Ok, so! My mom passed last year and left me her condo which

>32k in debt
>Add more debt

Sure pal, need me to fuck your wife?

>>1735673
rent it out and pay down the debt.
There's no reason to lose an asset to take on liability to make money

why don't you just rent her condo out? use that money to pay down the debt

Please tell me all 32k of that isn't in cars

>>1735678
>>1735681

And live where? My theory is I could this house I'm looking at for $42k and use the leftover money for down payments on 3 houses and rent them out. Then use the rent from those houses to pay off the mortgages and the debt.

>>1735686

12k on one car, 3k on the other

The rest is credit cards

>>1735688
what sort of monthly income do you have?

>>1735690
Learn to control your credit card spending and build an emergency fund before doing anything else.

That's just pathetic.

>>1735713
this

If you're so undisciplined you have $17k in credit card debt, how do you possibly believe you can handle multiple rental properties?

>>1735709

$2400 between both of us

>>1735725

A good chunk of it was improvements for our current home such as new flooring.

Other things were things I needed right away without saving up first. Needless to say, I have everything I need.

If I didn't have to work a day job anymore I would have plenty of time to manage them.

>>1735725
>>1735677
best

>>1735734
>things I needed right away without saving up first.

The American way!

So many trolls and so little knowledge of investments and finance.

Fuck it, I'll go down to Edward Jones tomorrow

Anon is useless

File: 1407839304505.jpg (63KB, 600x532px) Image search: [Google]

63KB, 600x532px

>>1735688

>down payments on 3 houses and rent them out

Literally one of the key factors to the financial crisis, banks lending money to those with no idea about risk management.

Fucking neck yourself.

>>1735790

Sounds like you're salty because you live in your parents' basement

>>1735747
lol, says the fucking guy 32k in debt bringing in $2400 a month between two people that wants to put down payments on 3 rental properties.

>>1735796

Anon you say that like it's a bad thing

I'm curious what your finances look like.

Is your net worth positive?

File: 1453864673628.jpg (325KB, 560x560px) Image search: [Google]

325KB, 560x560px

>>1735795

Least my parents are still alive.

>>1735800

Kek. I don't miss mine.

That's some strong salt

>>1735803

>salt

>>>/twitch/
>>>/rebbit/
>>>/out/

>>1735808

Oh yeah the average 24 year old has a net worth of around -20k

Mine is 58k

>I have 90k/yr in passive income
>should i sell it to leverage myself even harder to enter deeper into a grossly over-inflated asset bubble.

Yes. That is exactly what you should do.

>>1735798
yeah, actually it is. do you honestly consider 2400 take home a month between two people good? do both of you each make like 9 dollars an hour?

File: shig.jpg (54KB, 620x388px) Image search: [Google]

54KB, 620x388px

>>1735813

>has to rely on his dead mum to mum to have a positive bank balance
>somehow this is an accomplishment

Most 24 year olds mothers are still alive

>>1735673
How fucking stupid are you OP?

>>1735673
a bank isn't going to give you a loan for one rental house, let alone 3.

your obstacles will be:
credit score. 700 won't cut it.
income. they go off what you make now, not what you hope to make later.
assets. You sold the only one that matters.
debt. if you have a mortgage for your own house you've got way more debt than you can handle already.
down payment. They need at least 20% down on a business loan.
experience. this is a business you have no experience running.

so do whatever you like, just don't expect the bank to finance one rental house, let alone 3.

>>1735688
A cheap ass apartment. You can't be dependent on this one house for all your income.
It just needs to make more money than it is costing you.

Like isn't some get-rich quick scheme.
No bank on earth should give you any more than 1 small mortgage with the way your credit is.

BTW: 700 IS NOT A GREAT CREDIT SCORE

Seriously, man. Wtf are you thinking?
>I'm in debt and want to be further in debt because risk never affects me and I'm perfect and everything always works out and...

When the market tanks in your area, you'll thank us for talking you out of this. An asset just needs to make more money than it is costing you. That puts you way ahead.

It took me a long time to figure out that something may excite me, but that doesn't mean it is a good idea or as viable as my excitement wants it to be.

>>1735850
life***

>>1735819
Not at all.

