All Forum Posts by: Mike Rubin

Originally posted by @Account Closed:

Hello Mike,

First I applaud your determination. If your comfortable with it I would say do it. Your friends (? real friendship) may ridicule you, but in the long run it will put you way ahead of your peers, and strengthen your financial and future base.

I would not rent the trailer, Lets make it a investment opportunity, Buy now then when your done sell it or do a lease option with it. Trailers are a easy way for folks to own a property. Will lease very easily for you.

Just make sure where you buy is ok with this and your lot rent is not to costly.

Good Luck

and Keep up the excellent thinking.

Thank you, Sydney. Your thought process is in synch with mine. If I were to buy a mobile home, then I would rent it out after I'm done with it or sell it. Other than the cost of the mobile home, what other costs are associated with a mobile home? (i.e. lot costs, how much do those typically run?)

I have many goals in life and every day that goes by with unpaid debts only slows me down. Life only has a finite number of days in it and I want to live as many days as possible debt free. I feel constricted with loans.

Yes, I do agree that I've been doing well with paying off my debts but I do not want to wait another three years to pay them off before I begin to save up to buy a house. I hate renting and would rather build my equity / wealth instead of pissing it away.

With that being said, a mobile home has become a serious thought and I have no shame in doing so. So for anyone with mobile home experience, would it be better to rent a mobile home or just buy one outright?

Hello All -

I am at a crossroads and wanted to get your opinions…

My situation: I graduated 3 years ago with $65,000 in student loan debt and have since narrowed that down to $35,000. I'm sick and tired of paying student loans / living in debt. Never again will I take out a loan.

In order to pay off these loans the quickest, I've contemplated swallowing my pride, accepting the ridicule, and buying / renting a trailer so my monthly living expenses are minimal. Thusly, reducing my student loan debt very quickly.

For anyone who is experienced with trailers, would it make more sense for me to just buy one outright or rent one?

Any information is helpful.

Thanks!

It may be helpful if I provided an update...

I've since moved to Miami, Florida (two months ago). Real estate levels have exceeded pre-recession highs in Miami so I'm less inclined to make any immediate moves. Studios that were selling for $150k two years ago are now selling for $300k - $350k. The foreign investors have taken over South Florida. I sense a mini bubble occurring here... Thoughts?

Hi Robert -

I do not have my CT License so this will have to be done from scratch.

In your first post you mention I need to "Enroll in an Approved Real Estate School" and then you also mention I need "Shop for Real Estate Schools". Are you saying I need to go to two different schools to get my FL License?

Is there anything I can begin studying now before I enroll in a school so that I am prepared and not learning this stuff for the first time in class?

Hello All - A month ago I relocated from Connecticut down to Miami, FL and am now looking to begin studying to acquire my RE License as a Sales Associate. Is there a required book for the exam or is it like the SAT's, GMAT's etc.. where there is no required study material so you choose whichever one you want? I'm looking to purchase a book(s) to begin prepping before I sign up. Any advice/recommendation is extremely helpful. Thanks!

Can anyone help me find a template to write up a lease on? The person that I am moving in with is someone I know and easy-going and asked that I write up a lease contract with certain provisions in place i.e. cost of rent, replacement of lost keys, and security deposit. I need to write this up as soon as possible. Any have any suggestions?

Thanks!

Thank you, Karin. Which Real Estate license did you acquire? And can you explain to me the different types?

To those of you from Connecticut,

Can someone help me understand what is involved in obtaining a real estate license? I am interested in accrediting myself as much as possible, but it seems as though online resources for real estate licensing are scarce.

- Are there different types of real estate licenses?
- Are their pre-requisites before one can take the exam?
- What type of prep materials are most common for preparing?
- How long is the exam?
- How often is offered?

I have many questions so if someone can help me it would be GREATLY appreciated.

Thanks!

Kelly - This scenario was all hypothetical so I don't have exact answers for you, but all the points/questions you just raised are definitely helpful in my decision-making process. You make a very good point in that while rates are low, try to lock in more deals now than when rates push back up.

My end goal is to grow my portfolio so I can eventually retire on it. I am 24 years old now so I figure if I begin locking in low, fixed rate 30 year mortgages I will have them paid off by the time I plan on retiring. At that point, I will begin to realize larger returns as well.

Originally posted by Kelly N.:

One more way to look at it- which way makes you more money? One property with no mortgage while you save for DP # 2, or 2 properties with mortgages?

My question was indeed raised for the idea of which strategy will bring in more money in the long haul.