All Forum Posts by: Mark Freeman

Sorry I didn't read the whole post, but I think of REI as THE WAY to GET RID of the JOB!!

Welcome to the site. You should use @Franklin Romine  He's on BP and he definitely know his stuff.

@Justin Glass  You are right about Ramsey's real estate. He was a millionaire by age 26 through investing in - you guessed it - REAL ESTATE!  I think he filled for bankruptcy before the age of 30 because he was very heavily leveraged and the market turned on him.

I agree with the notion of not borrowing for consumer debt, but leveraging, when it makes sense, for business and real estate purposes.  Having said that, 80% of small business start ups fail in the first year, so you have to be careful about borrowing even for business and real estate.

@James Wise  I can't believe Armando didn't make it to the event so he could help rip off those desperate people. Using other people to do his dirty work! Nice reporting on those jokers!

Nice hook, I thought you were talking about SUBWAY, LOL! Congrats.

@Peter Fokas     Sounds like an electric stove top with two burners out? Find out if they are the big or small burners and go buy replacements at about $15 ea - depending on the size. Unplug the bad ones and plug in the new ones. Should be an easy fix. I wouldn't worry about responsibility now, you own it and it will be very difficult to get anything out of the previous owner! Good luck.

Don't ask Kobe Bryant for marriage advice or to be your life coach... but he could probably help you with your basketball skills.  Don't ask Tom Cruz for similar advice, or any besides acting, but he is an excellent actor. Likewise, Tony Robbins is a super motivator and those who are so inclined to use his methods of motivation should use them to excel at whatever they see fit, including REAL ESTATE! After all you can't be a Guru of everything.

@Mario T.  Absolutely! Many buy and hold investors are maxed out on their loans, and are constantly looking for owner finance deals. If you can get a low money down, low interest rate deal negotiated you could be in a good position. It would help to know how much the house would sell for compared to what it would rent for and how much money is needed for repairs. Is this a deal you found? Congrats on moving forward! I know you were discouraged the other day. I can tell you're a winner and will figure this thing out!

@Kenneth Z.  Thanks for the update! We all knew you could do it! Now use that momentum to go out and do it over and over. It will get a little bit easier with each success!

@Deborah Palmer  He shouldn't carry a balance of more than a third of his credit limit, or it will hurt his score.  Even charging more than a third of his credit limit and immediately paying it off will still hurt his score. So if the credit limit is $1000, he doesn't ever want to charge more than $333 dollars on that card, even if he pays it in full each month.

Never cancel your longest standing credit line.  If he has an account that was opened 2 years before anything else, cancelling it will hurt his score.  Like @James Wise mentioned, tell him not to ever be late on payments, because that will hurt his score.

I was selling a house to a lady once and she thought she would try and improve her credit score while in escrow.  She paid off her car loan in full and didn't have other lines of credit open.  Her score DROPPED and she NO LONGER QUALIFIED for a loan!  Like James said, I don't think he needs to open a bunch of new accounts.  Don't close the open ones either.

I paid for college as I went. Worked like crazy in the summer and took part time jobs during the school year.  I wouldn't take out student loans, especially for an undergraduate degree - it's just not worth it!