All Forum Posts by: Mike Andrews

Thanks a lot Joshua Dorkin. I tried doing a general search and got a bunch of links to other threads, etc. Doing the search of Groups led me to it.

Kerwin,
This doesn't go specifically to your question, but I recently did a lot of research on a program called the EB5 Immigrant visa. You can get foreign investors to finance $500,000 to $1 million of your project. If the project is successful they get a path to US citizenship. You can bring them in as limited partners to protect yourself.

I wrote a blog about it recently that talks about the benefits, drawbacks and regulations of the EB5 visa. I think this program is great for new investors.

http://blog.realestatemike.com/2012/04/19/get-up-to-1-million-for-multi-unit-or-hospitality-financing.aspx

P.s. I'm still pretty new here, so I hope this isn't considered spamming. I just wrote about this and I thought it related well to what Kerwin was talking about and would be good to know.

Hey Robert Adams I'd be interested in joining that group. How do I find it?

I've been saying for a long time that the key to success is not formal education, but knowledge. I'm sure people with fancy degrees are watching this and tracking its progress. I'm really excited to see the results from having these resources available.

I wonder if anyone has or will get the equivalent of a four-year degree from using these sites.

I'm a little late to this party. Michael Quarles how far in are you at this point?

Oh, I don't see that option. Thanks anyway, Wesley. Five-dollar payment it is.

Wesley Chamberlin What's the name of the program you use? I've been using the free EasyTether option and it doesn't work well at all. I guess maybe I should just pony up the extra $5

I think $100 off one month's rent might actually send the wrong signal. It's significantly less than he spent doing the work including his time, which I'm sure is not cheap on other jobs. Imagine if you'd done $1,000 worth of work and someone tried to offer you a $100 discount. I might take it as a slap in the face.

I would thank them and maybe offer the long-term lease that James Vermillion mentioned. Obviously she's planning on staying for a long time and he obviously thinks he'll be around for a while too ;-).

It's been said already, but I believe strongly that the key to success is education. I would have to disagree with Eric Michaels about being able to invest with little money. There are so many great methods you can use to find financing or use little money to pay a down payment and get started. Don't think you need to be a millionaire or even a hundred-thousandaire to get started in real estate.

Unlike a house, they can't foreclose on your education. You've got it and that's it. I'm not saying don't pay your loans, but I don't see any reason to make more than the minimum payment due. It doesn't matter how much you send to your lender, every month it's due. So even though you're ahead now, if you ever fall behind they'll be saying F--- you, pay me. How much interest are you earning on that extra balance you're throwing at your principal right now? Zero. You could buy a property, rent it out and make more from rent than you're paying for the mortgage. Not to mention properties double in value, on average, every 10 years. Why would you miss out on that opportunity to send extra money to your lender and get nothing in return.

I would recommend paying either graduated payments or interest only. In 10 years, if you've invested successfully, you'll have enough money to pay off your student loan outright and then some.