want to start making money - Posted by michael

Posted by Dimpil on November 02, 2003 at 04:36:11:

Well the scores you cited were very good so don’t complain.

The question is really up to you, what do you want to do first? Some people rent while investing, until they get themselves together, pay off bills, get financially sound then buy their personal homes. Some people, buy the personal home 1st then invest.

Take this time to read a few books on REI and get a plan together. Once you have a plan laid out, objectives and goals, then you may know which is best for you to do first.

want to start making money - Posted by michael

Posted by michael on November 01, 2003 at 20:42:53:

Hi, I’m interested in investment real estate.i’m 24.i live in eastern connecticut.I earn about 50,000 a year at my j.o.b. as a helicopter mechanic.I’m in kuwait right now so can’t do anything just yet with real estate.I rent an apartment right now for 695 a month,I have a fiance and we want a house soon.My credit isn’t stellar somewhere between a 690 and a 730 depending what credit company I check,this is due to the fact that I never grew up around money and didn’t know credit existed when i was a kid and let people I lived with use my name for things that they never paid.
I’ve been reading about real estate for years now always wanting to get into it and become an invester and change my life and eventually be able to know enough to help other people also.I will have about 10 thousand dollors in the bank when I get home.I also have a loan for a new car that i owe about 27 thousand dollors on which was co-signed by my grandfather.I will be able to qualify for a VA loan.My question is should I buy my house for me and my fiance to live in, or should I buy some sort of investment real estate first and keep renting.I really want to get into real estate but have never been around anyone who knows anything about it and I don’t know what i could do in my situation.What could i do with 10,000 dollors,an eligability for a va loan,a lot of motivation,but not great credit,no experiance,no help,while owing 27000 of a car loan?seems kinda hopeless righ…any advice would be greatly apreaciated.thank you

Re: want to start making money - Posted by Jack

Posted by Jack on November 02, 2003 at 15:46:11:

buy an owner occupied 4plex with the VA loan.

Re: want to start making money - Posted by Michael

Posted by Michael on November 02, 2003 at 15:08:02:

Thanks for the advice guys.

Re: want to start making money - Posted by RichV(FL)

Posted by RichV(FL) on November 02, 2003 at 07:43:12:


I agree with Dimpil, your credit looks pretty good to me.

I would most certianly hit the REI books and find your niche in Real Estate. Once you have a plan in place and goals set you can move foward from there.

Michael, keep in mind that education is the key to success in the REI business. Test the water a bit before you jump in and you’ll make far fewer mistakes than I did as a newbie.

Best of luck,