You need to get your footing and really go somewhere. You're just jerking off in circles with this whole thing.

Once you use the extra money from renting the house out to pay down your debt, you can use the house as leverage to buy ONE (1!) house and try renting that out.

You will learn sooooo much just renting this one out. You will learn things like:
>I don't want to be a landlord
>I hate tenants
>I don't like collecting from these assholes who are always behind on their rent
>I should've had a credit check done
>I really need to get a better paying job so I can get out of this cycle

>its an OP is a fucking retard episode

>>1735849

Didn't sell it, good job on reading comprehension

>>1735824

Again with the parent jokes... really?

>>1735850

Cool, thanks for the advice anon

>>1735863

Better job would be nice but I don't have parents that can help with it like some of these asstards. My biggest skill is in IT and it would require $1700 more in debt to get my certifications. Even then I'm looking at a Tier I or II position that pays like $17 an hour and I make $13.50 an hour now. My girl drives for Uber and minus expenses probably makes around $12 an hour.

>>1735849

I realize you were wording that in the theoretical sense, my bad.

I do realize the financing would be an obstacle. I'm not saying this is what I truly expect to be able to do right away but the input from anons who actually know something is helpful. I don't understand why people have to be such dicks behind the shield of a computer

>>1735688
lmao

This is the kind of person that loses everything then says "the fucking system is rigged"

Come on OP really think about how retarded it is to put down payments on 3 houses to rent out.

Not even sure if you have experience in renting out houses but ive been doing it for 5 years just now had a lady stay in my place over 5 months rent free because family services and holidays got in the way then i had to fix up the place, i went in the hole 2016 on that property AND ITS PAID OFF! now imagine if you had that happen on 1 of your properties.. maybe 2 of them....

>>1735880
If you guys make what you say you do, how the fuck just $2400 a month? Do you not work full time? Maybe try getting more hours, renting that condo, pay off your debt, then start making moves...small moves. Man you're a few hours shy from NEET

>>1735913

A few hours.. as in schedule?

I work 30 hours a week. I have back problems that are exacerbated by anything beyond that since I work as a butcher.

She works about the same.

At this rate our debt will be paid off in 4 years.

If we move up to 40 hours a week, 3 years. I'd rather keep the extra year on there in exchange for more leisure time.

>>1735912

Yeah, yeah. That's my endgame though. l don't necessarily want to do all 3 right now, and I doubt it's possible with our income. What I'd like to do is sell this house, buy the country house that I'm looking at for 40k and use the leftover $50k to just outright buy another house and rent it out. Then we have almost all our expenses covered passively. Then we can work and save up, eventually getting 2 more houses.

File: 1479895418403.gif (848KB, 200x528px) Image search: [Google]

848KB, 200x528px

>>1735924
Is it the typical situation where the girl brings way more debt into the relationship than the guy?

What percentage of the debt is hers?

>>1735924
Dude, if you're working 30 you can work 40 plus. I'm a wage slave to. And fuck off with your back shit. If you work 30 hours a week in a butcher shop you don't have back problems. Stop being a faggot and wanna be /biz/ lord. Get to work, stop bullshitting, and brighten the fuck up retard

>>1735946

She's running at $8000 with 3800 left on her car

I'm at $24k with 12k left on my car

>>1735947

Do you know what it's like to have scoliosis? It sucks dicks. Stop with the hard-ass nonsense

File: 1484538825040.gif (885KB, 300x225px) Image search: [Google]

885KB, 300x225px

>>1735951
60% of my spine is metal. Rod in my femur. Plate in my foot opposite the fucked femur. And I still lace up my steel toes every day for no less than 60 hours a week.

>>1735981

What do you do, construction?

>>1735995
Contruction, crane truck.

>>1736005
Sorry, construction/crane truck

>>1735673

You should open two more credit cards, sell the house, sell the cars, buy six houses and then focus on your own IT Butcher business.

If the money doesn't start coming in as quick as you'd like then open two more credit cards and buy one more house.

You'll be a trillionaire in no time.

>>1735924
Muh back.
https://www.youtube.com/watch?v=GP_0BhCw2rg

>>1736020
Not enough credit cards.