>built a house at 24 >cost 330k minus the 45k deposit >275k mortgage now down to 205k 3 years later >had the house evaluated last week and the bank valued it at 340k (fire sale so probably 350 if I put it on the market) >have about 10k of silver and gold bullion in my safe
So that's where I'm at at the moment. My job pays 80k a year and I get $500 a month tax free from renting out one of my rooms. My job is secure and I'll probably be with company for the next decade but the highest salary I'll likely ever get to is about 100k unless I become an area manager. I don't wanna be a wage slave forever so I want advice on how I can make the next step towards eventually making a living predominantly from realestate.
Luis Richardson
If you want to make money amass capital to acquire new properties, then rent them out or flip them for a profit. Both of these will probably turn into full time jobs if you want to succeed.
Seriously though if you're not going to get a raise for a decade why aren't you applying for other jobs elsewhere?
Brandon Hughes
this.. i think you can use 50% of the property value for another mortgage.. rent this one out.. rinse and repeat. keep buying property and renting them out..
Camden King
>330 minus 45 >275k mortgage
55k ??
Colton Stewart
OP you're in a similar position to me. I'm looking at a 2 flat in a metro area for around 300k, I have 50k in cash to put toward the house. Will likely rent out a unit to a friend that won't fuck the place up, and live in the other. I plan on putting it back on market ASAP and using the increased value as my liquid investment capital for a 2nd and 3rd property.
Not sure if I'm just better off investing directly with the 50k.
Caleb Cooper
Typo. Went down to 285 not 275 It's not that I won't get another pay rise over the decade it's just that 100k is the highest salary that the company has without me moving into an executive position. Which is nit something I'm banking on because there are 9 other people in the country with my title and when the guy above us retires or quits, everyone will go for that job and there are more suitable candidates than me for that role. I'm already the youngest staff member in my role, there is no way I'd ever be considered for the area/general mangers role
Dominic Baker
where
Nathan Morgan
You sound well accomplished all ready stop selling yourself short. Some people want eager younger minds
Adrian Mitchell
How did your house not appreciate at all
Easton Turner
Being built in a brand new estate without any houses being sold for the first 2 years made it hard to gauge increase in value I suppose. It's in a developing suburb so it's likely that it will gain momentum faster as the years pass. In the few years Iv lived there Iv seen some great changes in shops and an upgrade to the hospital just around the corner has been approved to go ahead this year.
