All Forum Posts by: Nick Robinson

This is super interesting to me! This really reminds me of the buy here pay here car lots. As long as your tolerance for shady people is high I see huge potential!

Can you tell me the type of terms you did for the lease option? How many years and interest rate that kind of thing? I like this because worse case scenario you repo the house and hopefully some repairs were done in the meantime.

Do you have to have the house paid for completely before you a lease to own or can you have a FHA or conventional loan on it?

Very interested in following this thread. I just filed and want to invest once I have the credit to do it. So I'm mostly just going to follow the discussion....

I do have a couple of questions for you though! Is house hacking an option? From my understanding you have to live in one of the units to get an FHA right?

I'm a newbie so take everything I say with a grain of salt but you would only pay around 3k in principal over the 2 years. How much could you rent for? If you can save more than the estimated 23k over the 2 years your better off renting IMO.

You sound like a Dave Ramsey Guy! I think you misunderstood me though, I am willing to take some risk but I know how it feels to be over leveraged and I don't ever want that again. It was a very expensive education. 

I don't plan on having any debt outside of mortgages ever again and put at least 20% down on anything I buy. I have researched how to build your credit quickly and will being do so through small secured credit cards using less than 10% available credit and I'm actually going to do a secured installment loan through a local credit union as well.  Credit is important but you can get it without debt! 

Before I buy an investment property I'll have my 6 month emergency fund and add to that as I grow my investments accordingly. I'm not looking for short term quick money because I know it can leave you just as quickly as it came. I'm looking at long term rentals to grow wealth over time. I've gone from owning a nice home and a brand new pick up and having lots of toys to driving a 1993 Subaru and living in a Town home. This time I'm going to do it right, slow steady and low risk. 

I would be very interested in picking your brain about this area and I am super interested in partnering and investing. I'll message you directly with a couple more questions.

Thank you very much for the time you took to reply!

So I find my self in an odd predicament. I've just filed for BK after making a lot of money in the oil fields but I will soon have zero debt and around 3k a month investment money. I know it will be near impossible to buy something before 2 years is up and I already have a good plan to improve my credit very quickly but the part I'm struggling with is what should I do with my money? I figure to have 72k after 2 years in savings if not more and I don't know what sort of plan I should follow. I'll have an amazing debt to income ratio and a decent salary. I realy want to start in real estate but don't know what I should do for the best ROI.