All Forum Posts by: Luke Nam

Thanks for the input Mike, yea I'm gonna have to renegotiate the medical bills as much as possible and use my salary from my life insurance job to help pay it off faster. My father had extensive surgery over the past 5 years and we didn't have health insurance so it was quite a lot.  

 I did it for aribnb short term rentals when I got my first one. I managed 4 other ones in Tampa, but haven't touched a dime of it's profits since I'm in a partnership deal for the ones in Tampa. I saved up $10,000 and paid for an exclusive mentorship and basically used it all up for that program and used what I learned to fund my Airbnb using opm. But, as you can see life threw some curveballs at me and I haven't been able to pay my debt off as easily and quickly as I expected.Of course along the way I did make a lot of mistakes financially since it was my first business venture and I'm learning as much as I can from my mistakes so I don't make them again. 

 Do you think I should try and find definite deals and try to find a private investor before paying my debt off in full or wait until it's paid off completely? I guess in other words should I try and find a deal to pay my debt off faster with a profitable fix and flip or wait until I paid it off with a job and other side revenues?  I'm not doing all this for a get-rich-quick scheme, I just want to work and do it for long-term success.  

@Nathan Gesner and @V. G Jason I understand no excuses, I will make it my mission thank you guys so much for the guidance really means a lot! 

 Hey, @Nathan Gesner and @V.G Jason thank you for the input. My bad credit wasn't from poor spending habits in fact I live very frugally. But I did have to use my credit to get my foot into real estate and just stuck because I haven't been able to pay it off yet with my returns from it because of my situation. After reading How to Invest in Real Estate, I was going to find a prop that had good numbers to flip or wholesale and try to find a private investor to try and get some extra cash to pay off my debt faster. But I guess paying it off first from extra rev from my new job will be the best route after hearing your advice since there is still a lot of risks. Thank you guys!  

Hi everyone first off very excited to be on here and excited to learn more about real estate investing. My situation is kinda weird as I started out in real estate about 1 year ago, I got into short-term rentals and have one right now that is producing about $60,000 a year and about $3,000 in profit every month other than the slow seasons. But when I started out I spent too much on furniture and had to use my credit to finance it. Right now, although the house is producing good cash flow I haven't been able to pay off my credit because I've been paying my parent's medical bills and so on and don't have much left to put back into investing. I recently also got a sales job as a life insurance producer to help pay my debt faster. Currently, my credit score does not qualify me for any loans since I am 23 with bad credit. I'm very motivated and an actiontaker. Right now, looking to find a fix and flip deal but have just really been thinking of how I would finance it: private investors are what I'm considering most. I'm also eligible for a VA loan as well if that helps me. Any advice on what a veteran investor would do in my shoes would be very helpful thank you.