All Forum Posts by: Tommy Daggett

@Farheen Naveed  Congrats on the first and second property! I am currently learning everything I can and working towards my first property. 

Anyhow, Dave Ramsey has great advice on beginner and intermediate money-management skills. I love his videos and have watched him for years. But,  I believe that is where it ends. He doesn't believe in debt for any reason.

I don't personally agree with that, especially if the person is financially responsible.

Tell me, if you found a really good deal and were absolute certain you would gain from it- that their was NO way you could lose, but you need to go into debt to acquire the property, would you do it?

I would.  

If you have high financial literacy and trust yourself, you should use good debt as a tool to leverage. 

You sound like a person who has got all they can get from Dave Ramsey and just need to move on. You utilized Dave's advice on building a sound financial foundation, now move onto more advanced financial and investment advice. Maybe Robert Kiyosaki? Maybe someone else.

While I can't tell you the next step, as I am not there yet, I can speak on having a very good financial situation (no debt, excellent credit score, written budget every month). I would take Dave's advice up to a certain point, and move onto a different mentor. A mentor more suited to your needs.

Hopefully that was somewhat understandable.

Good Luck.

@Bryant Clark With the position that I am in as of now, like you said, as long as this deal is not detrimental to my finances, I would do it! 

My number 1 goal is "getting in the game".

Even if I made no money, I believe what I'd learn would be well worth the price of admission.

Good luck!

@Bradley G Fagg It sounds as if the first paragraph of the article answers your question. Even in the first sentence, it seems.

" If you’re looking for your next rental investment, you’ll probably want to steer clear of any major tech hub." 

I live in Southern California and have been studying into this a little bit myself. It seems to apply primarily to big-tech based cities. San Francisco, Seattle seem to be a couple of the cities experiencing rent decreases due to people working from home and wanted to cut costs.

If "Tech" is the only reason for this decrease, steer clear of these kinds of cities and you should have one less problem to worry.

Good Luck.

@Ernesto Perez Welcome! I'm also fairly new to Real Estate, but Biggerpockets has been a great resource. 

Good luck to you, you've come to the right place!

I've seen a few snippets recently that the San Diego RE market, despite the current climate, is the hottest in California and possibly the country. With this being the case prices of homes, as they stand, are just too much for my situation. I do have about $8,000k saved and should have $20,000 by the end of the year. 

So I am looking to go down the route of "house-hacking" a new construction mobile home. 

Any quick bits of advice? Any is appreciated!

Thanks.

@Jim Ambrose Nice man. Good luck and keep it up!

@Caleb LaBelle Hey, something that may help you, it may seem simple, but try and reflect on "WHY" you started your journey into RE in the first place. What motivated you enough to get you to this point?

I'm looking forward to being in your position soon where i can purchase my first property.

good luck.

@Shiloh Lundahl Everyone is different with particular circumstances. Maybe that advice about not investing "here or there" because it's in California and expensive or it's in Detroit and rundown. Maybe that advice would normally be a good rule-of-thumb for most people in most situations, but what if someone finds a good deal in an area deemed "undesirable"? Maybe their are those individuals who are in a situation where those rules don't apply.   

@Chalyn Huff It depends on your goals. 

If I lived in Jacksonville, I would house hack. But I live in San Diego and only make $36k annually, so house hacking in SD (waiting for the *expected* market crash) is going to be challenging.

So my current goal, if the SD market permits, i'll use an FHA loan to house hack.

If not, i'm looking to Long Distance Invest in a less expensive market place.

For you, you could do both. If you don't mind having another job wholesaling. But in your market you can absolutely house hack.  

@Nate Sanow This is great advice! Especially just starting and what you said in #1. "20% down and 6month emergency savings is good advice, to an extent. That advice plays a little too safe. And I also don't feel like that particular advice applies to all situations.