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I own a barber shop. I have only bought two properties so far, but I will always be a barber. I have a Roth Ira account that I will cash out in 15 years when I am 59-I'm telling my age here-and hopefully can retire then. I Can't see myself being a full time investor because I really like what I do and my clients would kill me if I quit. There aren't alot of real barbers around here. Plus being a full time investor takes alot of money and you usually have to build up to being full time. It is kind of hard to just plunge into it.

MikeOh Thanks for your input. I know I'm going out on a limb here with my property only breaking even and all, but, and I know this is silly, but this house is kind of sentimental. My husband put alot of sweat equity into it and it is hard to part with it. Besides, I can't afford the mortgage on both houses while the one is up for sale. I will just have to put some money away for emergencies. I'll keep you posted.Thank you for your advice.

Also, if there is any way that you could get your name put on someone else's credit card who has good credit and is trustworthy like a parent during that six months, it would show that you are creditworthy because it would show on your credit report, even if you don't pay the bill. All they have to do is call their credit card company and have your name put on it. I did this for my son who is your age and it gave him instant credit. He now has his own card.

The problem seems to be mainly that you have only worked at your job for three months. These are my suggestions which I believe if followed will get you a card in six months. First, stay at your job for six months. Second, make no more applications for credit as each inquiry for credit will show up on your credit report and lower your credit score. At the end of six months, apply for ONE department store credit card. If you are denied, which you should not be, read your denial letter carefully and find out exactly why you were denied. On the letter it will tell you how to get a free copy of your credit report. Send for it and study it carefully. Anything that is on it that is derogatory you should take care of as soon as possible. After you take care of it, though, it may take about three months to come off your credit report. With patience, you should soon get credit. Let us know how you are doing.

I'm sorry about the foreclosure. Just remember there is always hope that you will be able to buy again. Even if all you can afford next time is a trailer on a little piece of land, the key is not to get in over your head. Also, consider buying a duplex or triplex-that way others are paying the brunt of your mortgage. Give it a year or two, pay your bills on time and a lender will give you another chance. Soon you will be changing your name to sohappy!

Thanks for your advice. My mom does have a little money saved up for emergencies like this, but I don't think she expected to have to use it. I will tell her about this website. She needs all the advice she can get. All cash, those were great suggestions. You should write a book. I have seen some of your other postings and I know I would I would buy it. Thanks!

I am going to rent out my first investment house and the only thing wrong with it is it sometimes has slightly brown well water. I know this only happens sometimes, but I am afraid the renters will have a fit. Do those filtering systems work for a problem like this?

Hi all- what a cool website. This is my first post. My poor mom has 4 rentals, two with big problems. In one, the kithen is completely burned out and insurance will only pay 10, 000 dollars. Luckily my husband is a contractor and is going to help but can only do it on weekends. In the other, the furnace broke and the renters moved out because it was too cold. Heating contractors have said they dont know what's wrong. My main question is how can she make insurance pay more? Don't they know it costs more than 10,000 just for materials for a kithen remodelong? Also, I am following in her footsteps and just bought a second home so I could be closer to work. I am going to rent out my first house and barely break even. I dont want to sell it because it will be paid off in 15 years and will be a good asset for retirement. I was going to rent it out to Section 8 tenants. Any suggestions?