150,000 in real estateby Podiatrist (no login)Dear Nonbeliever, Sure $150,000 in real estate sounds good. By all means invest in real estate as I myself have. But take a few things into account before you do: $150,000 by itself will get you a small house in a very depressed market. In NYC or LA you won't even get a studio apartment. $150,000 of your own money would be good down payment for a larger unit; perhaps a two or three family unit. That is, after you borrow another $300,000 from a bank for a commercial loan. And let me tell you, without some sort of collateral or profession to back your loan application; you won't get a dime. Picture yourself going into a commercial bank and asking for several hundred thousand dollars to become a "real estate investor". They will first ask what collateral you have, ask about your credit history and what type of job you have: what will you tell them??? I dropped out of a doctorate program and have a BA from College X. They will then proceed to show you the door while suppressing a laugh. Let's say you do somehow get the loan by getting mommy and daddy to back the loan. You get a multi-unit building which might give you $1000 per month profit if you are lucky. Can you live on that until your investment makes a larger profit? I think not. You need a back up plan my friend. That is; a profession which will get your foot in the door of banks, give you an income while you grow your real estate venture and shelter your income further under the business aspect of your career. Bottom line: in the long run, it's far better to get the Professional degree, invest the 4 years of your time to start way ahead of the game. Turning $150,000 into a viable stream of income through real estate will take you far longer than 4 years. And yes, I have read the Rich Dad Poor Dad series of investment books. I highly recommed them, since I am well on my way to becoming independently wealthy before the age of 40. Couldn't have done it without Podiatry however. Good luck. from IP address 68.236.172.103 Goto Forum Home |
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