All Forum Posts by: Sean Gallagher

I checked with the company I work for and they don't offer 401k's untill im 21, and Im full time and all... bummer

yeah i should watch what i spend more often but the goal was to save around 15-20k a year while still at home, then move out when i have an easier job with more pay but use the extra cash into rei.. Might even be able to do that before I move out which I would really prefer ( still have about 2-3 years in college, working soo much it tends to be tough doing many classes at the same time)

Reiguy, Im curious to see how you approached rei? Like what have you mainly focused at in the rei business? If I could work with say 15-30k range in rei that could turn out to be a nice profit success that would be awesome.. just knowing what to do and how to do it, i have a lot of hands on skills.. built cabinets, a secretary, a shed at school.. so refurbing would be a good direction if I came acrossed a house. Do people usually go for houses to refurb that the land is owned or rented? Or it doesnt matter if you're in and out fast? Because I work for a guy that ownes a lot of developments.. im talking 6 or so, they're all rented and I could get half off on lot rent when in my name. They're mostly single and double wides with not too much land but a little. Just a note I wanted to point out.

I know im off topic here with the title to my thread but we can jump around :lol:

Thanks John and all the others that have replied to my thread. Im currently still living at home with my parents untill i am done college.. which is one of the reasons why i get to save most of the money i earn. I'll be honest with you guys cause why should I hide it.. but I make about 30k a year which i dont think is too bad but most of you im sure earn a lot more. In my opinion 59.5 years old is way too late in the ball game to be able to crack open the account.. Who knows what could happen up untill then.

Also how come it isn't considered an investment? I put money into it, and earn more then i put in. I kinda looked at it as a profit in the long run. I'll have to do some researching on the banks around here. I think there are banks online that offer some of the best % rates for ira's.

Im curently 19, in college with a full time job making alright money; at my age i guess you could say :mrgreen: . Im also always looking toward the future making sure I have everything under control to come.. For instance if rei doesnt come through or starting my own business doesnt work out I can still look toward my degree in college. Well I've been thinking.. i know i probably wont need a 401k but it would be nice to have a little something extra pop up in the near future, I dont have much experience with this stuff and I understand its not fast money like most of us like to get here.. but it seems like a good idea to me. can anyone help me on the subject? im 19 and could put away 500 a month easy. ( unsure what the 401 k would be a month) i think there's some for 1mill then 2 mill? I dont think my job has it ( i havent asked either) but if I go to my bank? maybe they do but also Im thinking is this the best place to go to at the same time. Id like to start early guys... :D

So basically you made numerous low offers and the people that really needed the money/ had to move out ( or whatever the case may be ) accepted your offer. Then where does 5000$ come into play here? I'm not understanding this part, say the property is worth 250k but you get it for 200k; 5,000$? So did you have to take a loan out at the time with the 5000$ you had to spend? So to sum this up, you bought the houses low ; that you know were worth a lot more, so then you sold and did it repeatedly gaining profit? is this correct? Did you ever actually purchase the house?

sean

thank you, Its hard to see where to start around my area.. Everything has been developed or is plan to be developed. People with gigantic pockets are coming around a buying every piece of land.. the business has slowed down greatly though and houses aren't selling like they used to. So right now I'm trying to research and find my best approach; however, it seems in some circumstances that deals aren't always planned... find a deal, you take it. I have a lot of learning to do with all of the professional talk.. like cash flow, lender's, and all the special terms that I am not fimiliar with that you guys use on a daily basis. What I am doing now is just putting away most of the money I make.. because in my eyes saving can never go wrong.. it's just what you do with your money that can make or break a decision. What I'm trying to say is.. I need some direction. Some day :sleep:

yeah the "crazy3rdgen" comes from my crazy interest in 3rdgen camaro's .. always use this name : ) . But before I make any decisions I fully understand what he said above and the comments he left are more like, rewards soon after money is spent. I was looking more at it as, more money/time put in, even more reward in the long run. But it would take a good amount of time to finish everything. Hmmm might need to change my approach.

I'm currently 18 with a job around 30k-35k a year still staying at home home with my parents and plan to for another 3 years or atleast until I'm done with my degree ( project management ). So here are my plans.. I've looked into investing and such; just doesn't seem like the interest rates and profits are enough for me with just "investing" .. bonds and such. So to get down to it, I think the best way to begin is start by buying a piece of land. I'm starting low, I found an acre for around 16k in an area that most people usually rent out their houses. I'm basically just looking for opinions and doing the best to read each and every important thread you successful guys out there have to offer. Thanks for your time , please share opinions.

I think eventually if I went through with this, I would put a house on it / rent it out. I'd rather get moving at a young age.