Hi, My name is Ronnie Stone. I am writing this post to ask for some advice. I have been reading all sorts of books about investing, personal/spiritual growth, business, and real estate since I was 16. I was having a hard time when I was in high school deciding whether to go to college or not. After making a long pros-cons list I decided that I was going to become a Union Ironworker like my grandfather, father, and 4 uncles. I have been working for 8 months now working 7 days a week for 10 hours a day saving up all of my money to put it towards investments and real estate. I have about $60,000 cash, and I am wondering what the person reading this would do in my position. I live at home with my parents with no need of buying a personal house, I have no bills, except for a credit card that I applied for to increase my credit which I pay off in full at the end of each month. I would like to own at least 4 rental properties before moving out of my parents house. The housing market in my area is extremely overpriced, such as a 950 square foot, 2 bedroom house with no garage going for around $155,000 in a small Indiana town. I am going to wait for the housing market to come down in price. I have been watching tons of bigger pockets podcasts, and YouTube videos. I have a couple of questions for the person reading this, and I would love to see all of the responses. Also what would you do in my situation?
1. Should I wait for the house prices to go down in my area before purchasing a investment.
2. Should I get some real estate licenses such as a agent license, real estate investment certification, property management certification.
3. Should I create a business plan for lenders so I get approved for a mortgage at a better interest rate.
4. Does my age matter for a interest rate and should I find a co-signer.
5. How big of a down payment should I put on a rental property, I know some people like to use OPM (other peoples money) and try to get the lowest downpayment they can get, or should I try to get a 30 year mortgage with 30% down or a 25 year mortgage with 25% down.
6. How can I make it to where lenders, clients, tenants, and agent look at me in a better way instead of some kid who wants to set the world on fire.
Thank You! Please let me know what you guys are thinking
- Ronnie Stone,
Some kid who is trying to set the world on fire.
