All Forum Posts by: William Hall

Thank you.  I need to finish these books, before I do anything.  The last two days at work were....time consuming.

I have paid everything off except student loans.  I've had a credit card for almost three years, that I pay in full monthly.  It seems to be working.  My score used to be much lower.

With a "live in flip", what happens when someone buys the house?  You start looking for a new place to live, and hope it happens before you're sleeping under a bridge?  Are you always cutting it close, or is it smoother than I imagine?  Because one house payment at a time, when I get started, will surely be easier to manage.  Depending on how crazy work is, I bring home between ten and twenty thousand per month.  I've thought about paying off my student loans, but it seems like the more money I put in the bank, the more paranoid I get about spending it.

Thanks for the advice, guys.

Thanks for the replies, guys.  I'll order those books today.

My overhead is about 2500.00 per month.  Maybe less.  Just normal bills.  Everything I have is paid for.  My credit score is low, because I never knew as a kid, that you could destroy it so easy and it would be such a pain to rebuild.  Then, I started making enough money that I didn't see the point in credit, when I could just pay cash for everything.

After I got out of the Marines, I lost my steady paycheck, and my truck got repo'd.  After that, I realized that if you're making payments, your stuff could get taken away if something bad happens.  So after that, I never financed another thing, unless you count renting a house.

Now, I feel I've pretty much bought everything that I want, and my money is just stagnating in the bank.  Seems to me, I could put it to use.

Thanks, all.

Hello!

My wife, two kids, and I moved here from Colorado about three years ago, chasing the oilfield.  Prior to that, I owned my own, and then later ran a framing company, building 6k+ sqft homes.  I have been involved in building houses my entire life.  Even when I was a kid, we lived on the jobsite in a trailer.  (Dad owned his company for 22 years.)

I've never known what I wanted to do, "when I grew up".  I've floated from job to job, doing whatever caught my interest.  The oilfield pays great, but I'm starting to get sick of it after seven years, and don't fancy looking back at "30 years in the patch".

Everywhere I read, says to get involved in something your good at, and passionate about.  I would look at my hobbies, and while fun, weren't something I'd care to make a living at.  Especially when doing your hobby as a job, is the quickest way to ruin your love of that hobby.

Then, it hit me!  Why not go back to houses?  I told my wife I'd never go back to full-time framing.  The market is too cut-throat, and it's almost impossible to stay afloat, and be competitive, when you're doing it legally.  But she always talks about how she likes fixing up houses, and it is something we're good at.  In fact, when I started my business, she was my employee.  She's a tough, stick with it, kind of girl.

I'm not sure what to do next.  My schedule is two weeks on, one week off.  I have fifty grand in the bank right now.  I will net almost 200k this year, and my credit rating is a meh, 650ish.  Do I finance several houses at once? (assuming I can get the loans.)  Do I flip them?  Do I rent them?  I need some kind of starting point.

My worry is that I'm sitting here making good money, but not enough to matter by the time I'm too wore out to work anymore.  I don't want to be broke down and broke at 75.  I'm only 34 right now, and I'm sick of worrying about the future.  My vision is buy a few houses, flip them, always investing right back into the business, until I make enough to continue doing that, and quit my job.  Then, let it snowball into a larger and larger business.  Start a firm, buy a firm, merge with firms....Aim big, right?

I have a very strong background in construction.  I have a substantial income at the moment.  I have 50k in the bank.  HELP ME, PEOPLE!

P.S.  Glad to be here. :)