hey everyone,
a bit of background before I get to my questions:
I spent most of my 20`s racking up debt... student loans, car loan, consumer debt... then when I was 29 I realized the grave that I was digging for myself and changed my erroneous ways. Since then (18 months) I have been focusing on paying down my debt. As soon as I am able, I want to start investing in real estate. I have been reading a ton of books--finance, real estate (including Campbell`s book), general business. My income is not huge, but it`s enough that I have been making good progress on my debt. The high-interest stuff will be paid off by mid-2009 and then it`s just the lower interest stuff.
Anyway, I want to get your thoughts and feedback on how best to proceed, and to spend my time wisely until I can buy my first property. I want to:
- pay down my debt enough to improve my credit rating and become eligible for a mortgage
- put away some cash for a down payment
- learn as much as I can so that I am well-prepared when the time comes
So, my questions:
1) my "to-read" list includes books on real estate, property management, accounting, negotiation, and tax law. What else should I include?
2) should I try to get a high-ratio mortgage, or wait until I have enough cash for a traditional mortgage? I don`t want to incur more risk than necessary, but I also do not want to put things off longer than I have to.
3) how do you find the balance between being cautious and never acting? I have a fairly high risk tolerance but I do not want to set myself up for failure by rushing into things.
4) anything else you`d like to share? I have time to research, learn, and save... so any advice you have would be welcome.
Thanks!
a bit of background before I get to my questions:
I spent most of my 20`s racking up debt... student loans, car loan, consumer debt... then when I was 29 I realized the grave that I was digging for myself and changed my erroneous ways. Since then (18 months) I have been focusing on paying down my debt. As soon as I am able, I want to start investing in real estate. I have been reading a ton of books--finance, real estate (including Campbell`s book), general business. My income is not huge, but it`s enough that I have been making good progress on my debt. The high-interest stuff will be paid off by mid-2009 and then it`s just the lower interest stuff.
Anyway, I want to get your thoughts and feedback on how best to proceed, and to spend my time wisely until I can buy my first property. I want to:
- pay down my debt enough to improve my credit rating and become eligible for a mortgage
- put away some cash for a down payment
- learn as much as I can so that I am well-prepared when the time comes
So, my questions:
1) my "to-read" list includes books on real estate, property management, accounting, negotiation, and tax law. What else should I include?
2) should I try to get a high-ratio mortgage, or wait until I have enough cash for a traditional mortgage? I don`t want to incur more risk than necessary, but I also do not want to put things off longer than I have to.
3) how do you find the balance between being cautious and never acting? I have a fairly high risk tolerance but I do not want to set myself up for failure by rushing into things.
4) anything else you`d like to share? I have time to research, learn, and save... so any advice you have would be welcome.
Thanks!