheaper for houses in my area), my debt to income ratio on the mortgage would be close to 70% which no one would lend to me at that.

I did the pre-qualify calculator on my credit union website and it seems I'd be able to afford one condo unit for about 100k.

The only other affordable things I can find are manufactured homes but I am staying way away from those (grew up in one with bad experiences.)

Post: What is possible for me? Young and Poor

Kyle R.Posted
  • Liverpool NY
  • Posts 12
  • Votes 4

Thank you for all your responses and advise. It was helpful. 

My biggest worry is getting a loan. I don't have credit history haaa

:)

Post: What is possible for me? Young and Poor

Kyle R.Posted
  • Liverpool NY
  • Posts 12
  • Votes 4

I want to get a head start in real estate but I don't exactly have a nice big income. I make almost 20k a year and have about 12k in savings. I can save pretty easy right now because I do not have many expenses.

One of my main goals right now is to move out on my own, but I do not want to throw my money away every month by renting.

The perfect scenario for me would be to purchase a low cost home or apartment and rent out one of the rooms to a friend and from there, build up plans for my future.

The two main problems for me is my low income and my lack of experience in real estate.

Is it possible for me to buy a house with this situation or should I focus less on real estate for now and put more focus on increasing my income?

Post: New from Northwest Washington

Kyle R.Posted
  • Liverpool NY
  • Posts 12
  • Votes 4

Thank you for the replies everyone :)

@Michele Fischer I want to move out in my first home and then hopefully save enough for a second home (and then rent out the first one). I'll need additional income though and I'm young so it's kinda hard right now. Granite Falls is generally cheaper because we are a small town and kind of out of the way from the major things.

@Brandon Turner Thanks for the links! The article of how to start investing at a young age was actually the article I found on Google which brought me to this website :P

Post: Just became DEBT FREE TODAY !!!

Kyle R.Posted
  • Liverpool NY
  • Posts 12
  • Votes 4
Congrats

Post: New from Northwest Washington

Kyle R.Posted
  • Liverpool NY
  • Posts 12
  • Votes 4

Hello thank you for the reply. I want to invest in the area I live in (Northwest Washington) and I am interested in small single family homes.

Thanks for the links, I will check them out!