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Being debt free is as simple as starving yourself.

 
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bebe88 View Drop Down
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Points: 15709 		Post Options Post Options   Thanks (1) Thanks(1)   Quote bebe88 Quote  Post ReplyReply Direct Link To This Post Posted: Jan 10 2013 at 4:36pm
Could have used that money to put down on multiple investment properties with owner finance, could have had about 10-20k in monthly income thanks to those properties...then would have been able to pay that debt off anyway.

He ain't bout that life though, typical working class mindset.
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SamoneLenior View Drop Down
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Points: 183988 		Post Options Post Options   Thanks (3) Thanks(3)   Quote SamoneLenior Quote  Post ReplyReply Direct Link To This Post Posted: Jan 10 2013 at 4:37pm

how many properties with $26k?

school me


Edited by SamoneLenior - Jan 10 2013 at 4:37pm
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bebe88 View Drop Down
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Points: 15709 		Post Options Post Options   Thanks (1) Thanks(1)   Quote bebe88 Quote  Post ReplyReply Direct Link To This Post Posted: Jan 10 2013 at 4:39pm
Owner financing usually requires 5 k down so that's 5 right there.

Depends on what u find and how u negotiate.

Hell I ALMOST got 5 4plexes with 5k down but I didn't have the money at the time.
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babyk94 View Drop Down
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Points: 32663 		Post Options Post Options   Thanks (0) Thanks(0)   Quote babyk94 Quote  Post ReplyReply Direct Link To This Post Posted: Jan 10 2013 at 4:40pm
I'm happy it worked for him. Eventhough I could never do things his way. I really need to start saving a lot more.
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Bunnyahh View Drop Down
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Points: 161020 		Post Options Post Options   Thanks (8) Thanks(8)   Quote Bunnyahh Quote  Post ReplyReply Direct Link To This Post Posted: Jan 10 2013 at 4:40pm
Originally posted by bebe88 bebe88 wrote:

Could have used that money to put down on multiple investment properties with owner finance, could have had about 10-20k in monthly income thanks to those properties...then would have been able to pay that debt off anyway.

He ain't bout that life though, typical working class mindset.
easier said than done.  idk who will sell property to a man with a lot of debt that is making peanuts tho
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SamoneLenior View Drop Down
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Originally posted by bebe88 bebe88 wrote:

Owner financing usually requires 5 k down so that's 5 right there.

Depends on what u find and how u negotiate.

Hell I ALMOST got 5 4plexes with 5k down but I didn't have the money at the time.


thanks!
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ms_wonderland View Drop Down
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Points: 163437 		Post Options Post Options   Thanks (10) Thanks(10)   Quote ms_wonderland Quote  Post ReplyReply Direct Link To This Post Posted: Jan 10 2013 at 4:42pm
i think it was best for him to pay off the debt now rather than take on an investment, even if he qualified to do it.  now he can do whatever he wants since we know he's capable of being manorexic to get it.
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Bunnyahh View Drop Down
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Points: 161020 		Post Options Post Options   Thanks (6) Thanks(6)   Quote Bunnyahh Quote  Post ReplyReply Direct Link To This Post Posted: Jan 10 2013 at 4:43pm
Originally posted by bebe88 bebe88 wrote:

Owner financing usually requires 5 k down so that's 5 right there.

Depends on what u find and how u negotiate.

Hell I ALMOST got 5 4plexes with 5k down but I didn't have the money at the time.
and most ppl fresh outta college dont have it either.   THEN you gotta pray & hope that u have GOOD tenants that pay on time & not some ni99ers that try to avoid you
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bebe88 View Drop Down
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Points: 15709 		Post Options Post Options   Thanks (0) Thanks(0)   Quote bebe88 Quote  Post ReplyReply Direct Link To This Post Posted: Jan 10 2013 at 4:45pm
With owner financing with multi fam properties, u usually don't get credit checks.

See, you are paying this person mortgage with money u collect from Ur tenants. So if u make 8k monthly, mortgage may b 3k.

Not hard at all...
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SamoneLenior View Drop Down
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no credit checks, in this day and age? really?
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