All Forum Posts by: Nick Farrell

I'm looking to buy my first rental property in 9 months. I'm curious how this will affect how I'm taxed? We all know a huge benefit of real estate is tax breaks. But I'm no real estate mogul, I manage a restaurant. I'm looking to buy a house, live in one room, rent out two rooms. Will I pay less in taxes while having the rental property? Looking for all the details, thanks

@Ivan Barratt awesome! Just bought the book

I've had a roth IRA and a mutual fund thru Northwestern mutual for just under 2 years. I'm 23, I wanted to get started early so I can buy a business with the money some day. I don't trust the guy that is in charge of my account. My 2 accounts are up less than $100 COMBINED during the lifetime of my contributions (23 months) . Should I take my money out and invest in Robinhood myself? Anyone have any good suggestions? I'm open to anything, please let me know what you think!!

@Eric Fitzgerald

1st, get yourself a credit card if you haven’t already. Use it for every purchase to build credit. Always pay it off in full.

2nd, track every dollar of your spending. If you’re on top of your spending you’re in control of your financial future.

3rd, start putting money away towards retirement or the stock market as soon as you get that first check. Don’t get used to having 100% of your check as spending money.

4th, each time you get yourself a raise, don’t raise your standards of living. Most start buying more expensive things when they earn more. Learn to put away and invest more as you earn more.

5th, always remember to be frugal. Buy used, go to car max, buy from FB marketplace, buy on eBay. Always try to save!

Good luck my friend

@Tim Houzenga fortunately we are not stretching ourselves too far. its not like we would be ruined if we lost some money. thank you for your input

@Matthew Irish-Jones but if im just looking for money, shouldnt i just go to a bank? i dont look at my dad as $$$ bc i know he brings actual value. i could just pay my father interest. but if that was the case id just give him 20% of the business and do the work myself with his money

@Lou Gonzales not many things are like the restaurant business. i think we have different strengths which is why a partnership could be a really good thing for us 

@Victor Robinson my dad works. and we still live together. i think i would have to be in charge and let my father handle certain things

theyre probably a frugal family and they decided to give it a try. (cant knock them for trying) you have the leverage, dont forget that. definitely decline the offer and possibly let them know of a price increase if they get the dog. propose to them that next year rent is going up 3% but if they dont get the dog you will keep their rent the same? if you like them, give them a counter offer

@Matt McConkey wow. sounds like you killed it. appreciate the points you brought up. thank you! good luck