All Forum Posts by: Account Closed

In a consumer debt society, its easy to live beyond our means. I would say figuring out how to live inside our means is more valuable than success in real estate.

Make 2015 the year of paying off all consumer debt and learning how to live within your means (however limited that may be) and putting even $100 a month into a savings account.

And if you absolutely have to scratch the real estate "itch", do what @Michael Slabitcher 

says.

@Dell Schlabach 

But my cat is so cute :)

I'll let others comment more specifically but New York City is so much more than Manhattan and (or?) Brooklyn. There are 5 boroughs, each of which is large and diverse. I don't invest in NYC but am always interested in hearing about it. Waiting for my NY colleagues to chip in here.

Confirming once again that there is no such thing as economic, only mass psychology.

I've heard of slow appreciation but not zero. I'm curious now to listen to the podcast.

I rent because my job can require me to move at any time and its a big liability to buy and sell a house every time I get reassigned. I do own to rental units in my home country. Its about personal goals.

What's a tlo account?

@Anthony Ogletree - gotcha. All the best. Hang in there. You have a lot on your plate. Just goes to show, what would have made others give up, has you energized and hunting for ideas.

As @Elizabeth Colegrove said above, start with a personal property. Maybe a duplex or 2-family house where you can live in one unit and rent out the second to cover most or all you mortgage expenses.

Second part of the plan: Save, save, save. If you use the above scenario - pretend you're paying the whole mortgage and that any money you earn from your tenant becomes seed money for the next house. Its never easy but spend less than you earn. Every day you make a choice between owning more "stuff" and becoming wealthy.

Is there a way you can get more cash together? Get another job, work extra hours, cut your expenses. I know these are never popular suggestions but the question is how much do you want this. Having money in hand ("skin in the game") is going to get you better rates, help you access more financing options than if you have non, and is going to make you work harder and smarter because we're always more careful about spending our own money. Its just human nature.

Just putting this out there so you look at all possible angles of this.