Wealth
Wealth
Posted on Aug 29, 2016
What are good assets to have and what liabilities should we avoid?
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So I made a "big boy" decision today and put my dream car up for sale. I pay a stupid amount a month just to have it depreciate in value (I did a 24 month loan on a $13,000 car) and my insurance is of course high (2005 Subaru STi). I'm looking to put that money into something that will be a cash flow. What are great assets to have and liabilities to cut?
Money
Investing
Wealth
Posted >1 y ago
Responses: 5
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Consider finding a real estate investor who is taking investments, and invest in Seattle properties.
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LCpl Bryan Sundell
Why Seattle Properties? If you look at markets that were destroyed in 07-08 Az, Nv, Tx that's where you are going to see the best bang for your buck, however don't think in this case a direct investment is an option?
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Good Afternoon Cody,
I agree stock is the default answer in a lot of cases. You have a couple options.
*-You can do as suggested and find a rea estate investor looking to take on new investors. Most of the time there is a min net worth requirement that must be met but it is possible.
*-You can look to the stock option that is going to pay you both a dividend and also the potential to grow and or loose.
*-You can do an annuity which can achieve the immediate need goal however that will pay you principle and interest over a stated period of time. when its gone its gone.
*-You can look for commercial limited partnerships. These you are able to pool monies with other investors looking to invest in specific projects. These also can have a mon net worth requirement.
Lastly maybe consider a REIT (Real Estate Investment Trust). You get the benefit of investing in real estate however it reacts more like a stock.
Remember at the end of the day all investments have risk associated with them. I would be happy to discuss this with you further if you like?
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I agree stock is the default answer in a lot of cases. You have a couple options.
*-You can do as suggested and find a rea estate investor looking to take on new investors. Most of the time there is a min net worth requirement that must be met but it is possible.
*-You can look to the stock option that is going to pay you both a dividend and also the potential to grow and or loose.
*-You can do an annuity which can achieve the immediate need goal however that will pay you principle and interest over a stated period of time. when its gone its gone.
*-You can look for commercial limited partnerships. These you are able to pool monies with other investors looking to invest in specific projects. These also can have a mon net worth requirement.
Lastly maybe consider a REIT (Real Estate Investment Trust). You get the benefit of investing in real estate however it reacts more like a stock.
Remember at the end of the day all investments have risk associated with them. I would be happy to discuss this with you further if you like?
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Suspended Profile
Investment properties are usually a great way to start creating a cash flow. Depending on your age and capabilities it may be a great opportunity for you.
The VA loan is a great financing resource that offers us (veterans) the ability to put little to no money down and still qualify for great rates. Depending on your area and your situation you may be able to find a property that you can live in while collecting rent from the other unit(s). The money from the rent you collect could very well cover your mortgage payment and even provide a bit of cash flow for your pocket. Either you you would likely be living rent free which you can consider as good as cash in your pocket.
The one down side to this is that with the VA loan you must have a two year history of dealing with rental properties before you can use the rental income as "qualifying income" but if you have a steady income and have limited your debt you can qualify pretty easily. You should check out your options, the loan officer should be able to let you know what you qualify for and what you will qualify for once you sell that vehicle.
Just a reminder the other stipulation in using the VA Loan is that you will intend to use the property as your primary residents within 60 days of closing.
The VA loan is a great financing resource that offers us (veterans) the ability to put little to no money down and still qualify for great rates. Depending on your area and your situation you may be able to find a property that you can live in while collecting rent from the other unit(s). The money from the rent you collect could very well cover your mortgage payment and even provide a bit of cash flow for your pocket. Either you you would likely be living rent free which you can consider as good as cash in your pocket.
The one down side to this is that with the VA loan you must have a two year history of dealing with rental properties before you can use the rental income as "qualifying income" but if you have a steady income and have limited your debt you can qualify pretty easily. You should check out your options, the loan officer should be able to let you know what you qualify for and what you will qualify for once you sell that vehicle.
Just a reminder the other stipulation in using the VA Loan is that you will intend to use the property as your primary residents within 60 days of closing.
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