All Forum Posts by: Michael Mulrooney

You just need to manage your debt. If I were going to use equity for a down payment ( some banks will accept it as a down payment and some won't). I would suggest using your equity line to but a home to remodel and then sell for a profit. Use the profit to roll into the duplex. That way you are not continually rolling the debt. It will eventually catch up with you if you aren't careful.

It's a gamble not to mention hurricane season is around the corner. I wouldn't invest funds that I will need short term.

A business plan isn't needed for Real Estate Investing. The bank will look at the property and determine if they will lend you the money based on the LTV of the property. You will generally need 20% down and if the LTV is there (Loan to Value) then I have never had a problem borrowing against Real Estate. The best route is a home equity line of credit against your own home.

Thanks, I will have to look up the book. Funny you mention pensions. The funny thing is, the employees suffer but the CEOs and executives bonus and pay increases. Funny how that works. Some people argue that pensions keep companies in the US from competing with international companies, but I think executive compensation is more of a problem, not the money the company should pay to loyal employees that work their entire life somewhere.

Not sure how a struggling or almost bankrupt company can afford to pay their CEO $10 million dollars. Doesn't make much sense. I am snesitive to this topic because it makes me sick to hear how pay increases are limited every year, but when the annual reports for the company come out the CEO and other executives always seem to have million dollar increases. That is what is keeping us from competing over seas.

I agree but the investor shoudl know the business and laughed it off and not have taken it so personally. If a buyer really wants a property then low balling isn't the way to go. Investors make moeny at the time of purchase, so buying at the right price is very crucial.

I understand you points and I have a little of the problem in my industry. I work full time in the technical field of which India is an upcoming star. Good for them, but they are taking alot of the jobs we have in the US. But, I think that means myself and my co-workers need to keep our skills up to date so our jobs don't get taken. The US has a big problem right now of commanding large salaries for little and subpar work.

Starting out early will give you plenty of time to build wealth. Take it slow.

Dan, I love you little video. It is so true. I just had a discussion with someone at work the other day about what I buy and what they buy with their money. They are consistently coming to work talking about all the latest gadgets and things they buy spending thousands of dollars. I make the same amount of money they do but own several properties. They can't understand how I am able to purchase proeprties. My comment to them was, I use my money to make more money and don't buy things I don't need or can't resell for a profit.

Don't get me wrong, I have fun and enjoy life, but I always try to find a way to have someone else pay for the things I want!

Take your time and try to learn as much about the busines as you can before you invest. It's very rewarding int eh long run if you stick with it.

Good luck in the rental business.