All Forum Posts by: Redgy Saint-Germain

@Frankie Woods

Maybe when Josh changes the name of the site from " Biggerpockets.com" to "Tinderpockets.com" you'll have better luck here buddy.

Redgy

@Mido Ali

https://www.biggerpockets.com/renewsblog/wp-conten...

Mind changing books :

Rich Dad Poor Dad

The Richest Man In Babylon 

@Jason S.

I can give suggest a plan for the next year but it requires tremendous self-discipline. Since you're making close to 100k/year I would aim to save 10k (10%)  or 833.33$/month NO MATTER HOW HARD THINGS GET or how are you want to spend that money DO NOT. While you're saving money make sure you keep your middle FICO score above 620. In the meantime watch the BP podcasts and use the BP calculator to start analyzing deals so you get comfortable with the numbers.

By this time next year I would say if you do this you'll have 10k in a bank account with an ok credit which should make you eligible for an FHA loan to buy (1-4 Units) with 3.5% down and get you started.

This plan will not make you rich in a year but I WILL HELP YOU GET STARTED.

Good luck

@Charles Richardson

We all have to pay our dues, and from what I've just read from your post you haven't even started yet. Wealth have a price, you have to pay the price (self discipline, seminars, networking, take actions, learn learn learn and learn through small steps) 

Stop wishing for shortcuts ,put a plan together to do your first deal. If your credit is bad because you havent paid the creditors your priority should be " paying the creditors" therefore adding at least an extra 40 points back to your credit. Apply for an FHA (1-4 units) and learn from the experience

Pay the price like all of us

Good luck 

@Bryce Sablotny

Why is your project cost 17k higher than your ARV? We are all in real estate to make money I dont think its a good idea to go into a deal knowing you will lose money.

@Kim Durst

After listening to a few gurus out there stating a home is a liability not an asset it took me a while to convince myself that notion is actually false. I agree with a few replies in the thread if you live in a 10 BR house by yourself or a wife while you can't even save 10% of your paycheck that's just ludicrous and stupid. 

I live in a small house that I bought with 70K equity in it right off the bat, I've switch to a 15 year amortization from a 30 to build more equity and pay less interests. I would love for someone to prove to me how my house is a liability. 

We all have to live somewhere, a 1BR in my market is about 1400$/month and if we do the math its 16800$/year and I am paying less than half of that in interest while building equity and own a home. Frankly I try keep my emotions away from my decisions making when it comes to real estate. As long as the numbers makes sense I would go back to renting in a heartbeat 

Good luck

@Julian Joseph

I think the better question is " how much is it gonna cost you initially to cover your student debt payments"  

1- Figure out your debt payments

2- Buy a 2-4 units using an FHA 3.5% down

3- Use to cashflow to cover your student loan debt

4- Refi conventional after a year and pull your a sum of money out ( preferably more than you invested) 

5- Use that money to start investing without having to worry about your student loan payment while building equity

6- Start making some real money in Real Estate

@William Sullivan

The biggest question you have to ask yourself is " What has the person or the people giving you these " wonderful" advices accomplished in their lives" and yes I am being sarcastic with the word wonderful. 

 Thats like taking advice from contractor about how to fix your car, or asking an overweight person about healthy nutrition and the gym. if they haven't done it you shouldn't take their advice.

Talk to the right people, make heavy use of BP because it is a great community.  You should ask them the same question " How is that working out for you?" and if they cant tell you how they've used that strategy to become wealthy and financially free #RunAway

@Kimberly M.

Run just run :) 

@Jonna Weber

 Yes it can be done for sure. 

1- If you buy your property cash you can rehab it and use the " delayed financing" after 4 weeks allowing you to pull all your money back assuming you bought the deal right in the first place. 

2- FHA you buy your deal with 3.5% down live in it while you're rehabbing it and refi after a year pulling your money out.

3- Conventional ( buy under 70% LTV) with 20% down, build equity then refi