All Forum Posts by: Tye Brooks
Tye Brooks has started 5 posts and replied 32 times.
Post: I'm a Newbie-Pay Down Debt or Start Investing??
- Douglasville, GA
- Posts 33
- Votes 9
Thanks @Andrew Syrios @Evan Robertsand @Steve Vaughan for your input. The interest rate on my car is 8% (mine was totaled in the accident....unfortunately I can't trade it for a beater...my job is almost 50 miles away....so 3 hours in traffic and 100 miles a day requires a newer car that won't give out on me....another reason I want to get into RE heavily to get out of the rat race, lol)
The credit cards and emergency fund can be paid easily....and still have a good amount left over to use for business purposes. If I pay off the car, I'll have only a few thousand left...which I don't think would be enough to get started...unless you guys know something I dont.....which I'm sure you do, lol.
Post: I'm a Newbie-Pay Down Debt or Start Investing??
- Douglasville, GA
- Posts 33
- Votes 9
Hi! I'm new to BP, super excited that I stumbled across this little nugget!
I have a questions for the pros out there. I was recently involved in an auto accident, which was definitely not the most fun thing I've ever done...but the outcome is that I should get a decent settlement out of it being that it wasn't my fault and I had some pretty bad injuries.
My initial thought was, I'll pay off my car and my credit cards, finally have a decent "emergency fund" and be able to jump start a good savings plan for my daughters college fund. However, she's only 8 so I have a while. My wheels started spinning and I thought this would be a good opportunity to use that money (that I wouldn't have had otherwise) to start flipping real estate and multiply it several times over. My ultimate goal would be to generate enough passive income and retire myself before my 35th birthday (I'm just about to turn 27).
My question is....is it a bad idea to get into real estate investing while my personal debts are still high (and my personal credit isn't that amazing...about 610), or does it make more sense to invest and multiply it to give me more money to pay my personal debts?
If I'm going to do this I'd want to do it right....set up an LLC or S-corp (or both), get a website, management software, bandit signs, business cards...the whole 9 (unless you guys have some other advice on how to get started). I'd be appreciative of any insight.
Tye