20 yr old Male Lowlife Judgemental/Suggestions/Comments Wanted!?

Question

I am 20 yrs old male from WA. About 7 months ago I bought a duplex 2 bed 1 bath on a 100% loan 80/20 ARM. I do not live there although it's suppose to be my primary residence. I have tenants there which is working out perfectly. I was interested in Computer Security couple years ago and I know a bit about it. I lost total interest in it now and one day just decided to buy a rental property out of knowhere. I got dumped for the first time who was the first love-of-my-life 2 yrs ago. Now I just work at a Italian Restaurant 30 hours a week and the rest of the day sit on my butt and DO nothing. I have no friends whatsoever, I am planning on buying more properties ones I refi into a fixed rate and get out of the high-interest arm loan 80/7.75%arm 20@10.775%fixed. I don't know where my life is heading I live on my own w/o parents don't do much I plan to attend college again I took a quarter off.

thirty hours a week pays me exactly $1000 monthly
under the table. I don't want anymore hours because
I am going back to college b/c I am so bored. With
the income I can pay all my bills + my properties
water, sewer, garbage. I currently lose about $200
per month on my so-called investment property it's my
first one next time I'll be smarter. After refi if
I get good enough rate so if it breaks even or I make
a little I plan to buy another property. I had good credit
last time I checked I'v been paying everything on time
so it's prob close to excellent so I hope for a good fixed
rate. I wanted some input what do you think? Where am I headed?
you can be as judgemental as possible. Can I possibly buy
more properties w/ my source of credit + income + lifestyle
etc? Comments/suggestions/opinions are all welcome. Thank
you for the time and thanks for the answer in advance!

Answer 1

Young man, you have asked this or variations of this question multiple times over the last 3-4 months. You failed to heed my advice and others, and still seek to go in the hole for more unsuccessful investments. Have you a death wish? Investments should be positive cash flow, never negative cash flow. I'd not lend YOU a dime, and you are paying a high interest rate because you represent a high risk. Since you failed to heed the advice given in prior request for advice, I believe you will fail to heed any herein as well.

Your lack of maturity is understandable at your age, but to take on debt that you have not the means to cover and then accept unreported income? If the IRS discovers you, your current troubles will seem trite. And I'd rather seek out a solid relationship with a fine young lady than become a sissy for a jail mate, wouldn't you?.

Bored? Son you invented the word apparently. Perhaps you should move to a farm, there is always something to do there. And at that, at the least you'd become productive.

Think about it. Go back and read the advice already given and act in a positive way. Get rid of the debt, seek out a competent psychologist and find out what really make you tick.

Answer 2

My goodness, you're all over the place. You jump from subject to subject. House, relationship, career, school. Where to begin? I hope your life is not headed for big trouble since you purchased the house with the stipulation that it is your primary residence. They can find out easily enough. If you are getting lower interest or some other deal, they will pull the deal so fast it will make your head spin. Why didn't you just tell them the truth? You are only 20, so you're not really supposed to have your whole life figured out. You do however need to stop being so impetuous. (Get bored, buy a house. Get bored, take a semester off of school.) With the extra time you have on your hands, do some soul searching to figure out the next step in your life. If you're going back to school for the spring semester, you need to figure out now what you're really interested in. If you're planning on buying another property, do some research so you can make the best decisions. You're going to have to forget about the girl who dumped you. You're young, there's plenty of time for romance. You need to get your life back on track. Call some old friends or make some new ones. BTW, how can you afford to live on your own only making $1000 a month and be taking a $200 monthly loss on the house without your parents help????? Maybe it's you who should be giving us advice.

Answer 3

You first concern needs to be that mortgage that stipulates that you should be living in the home you are renting to others. They find out about that and you are toast....as in they want the hole ball of wax right now or they foreclose on the property. Ruined credit...no rating good enough for another mortgage...work on the refi first and be honest about it. Did you know that it is actually a crime to make false statements on legal documents like mortgages?

Answer 4

First off your property is an investment and there is no rule that you will make money, you may even loss money. the good news is that is the banks money,but you will pay.

As far the lack of direction that the rest of your life is going. Take a "Career assessment aptitude test". You can take these on line for free take several and see what they say. As far as women goes you need game what can I say there.
Best of luck