All Forum Posts by: N/A N/A

After much soul searching I have decided to sell my beloved house. Spending the last few weeks on this website, I have come to realize that this truly is a business, and to become successful, I must treat it as such. All cash and mike OH, your strickly-business approach on many topics of these forums have helped me open my eyes. All cash, sometimes I have laughed out loud at your answers because they are so brazen, but nevertheless, ALWAYS make sense. Still waiting on that book.

mypetslug
Do you really have a pet slug? Just curious. I've seen alot of funny screen names, but yours takes the cake.

My fear was being old and helpless one day and being a burden on others. I want to leave something for my children so they will have it a little easier in life. My mother in law is 72 and has health problems and lives in a basement apartment. She lives on social security and a low paying job that she walks to. She struggles, as do so many others. I want to one day have security and not to depend on anybody.

minna, So how did the floor job go? Did you hire it out or do it yourself?

I sure am glad I found this post. I had forgotton where it was. I didn't forget about you, goldenamber, I am just busy. Glad you liked my post. Hope it inspires you. Something must have, since you are out looking for stuff to rehab. That's great. How did it go?

Thank you for the story. Sometimes in my quest to retire rich, I forget important things. Thanks for inspiring me.

I don't know if it's a good thing or not, but I work 11 hours a day in my barber shop. I make $100,000 year doing so, so why would people put a label on me like "workaholic"? I have very little time for socializing, and when I get asked to go somewhere, I am usually too tired. I want to make sure my future is secure. I have two properties and am looking at a third, and I contribute to a ROTH IRA acct. Nobody else I know seems to understand. I try to make time for them but I find I don't care about parties like I care about money. Am I obsessed?

I hate to admit it, but I have done this. Well, sort of. I had a real estate agent come to my house to access it full well knowing I wasn't going to use her. I don't really want to sell. I was just curious. I know it's bad. You all are making me feel bad now. Oh, well.

fizzle
I am happy that you are interested in becoming a real estate investor. However, I am worried that all the above advice may be too overwhelming for you. Especially the stuff about opening corporations, using lawyers, buying for no money down, and some other stuff was just, well a little over the top for a person your age. Remember, many of the people on this forum have been into real estate all their lives and it takes many years to get rich doing it. The good thing is your interest is high. My advice is to forget all of it for right now. First things first. I think you need to concentrate on owning your own home. It may take several years, but it will be the best investment you ever made. Learn a trade. I cut hair and make a great living at it. You may want to learn heavy equipment operating, HVAC, or one of many trades out there. If you have no money, try apprenticing, but learn a trade in something that will make you a decent living. Work at this trade for several years. Make sure you file your tax returns every year. Meanwhile, get a credit card-see my post on OFF TOPIC forum "I can't get a credit card". Once you get a credit card, always pay it on time along with all your other bills. Save every receipt that you pay towards rent. If you live with your parents, get out as soon as you can and start paying rent. Save all rent receipts. After a few years go to a mortgage broker who specializes in FHA loans. You should be able to get a loan for little or no money down. They will want your tax returns and rent receipts and will look at your credit history to see if you pay your bills on time. Also, spend these few years reading the above mentioned books and learning all you can. Stay on this website too. You will learn alot. Then, when you move into your new home, you will have experienced things like title companies, loan companies, lawyers real estate agents, ect. Then you will better understand what to do next to start investing. Just take it slow one step at a time. You will do great!

Thanks, biggerpro. When I was young I fell for a scam like this one and I'm glad you are warning people about it. Not long ago a young man I know told me he got pre-approved for a $10,000 credit card even though he is 18 and has no job or credit. All he has to do is send in $75 to get his card. I told him it was a scam and he got upset with me. He said people can't do that. I told him that they can and they do and they don't care who it hurts. Little old ladies, hard working blue collar folks with families, young people like him-anybody- they just don't care. It's sick and I don't know how they can sleep at night. They'll take your life savings and not bat an eye if you end up on the street. There are safe, conventional ways to invest. See a licensed investment broker who can walk you through the steps of good investing and show you the numbers.