All Forum Posts by: Wayne Yates

@Ralph R. all seriousness, you should write a book. Not even kidding. Thanks for your input!

@Neal Collins I understand the basics, I just can't get financially approved for a mortgage right now. If I could, I'd probably buy a duplex and live rent free for a year, move out, then rent out both sides and repeat since I'm in a college town. And I've been to almost all the apartment complexes in our area, it's a 12 mile radius in our city and we have almost 30,000 college students so every complex has the noise issues. Even if it weren't a problem, I'd prefer a single family for myself. Thanks for your input though, it's in the general vicinity of what I'd expect most people to say! Haha.

@Account Closed thanks for the advice, especially being so respectful in deliverance. My only concern with buying actual property right now is the fact of me being a contractor and the risk of being out of work for some reason. I was thinking of getting an RV just for 12 to 24 months, hoarding away a lot of money, reading all the books I can (I've read 30 so far this year), and starting a small business on the side of my job. I wanted to do a side business to see the way things work and learn from the mistakes and try to create a good system for future endeavors.

The thing is, I can do all of that while renting a home. It's just spending $1,200/mo... Plus utilities. I've been really dumb with my money before and the fact of paying $15k+ a year in rent that I'll never see again is a little sickening in a way.

I'm obviously leaning towards the RV situation. I could even stay in my parent's yard off to the corner. I just don't want to feel like I'm being dramatic with the situation I'm given since I'm a contractor and definitely not trying to stay in my current career forever.

@Michele Fischer

The car is new. Just got the tag about a week ago! I put $2,000 down on it. I don't even owe the first payment for another 2 weeks.

In terms of housing, I don't do apartments because I live in a college town and there's always partying students. I can get a single family home to myself in a professional setting for around $1,000 - $1,200/mo. That's pretty average across the board. For me to get a decent house in a safe neighborhood... $1,000/mo. Period.

If I rent a home, I'll be close to friends and family but an hour from work. If I buy a camper, I'll be the same distance from work, but also an hour from friends and family. I'm going to have to drive an hour for work either way but that's fine with me because bc I've done it so long. Like I said I live in a college town so all the higher paying jobs are a good 45 away.

I'm pretty much just tired of paying $1,200 a month on a home I'm renting. So it's either I deal with it or downgrade to a camper and hoard my money and build a house in a year.

I knew that title would grab your attention.

I'm 24. I'm single and not looking for anything until I have enough passive income from real estate rentals to leave my job. No pets, literally just me.

I'm a contractor. Work is heavy right now, but I've been without work for 8 months before and it's scary. That's the only reason I'm considering living in an RV. Even if I rent though, I'll always have at least 6 mos of savings in my bank account. So I'm undecided.

With that being said, I'm a pretty materialistic guy. I like things. I usually rent 3 bedroom houses just for myself. I use one room as a gym, one as an office, then a bedroom. And I love it.

What I don't love... is the rent payment. I pay about $1,200/mo in rent and yard maintenance. I make about $1,000 a week. I have about $10,000 in my checking account.

My parents have 20 acres about an hour from everyone (friends, family, and work) that I can use. Nice land.

I also have no debts other than my car payment. It's a $12,000 car. I owe $10,000.

So without boring you with details... should I pay cash for a cheaper camper trailer, fix it up, and live in that? Approx $15,000 total. And enjoy the perks of seclusion (big plus, I'm introverted), and no rent payment while making pretty decent money...

OR

Continue renting pricey houses and just be more traditional about things.

I'm unsure if I should rent again or try purchasing. In my area, I'm able to rent for around $1,200/mo. If I were to purcahse it would be for a mobile home. Yes, I know mobile homes are a bad investment to a lot of people, but I was considering buying decent bit of land with a small one bedroom mobile home. I can get these for about $20,000. The land would be about $30,000. I'd eventually convert that into an office building to run my real estate business when I decide to build a home on the same land. My only concern is I have a bankruptcy on file from a year ago. I have about $10,000 in the bank. No debts to my name. Credit between 620-650.

So should I try to finance ~ $60,000 for a mobile home and some land that I'd eventually build a home on, or rent for another year and save up a more hefty bank account before pulling the trigger n my first house purchase?

I'm looking to read some real estate investing books particularly relating to the numbers on real estate and analyzing deals. Preferably one I can listen to on Audible.

Books I've read:
Rich Dad Poor Dad

E-Myth Revisited

Outwitting the Devil

Book on Rental Properties (Brandon Turner)

etc

I've read plenty of books on the art of real estate, but I'm trying to make the numbers of deals like a second language. any suggestions appreciated!!

I will definitely check into it @Jason V., thank you!!

@G Pyros awesome, I appreciate you taking the time out of your day to help!

@G Pyros, what kind of software do you use for calculations? Is that just Excel?