Updated about 2 months ago on . Most recent reply
Looking for advice 21 year old firefighter
Hey guys my end goal is to scale and hit the million dollar number to live well off and leave something behind for my family. I'm a 21 year old firefighter I make around $60k a year. I have a rental property that I paid for using fha for about 200k and I owe 191k on it I want to be able to hold it long enough to build equity, get a heloc on it and buy another one maybe duplex tri plex etc. however this year I'm going to be at a stand still because I'm going to paramedic school which is a year and I'm saving up for my wedding because I am getting married shortly after. Outside of that I still want to hit that number by late 30's I've been trying to figure out how to buy a cash flowing business with little to no money down I've had thoughts of using my heloc to then use on an sba loan to buy a business and I've also thought about taking out a life insurance policy to then put inside of a trust along with the home and borrow against the trust but I was advised not to do that from a Financial Advisor since the rates would be too high and it would take longer to build the wealth. Any ideas or advice on how I can navigate would be so helpful thank you so much!