Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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Multi-unit residential properties like duplexes, triplexes, and 4-plexes can be great investments because they offer the possibility of multiple streams of income from one single property. Yes, the...
Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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From what I've heard, it's a good idea to start with a single, and learn the ropes. If you learn it's not for you, it's not a huge deal. If you decide you like it and you're getting some ROI, then go...
Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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I would take the cash abd buy some stocks that pay dividends.
Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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27 Replies
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Notice how he keeps avoiding the question about health insurance? One ER trip could wipe you out.
My friend who never uses doctors woke up one night and needed his appendix taken out. $36k in...
Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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JE59377 why blow your whole load on one house? As long as you put 20% down your interest costs should be between 2.7 and 4% (depending on loan term). Rent should cover mortgage+taxes+insurance and...
Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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If I found myself in your shoes these are the three paths I would consider if I were looking at this with a long-term mentality:
1. Buy an investment property putting at least 30% down on a...
Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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I agree, define goals.
I am going to guess given his age he is still on his parents insurance? That will change here soon when he turns older.
I agree having 50k sitting in cash earning less...
Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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How else do you think he is saving all that ca$h. Mo money mo problems...:D
Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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He's covered.
Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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You're right, passive income is the way to go. You could either pay cash for one investment property like you're saying, or put a down payment on two investment properties.
Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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Whats both of your opinion about a "duplex" or "4-plex"?
As a younger investor looking for passive income, in case of a single condo/apt/townhome, I'd be worried about some months not finding a...
Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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First you need to clearly define your short and long term goals.
Health insurance a must.
Otherwise, great work. Keep going with it.
Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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If i were you I would start learning about the different asset classes. Purchase books on stock investing, real estate investing, and alternatives (like metals, MLPs, etc.). Find a list of good books...
Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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$125/month ($1500/year) car insurance seems kinda high. maybe get that reduced
Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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Still, that depends on location and type of coverage.
Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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you need to get out of cash,dont buy an apartment buy a house,makesure its in a good school district,
if your rent s cheap,houses in your area should be 80,000,get health insurance ,a accident will...
Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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Looks like you're doing pretty well, considering most people seem to be in debt at that age. (Didn't mention it so assuming you're in the clear?)
One thing I would want to do in your case is make...
Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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And his driving record and credit score.
Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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i had 650 on credit score and no record on my driver license in 2 years but do have 2 seat bell ticket but the police said its not in my record ? so what the best rate i can get and from what company...
Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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Real estate investing already offers so many very favorable tax breaks as well as other advantages that it doesn't make sense to buy investment properties inside of a tax-advantaged retirement...
Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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You are doing well. Keep up the good work.
Get your car insurance payment changed from monthly to twice a year. You'll probably save $30/month.
Part-time landlord for 20+ years here. ...
Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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Car insurance is paid 2x a year, I just broke it down to a monthly payment to be similar to my other monthly expenses.
Cutting grass/toilets and that stuff is pretty easy. I'm pretty handy so...
Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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:crylol:
Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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401k is maxed out (6%). I can't remember it right now, but I believe my ETR was much less than 25%. I will check last years return and get back to you.
Houses in my area are actually pretty...
Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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IIRC, you can use a self directed 401k account to buy an investment property. That way you get the benefit of tax deferment and still get the benefits of company contributions.
If you don't want...
Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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Slickdeals
Review my finances, what would you do differently?
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Thread created 07-22-2012 by JE59377
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You may be doing so already, but be sure to max out your company's 401k match.
You say that you've been working three years now, yet you have $50k in cash and just $10k in your company's 401k...
