All Forum Posts by: Peter Hollyfield

Thank you for all the advice, and yeah, I had a discussion with my kids recently and they understood my situation. They voluntarily said that they would go get a part time job. I really couldn't hold my emotions when I heard that. Anyways, I am going to try my best to provide them everything they need. Really appreciate all the advice.

How not to let the kids down while saving more money on our future?

I currently have two kids 13 and 16 y/o. Both of them are into Lacrosse and therefore, I have to pay for their coaching and equipment fees constantly. When it comes to tutoring, i started to teach them on my own using online resources like Khan Academy and StudyPug chemistry instead of looking for a private tutor. However, I would like to save up for the future as I plan to buy a house for our family. I am wondering if there is a way to keep letting the kids play their sports while not needing to worry about the expenses so that I could save up.

Thank you in advance.

Speaking of renovation, I once read a news (donno if it's a fake one). Someone built a 100th floor building forgetting to install the elevator. XD

Congrats!  I think getting prepared is the key here.  I agree with Jerry - getting knowledge and understanding of the local market are key.

What I do is 

1. drive around the area I am interested in at least once a week - just to get a feel of the market, and to see/understand the opportunity.  You get to see which house is built and what type of houses are there and the type of people (and quality of renters)

2. get my math skill up, at least up to a proficient math 8 level.  I personally get into debates with my friends on this - but I think to be good at RE, you gotta be able to do the math super quickly in your head and like the back of your hand.  some people say good RE investors have good instincts - i say they have good math skills. if you look at an opportunity, you gotta instantly do all the P&L analysis and act on it.  Warren Buffet was known to recite all the numbers of the annual reports that he studies for fun.

3. brush up on your handyman-ness!  take a course, or just get your hand dirty!  knowing how to tinker and fix around the house *saves you money!*

I think being successful as an RE investor is a mindset challenge - willing to get your hand dirty, and tackle some hard brain training, and you will do well!   But if you can get through that - you will do well in life too!

Good luck!

I guess it depends on the size and weight? If it is small enough to put in ur own safe at home, go for it. However, it wouldn't be inconvenient and unwise if not.

Personally, I think that you should pay off your debt as soon as possible to avoid paying all the interests. The faster you pay off the debt, the less you have to pay in total at the end. Also, you might feel a lot better as you won't be thinking about or worrying about the debt every night when you sleep. Take this advice from a guy who has been through the same situation.

FYI: There are usually 2 kinds of investment. 1. Short term: this is risky and you might need to think about the consequences of losing all of your money being invested in. 2. Long term: this is generally a bit better as you can hold on to your investment for very long. However, both of them require a stable income. I would recommand you to put the amount of money you consider extra to invest. (But obviously you need all the money for debts.)

I started with a lawyer that's about $500 an hour.  After a while, I start to know what they are looking for, then I gradually moved to a lawyer that's about $200 an hour.  At this stage, I am very well versed, so I can start either getting an even cheaper, jr. lawyer or do some myself.

The key is to have that $500 lawyer in the good books so you can call upon him when you have litigation, which I find the jr. lawyers aren't good at.

Nice - are you prepared to drive out frequently?  I've done so before, but usually at a location that I like.  So whenever I can, I take the family out, do a quick drive by and grab a bite.  Road trip + investment.