All Forum Posts by: Damon Armstrong

@Marcia Maynard 

Ahhh, like poisonous fish! That's more understandable lol. I don't have buttons. I'm a pet friendly person, and completely understand why some people won't allow pets in their rentals. Fish just really confused me though. Now that you mention it, I probably wouldn't let poisonous fish in my rental either. Who knows what'll happen with something poisonous fish, that's a lawsuit waiting to happen for a death in your property.

@Charles Blackledge 

My parents don't have any FHA loans out. I know we have a mortgage one 3 vehicles, a house, and a boat. As far as profit sharing with my parents, that was never a concern, but now it is. However, whatever profit they do get (if they get any), they'll just give it to me anyway. Not sure exactly what I'm going to go for (as in I don't know the correct term), but I know what types of classes I want to take. Basically all the ones stated in this forum, you guys basically covered it all for me. Thank you.

@Josh James 

I don't have an older business partner (yet), but when I do start doing real deals I'll make sure to bring someone along just for that credibility. I won't bring anyone who is "green as could be" like the guy in @Bob E. 's story did. I'll probably be working with a few guys by that time (who have some experience) and hopefully they won't mind tagging along for a negotiation or two. It's actually a great idea. Thanks to both of you.

@Chris Kennedy 

That opened my eyes. The "either/or" limits my options, and the "how can I do both" gives me more than one option. Hopefully, before college I can get my RE sales license and go to school for everything mentioned in this forum. So I think having a degree, and license young will give me credibility, and knowledge. The side work will give me experience and knowledge, which both lead to credibility. Will still have that age obstacle but like the other guys said, having an older guy tag along may minimize that obstacle. My parents won't be able to do squat for me, so it's important I have that license to pull in a fair income while in college. Thanks.

@Gina McKee 

I've learned many places offer a degree in real estate. And they all do about the same thing, give you what you need to know for the exam. I can pass the exam without having a degree in real estate, so if I'm going for a degree I need to make it worth my time (business/financing/entrepreneurship focus).

@J Scott 

I'd like to start out with my own transactions, and use my knowledge + experience + money to build a hands-off real estate investing business. I didn't know their were classes for learning how to automate a business, so that would be great to know. I also never thought about real estate not working because of the market. I just assumed if it doesn't work it's because I'm not doing something right, so that's a great point. I would take those classes as a concentration, not independent from my degree. I have no desire in anything other than business (which includes everything you mentioned, finances, business laws etc.). I really want to look into those courses that teach business automation also now. Thank you. 

@Aaron Mazzrillo 

Your the third Adam in a row....lol. I learn both ways. I'll get a degree in something that gives me a back up plan, and still helps with real restate investing. Not sure if you read everything, but college won't ONLY be beneficial for a back-up plan, but networking, too.

@Bob E. 

So what exactly was he doing? Using the old guy at the firm to find deals (I'm assuming MLS?), and how was he selling these condos to the rich kids?

@Account Closed 

Man that's insane?! She was definitely lucky to have the support she had! If that was a year ago she's probably 17 now (; Lol. Really though, I'm going to look up that article and pray she never sees this post. By the way, I did listen to the podcast with Michael Quarrels. Do you think being a project manager is easy? Do you just tell contractors your budget and let them do everything accordingly, or do you have to specifically tell that exactly what kind of everything you want, and where you want it? I guess the biggest unknown for me is the investor/contractor relationship.

@Account Closed 

Sadly not....I am in the same boat as you. I can't get a credit card, my parents are on my debit card and bank account. They are 98% UNsupportive of my ideas also. The 2% that they are supportive of is that I'll be out of their hair and can take over my truck note myself, and will be able to pay them back for everything if I do get good and wealthy. I also have to wait until I'm 18 to build credit. It seems it's an unfair world my friend...I know the feeling.

Atleast I'm not the only 17 year old sitting around waiting to turn 18. How long do you have left?

@Scott Sewell 

I wish I knew what I didn't know.

Lol yes I guess your right, green yards sell!

And your right he didn't say don't go...hopefully it will lead me to alot, and save me from more.

Dad is not buying any knowledge, haha, thats part of my problem. I have to pay my way through college myself. Hopefully, I can either wholesale a few deals off the bat, or start a rehab with a partner while still in Highschool. 5-10k wouldn't hurt. According to @Aaron Mazzrillo  rehabbing is the best road to take as a beginner because essentially you are only acting as a project manager. If I could set up a fix and flip, get a partner to fund it, we can split profits. I'd love to get my first rehab knocked out while I'm 18. How possible do you think that is? Better yet, how smart do you think that is being so young? Leave school and go straight to my rehab on the days I don't have work. Spend as much time there as possibe. I could even get the deal from a reputable wholesaler. Maybe I should find the deal, and ask an experienced rehabber to walk me through it day-by-day and step-by-step for a profit split of finding the deal and helping "manage" it.

@Erik Hitzelberger 

Very nice comparison to poker. One question I have when you said it is better to learn the market in college than make mistakes in my business...in college do they teach the actual market you are in? Moving into BR and not knowing the market, that would be awesome. Or do you mean just teaching the basics of any market?

@Charles Blackledge 

Wow. That really cleared up the next few years of my life. I seriously am writing that down. Thats super great advice especially about exactly what to go for. I have one question, though. Maybe two.

1. Business technology...what is this and is the only field I can have a concentration in Entrepreneurship? I'm assuming everything I need from business to finances would be included in those classes...but business technology sounds like computers and electronics used in the business industry. Or is it basically just business, with a concentration in Entrepreneurship?

2. If I save up the down payment now, when I go to apply for an FHA loan, if my credit isn't established yet, and my parents cosign, would their income/credit be sufficient enough to get the loan? They both make ok money and credit score is great, almost 800. But I'm not sure if the bank would give ME the loan with them only cosigned.

@Marcia Maynard 

Why does it matter if it is an agressive fish or not? No one takes fish for walks. No one lets fish run around without a leash. No one pets fish. Beta fish are absolutely beautiful, yet aggressive toward other fish. (I lied I've actually petted beta fish before). Beta fish often fight until death with other fish, but when you touch them they just swim in circles. That seems ridiculous to me. How do you screen fish to determine if they are aggressive or not? Look it up on google and read reviews? Not being sarcastic here I just really don't see the problem with fish. I've owned 2 sharks in my life. This type of shark gets no more than 3-4 inches and can live in a small aquarium peacefuly. They don't try to eat your hand off when cleaning the inside of the glass with a sponge either. Please explain your non-aggressive fish policy. 

@Kameron Patterson 

Thank you for your service. However, I don't think you can use federal loans to put down on a multifamily even with an FHA loan. You can't finance any more down actually.

@Max Householder 

Your last name...oh the irony...lol.

On a serious note...

I'm planning on buying a quad in Baton Rouge with FHA loan. Rent out three, live in one. I am definitely going to check out coursera.org. Being they are free, do they still count as college credit, or are they free "college level" courses, and not actually college courses. If I could pass these and help myself test out of a few classes that would be great. Would also help me get into schools. I already put one college class in the bag when I was 16. So as long as those count as credits they would be extremely helpful. Not sure how I would get it to show on my transcript though. I'll look into it, thanks.