All Forum Posts by: Matt B.

I would say no the the request. If you chose to say yes then I don't believe it is grounds to raise the rent. Best of luck.

They say you should buy a car that is a year or two old to get the most bang for your buck. I however bought a 2013 Ford Fiesta in 2013. it was like $13K brand new, but its manual transmission, manual windows, no CD player, no alarm, no automatic locks etc. The trunk is surprisingly big and can fit most of my tool collection in at one time. I financed it @ 2% interest so I pay only like $10/mo in interest. the payment is $240/mo. it is really good on gas, fill up ($20-$25 in NYC) will last me 2 weeks. I did this because it is brand new and I know exactly what I'm getting. I have seen many people but cars for cheap thinking they are getting a good deal and then the motor blows. that $5K car just cost you $3K in repairs, however I have also purchased a car for $200 and it lasted me for over a year and I sold it for $500 when I got another car.  

BTW I have no idea who David Carter is so don't call him lol 

Huynhnhu, you mentioned fear was holding you back. There was a mini interview of Steve Harvey where he gives great advice. Check out this link. It's like 2 minutes long but he gives great advice. He went from homeless to where he is now so it may be worth a 2 minute listen. 

https://m.youtube.com/watch?v=6jZvMLmGHo8

I have a bachelor's and an MBA, if I pay the $35 fee I can have my associates too! As Keishee mentioned, I only have these degrees because I work in corporate finance for a fortune 100 company. They were not needed to get me started. However, I will say that the degrees helped me get a great job which helped me get financing for my property. That great job in finance helped me to better understand the finance components of RE investing. Was it needed? No. Was it helpful to some extent? Yes. Good luck with your decision. 

Roland, I bought my first house when I was 25. It was very hard but very possible. I got my first credit card the day I turned 18 (still have it too), then I got another credit card every year since then. Use the card responsibly to build credit. At 22 I got my first car loan to build even more credit. Sold it 2 yrs later and paid the car off in full, took out another car loan to continue with credit building. At 23 I graduated college to get a better job, couldn't find a better job, at 24 I graduated with a masters to get a better job. Got the better job. At 25 I went for my first house, my credit was 790ish. Because of good credit I only had to put 10% down on a 30 yr conventional mortgage. Fast forward to now, I just turned 28 with 1 property in NYC, have an 810 credit score, enough available credit on credit cards to buy a Mercedes (don't ever buy a car with credit cards, I buy a soda every quarter on each card to keep them active, that's it) and I'll be purchasing another rental property later this year. 

Don't ever let someone tell you anythings impossible. If you are determined and creative you will find a way to achieve your dreams. I watched a seminar on youtube where the guy mentioned "when you want to be successful as bad as you want to breathe, then you will be successful". That stuck with me for years. 

FYI - I don't remember his name but I saw a 22 year old (I think, definitely low 20's) on here with something like 22 properties. I think he had a post called 22 with 22 properties. Maybe you should try to find him and connect with him to see how he did it. Good luck!

I didn't know a property can file bankruptcy? I'm pretty sure the property would go into foreclosure while you or the entity owning the property filed bankruptcy. 

Just like with any foreclosure, I would imagine the violations/fines would remain with the property and have to be paid by the person who buys your house at auction/from the bank. 

FYI - I don't know about your situation but you should do whatever u can to avoid bankruptcy. Your credit can be destroyed, it will prevent you from working any job in the financial industry, can cause you to lose your job if good credit is a requirement and maybe worst of all, it will hinder you from buying additional properties. Good luck!

I agree with Tim

Thanks so much Mike!

Thanks Bill for the great advice! I'll try to watch out for the scams. I'm mainly in the market for a SFH but I am more then willing to consider a multi-family. I'm open to location as well, although I prefer LL friendly states. I wont be living there or moving to the area so it would be managed by a PM, most likely someone found on BP. I would like a property in the $50K-$100K range.