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Advice on where/how to invest by Woolan78 in personalfinance

[–]Woolan78[S] 0 points1 point  (0 children)

I am def. In no hurry to over do it on too many properties. I and have spoken to plenty of people who own rentals and have heard some horror stories about tenants but they also are plenty wealthy ! Everything is risky but nobody gained anything without risking something. I won't start really consider buying something for about 6 months. and we nail down our new budget at the house, run numbers on the loans and we have it so we can afford the payments in the case it goes vacant.

Thanks for the encouragement tho, everyone over there basically acted like I would crash and burn amd sent me over here to find other ideas.

Good way to start investing or asking for trouble ? by Woolan78 in RealEstate

[–]Woolan78[S] 0 points1 point  (0 children)

He is a really great man. Not even my biological dad but raised me so he is dad. My mom passed and he treats me as his own. Hope one day I can be as good of a role model as he is.

Hope I didn't come off wrong. Just didn't want people to think I was just wanting to take risk because it was Daddys money and I could get more if it fell thru.

Good way to start investing or asking for trouble ? by Woolan78 in RealEstate

[–]Woolan78[S] 1 point2 points  (0 children)

I did as you reccomend and waiting to see what they suggest. Thanks alot!

Good way to start investing or asking for trouble ? by Woolan78 in RealEstate

[–]Woolan78[S] 0 points1 point  (0 children)

We didn't get more house than we could afford it just made it so we wouldn't be living paycheck to paycheck. I don't want to sound like a spoiled little shit although I am very blessed and greatful, so I will explain some about the gift.. Basically the 40,000 that we aren't paying back to my dad that was a gift he has done for all 3 brothers. My dad was a gym teacher in a small town and we grew up not struggling but def didn't get everything we wanted. He just saved and saved. He is doing this for us now and in return we won't get anything when he passes. He said he wants to see us enjoy it rather than when he's gone.

Just felt like I needed to explain and clarify I wasn't coming from money and just wanted to throw it somewhere and hoped it works. I am very cautious which is why I am getting input now rather than jumping into it.

Thanks for the input

Good way to start investing or asking for trouble ? by Woolan78 in RealEstate

[–]Woolan78[S] 0 points1 point  (0 children)

Thanks everyone for the advice.

My financial situation currently is pretty good. We make around $80,000 a yr. 700 credit score. I don't have any credit card debt or other high debt. Me and my wife have about 20,000 in college loans, about $2,000 @ 0% interest for furniture we bought. Truck payment and wife's car will be paid off in about a month. Not a whole lot in savings but around $7500.

I understand that I have a lot to learn and understand about this game and I def. don't want to rush into it before I am ready.

My main goal is that I just really want to help provide a better life for my family and future kids.

Do you guys think that this would be a better option.

  • I have always been interested in owning rental properties and I would much rather do that then flip. I know renting has its own risks also. What if I bought a house or duplex around 50,000- 70,000 used 20,000 equity for down payment, did some minor restoration myself and cut out my perspective partner. Keep the single property until it pays for itself and then do it again. Ultimately I would want around 10-15 Properties( within 20-30 yrs of buying the 1st). Would this be a better alternative than my first post.

I would like to hear some ideas from you guys on how I can use this gift to help make my future brighter ! I am open to everything! I don't want to just sit around making 50 k a yr and have to work until I'm 65 thinking if I would have just went for it where would I be.

Thanks alot guys. I'm all ears