All Forum Posts by: Timothy Riley

I've known people who have worked there. It's a solid bank whose been in business quite some time. I never dealt with them myself but I've only heard good things.

Sorry for not having anything more substantial but i'm interested in what others think about them myself.

Tim

Welcome to BP...

Welcome to BP!

I'm on the fence - not with the replies of this thread, but with the way I invest.

I feel its debt free but it's not:

I buy homes outright rehab and rent, but I pull down from a 403B. That's a loan that I never notice the cash I  payback because it's deducted automatically from my check. The max they take is 880 a month and the lowest rent I'll take is 1K.

The max withdrawal is 50K I'm well over the 100K mark in my account so if I lose my job that debt is deducted and I have a nice amount coming. The length of the loan is 5yrs max, but I never make it that far before paying it off now that I own a few homes.

I can see myself purchasing two homes a year now but although I'm pro being debt free. My goal is to acquire a multi unit loan that will pay for itself with profit.

I believe taking the debt route is a faster way to wealth - I'm in no rush. I'm happy making more and doing less each year.

Welcome to BP...

As @Crystal Smith mentioned - don't let the planned development be your reason for that area. Although it's looking up you do want to stay on the main street (South Shore Drive) to avoid bad pockets.

If you aren't allergic to investing in condo's I would suggest that for that particular area.

Good luck,

Tim

I like both speakers. I would love to purchase a multi-unit with a loan and use leverage, but at the moment I'm purchasing homes under 50k including the rehab and as long as I can make this type of purchase and have it rented in a year every year. I'll remain debt free on both sides of the fence personal and business.

Although i'm not doing it now my vote is on leverage.

I totally believe in DIY that's why I hire everything I possibly can out. :)

I know what the work takes and what it's worth.

I've learned to value my time. If I screw up some money for some reason I put that much work in myself to make it up or at least feel that I made it up and take that loss of time in my mind a s a reminder before I blow another wad of cash on her - I mean on something. :)

I love reading The Millionare Mind and Next Door (at least once a year), but they don't truly focus on how they built their money. I'm pretty sure if they started off broke they were DIYer's at some point.

The closest I ever came to giving cash upfront was when the hired person came with a crew to start working while he went to the store (or wherever) to pick items they needed up.

Even then it was someone I knew I could get a hold of oooopppss I meant get in touch with. :)

@Nat C. you did the right thing.

Welcome to BP...