[Redx]

Okay i'm 25 and am stressing out. I got a great paying job, that I hate, my folks own it so thats another great plus. I've been doing it since I was 12 and am tired. I wanna make millions & quick (don't we all lol). I really have no drive or passion in life, which sucks. Now I know I can't come a millionaire in real estate in one year, or even 5, maybe 10 ?. But I wanna know what's the right smart steps to take to make money in the real estate game.


So here is a quick run down. 2 years ago I bought my first house. Been renting it out all this time, my newer tenants are paying the mortgage, actually they are paying extra.

I have enough saved up to put down for another house. So should I go a head and get another house, or take the money saved up and put it in my first house?, and wait till the mortgage is paid off, then sell it. Also where I live the market is bombing seems there is a new subdivision every year, and they are BIG.

Thanks guys.

 

[H J]

I'm no real estate mogul, but I'll tell you what I've done and leave it at that. As soon as one location is paying for itself--tenants are paying the mortgage + extra--I try to jump on another property. Finance and let the properties pay for themselves; most don't pay cash for these properties like often portrayed. As with almost anything, money is in scale. Sometimes you have to put up with a profession until you can afford to move on to the next. If you're testing the waters with real estate because of your discontent with your current job, you're already more driven than you realize.

 

[Justin D]

You can try out the spec' market. The ROI is much higher than it is with renting and much quicker. Carries a different set of risks and you'll have to either have more cash or be much more creative with financing since it's much harder to get a construction loan.

 

[samthewildone]

Golden Handcuffs huh ? I was stuck at a job which paid me well but, I hated it. So I quit, more than happy.

 

[MasterWhite]

Okay i'm 25 and am stressing out. I got a great paying job, that I hate, my folks own it so thats another great plus. I've been doing it since I was 12 and am tired. I wanna make millions & quick (don't we all lol). I really have no drive or passion in life, which sucks. Now I know I can't come a millionaire in real estate in one year, or even 5, maybe 10 ?. But I wanna know what's the right smart steps to take to make money in the real estate game.


So here is a quick run down. 2 years ago I bought my first house. Been renting it out all this time, my newer tenants are paying the mortgage, actually they are paying extra.

I have enough saved up to put down for another house. So should I go a head and get another house, or take the money saved up and put it in my first house?, and wait till the mortgage is paid off, then sell it. Also where I live the market is bombing seems there is a new subdivision every year, and they are BIG.

Thanks guys.

how much is the mortgage per month?
How much is total owed on the house?
how many months/years left in the mortgage?
how much you have saved up?

i would take the money and pay down the debt/Mortgage on the house.

 

[Redx]

how much is the mortgage per month?
How much is total owed on the house?
how many months/years left in the mortgage?
how much you have saved up?

i would take the money and pay down the debt/Mortgage on the house.

-Monthly - 1,400, I'm renting it out at for $1,600 a month.
-$208,000 left on mortgage.
-Got 26 years..I think
-Got $51k saved in the bank.

I'm thinking of maybe just paying this one off first then going to the next, still not sure tho. I might be able to put the house up for sale at $350,000.
-

 

[Aussie BM]

Why have you got the money sitting in the bank? Hope your on high interest?

I would think you would be much better off having it offsetting your current morgage. Get it in there immediately, will save you thousands in interest.

 

[MasterWhite]

-Monthly - 1,400, I'm renting it out at for $1,600 a month.
-$208,000 left on mortgage.
-Got 26 years..I think
-Got $51k saved in the bank.

I'm thinking of maybe just paying this one off first then going to the next, still not sure tho. I might be able to put the house up for sale at $350,000.
-

Pay down ur current mortgage

 

[Redx]

Why have you got the money sitting in the bank? Hope your on high interest?

I would think you would be much better off having it offsetting your current morgage. Get it in there immediately, will save you thousands in interest.

The interest is really low, other day I was at the bank and the lady said I should look into something that would give me back a higher interest, I zoned out and don't think its really that much.

Also I might be getting a new car, the benz at this point is in the shop almost every week.