All Forum Posts by: Timothy Paul R.

@Patrick Lloyd good question. I want to know the answer too.

@Lance Alotti ya maybe it won’t make much difference. I’m not sure. I’m not so concerned about my inheritance. I just don’t want them to be stressed out or uncomfortable late in life. Thanks for the feedback.

@Star Dawson I’m in a similar situation. I started working on my credit about 8-9 months ago and I’m already over 700! I make a median income. I focused and getting my bills/expenses lower. Eliminating what bills I could. The. Even though I felt like I couldn’t save because I was making enough to get by, I opened a savings account and made an automatic weekly deposit in order to “pay myself first” like Robert Kyosaki talks about. It’s made a huge difference. I’m able to get my bills paid and still save at a slow steady rate. I’ll have enough for a down payment by next June! It takes tome I. The beginning maybe a year maybe 2yrs to save that first down payment. But once the ball is rolling it will pick up speed. They talk about exponential growth in real estate. Stick with it!

@Jack Orthman I’ve heard that book mentioned a few times. Buying from Amazon riiiight now. Good post.

@Nick Sheveland Congrats on your first property! I’m over in Bee Cave, Tx. Looking to buy a 2-4 unit around next June. I’m looking more south though towards Kyle, Buda, or even New Braunfels.

@Eric Piccione I grew up over at Hwy 6 and I-10. I’ve been living in Austin since 2007. What part of Houston are you from?

I'm trying to get some information to help my Mom. My parents are in their late 70's and retired. Their primary residence is fully paid for, worth around 500k. They own 2 fully paid for rental properties each worth 250-300k. They owe 200k on a line of credit on the primary residence. My Mom told me she wants to take a loan or mortgage on the primary residence to pay off the line of credit because the interest will be lower. The interest on the credit is a little over 5%. The rentals are performing well in the Nashville market and she does not want to sell one of them to pay off the line of credit. They live off some money in a retirement account, the income from their 2 paid off rentals, and social security. I just want some feedback on whether or not this would be the best move. Is there a better option that I'm not thinking of? Also if anyone has suggestions on lenders in the Houston area to help with this? I am a real estate newbie, planning to buy my first property around June next year. I know this isn't exactly an investing question, but I would really appreciate any feedback or suggestions.

Thank you!

Have you ever come across a killer deal but not had the money to jump on it? How aggravating. I’m still about 10 months from having what I need and BAM! Awesome duplex that I know will cash flow in the area I’m looking. This is the first one I’ve come across in 3 months Ahhhhhh. I love real estate.

@Shiloh Lundahl I think this is all perspective. You’re right that 1M isn’t what it used to be. At the same time if you’re in my position, paying my way out of debt making the avg salary of 60k. To have 1M net worth would feel rich. Also, to literally billions of people having 1M is considered hugely wealthy. Definitely a fantastic milestone, congratulations but remember how many people are living off a couple dollars a day and hopefully you will feel very blessed.

@Julie Kern inspiration!!!! Keep it up and thank you for sharing.