Moving into an expensive, luxury, high rise apartment, BEFORE making any money?? Am I crazy??

94 replies
  • OFF TOPIC
  • |
I'm 19 years old, going on 20.... I've decided to quit my local junior college and focus on my entrepreneurial spirit.

I have no credit history, never had a job, but for money I've been selling/flipping things online on forums, eBay, and craigslist ever since I was 13. Everything from iPhones, cars, high-end sportbikes and gear and basically anything I had laying around. Was never really an official business, never kept track of anything. I just did it to make a bit of money and sell off older items to get the better or latest ones.

Anyways, I'm working on a big online project right now and have probably 150 hours left worth of work to go. I still live at home with my parents. But the thing is that they're always arguing and the negative vibe really effects me. So it's always been hard to concentrate on homework (when I was in school) and anything else I had to do (working on this project). Also, we live in a small dead town, think...... I can get a decent nice house for cheap, but the area sucks type of town.

I dislike it here and as much as I love my friends, I don't wanna head where they're heading. (local junior college, working ****ty jobs, transferring to a CSU). And a good majority of my friends have already left for college, military, and/or leaving pretty soon.

My original plan was to get a decent apartment around here for $800/month which I could afford.

But something else came into my mind...

I want to get a loan for maybe 30k or so to move out into the city of San Francisco into a luxury, high rise apartment with a view. I'd use the money for living expenses and paying others to do the work I'd rather not spend time doing.

The idea is that if I'm comfortable I'll be more creative and alive to execute my plans more effectively. Of course, I'm not going to stay inside the apartment all day. I'm always going to the gym and doing random outside cardio and bike rides when I want to.

I've also found a place over there where entrepreneurs, freelancers, and just people who work for themselves all go to to work on projects and network with other people. That's where I wanna socialize and meet new people.

So what do you guys think, again, never had any credit history, never had a job or anything, and my parents don't understand how this would work and disagree with being a part of it.

They had the normal plans on getting a loan for the CSU I was going to attend like they did for my sister. I love and respect my parents, but getting them to believe this is difficult since they’ve worked hard their whole lives. But honestly, I’d rather just do this on my own.

The question I'm trying to ask is how would I go about getting this loan for this amount? It has to be possible. Please, any input will be appreciated. Thanks.
#apartment #crazy #expensive #high #luxury #making #money #moving #rise
  • Profile picture of the author tpw
    Most entrepreneurs scrimp and scrape and cut corners until they have a pot to piss in.

    It is more important to have money to invest in our businesses, than to live the lifestyle.

    The lifestyle can always come later, but the business comes first.

    So yeah, you are either crazy or not committed to the dream.
    Signature
    Bill Platt, Oklahoma USA, PlattPublishing.com
    Publish Coloring Books for Profit (WSOTD 7-30-2015)
    {{ DiscussionBoard.errors[5711128].message }}
    • Profile picture of the author Shaun OReilly
      You need to EARN the lifestyle, not BORROW the lifestyle.

      Focus on building your business so that you can afford
      to take the next step towards your ideal lifestyle.

      Use your dis-satisfaction to drive you to earn the money
      to pay for your lifestyle in advance.

      Dedicated to mutual success,

      Shaun
      Signature

      .

      {{ DiscussionBoard.errors[5711149].message }}
      • Profile picture of the author befree22
        Originally Posted by Shaun OReilly View Post

        You need to EARN the lifestyle, not BORROW the lifestyle.

        Focus on building your business so that you can afford
        to take the next step towards your ideal lifestyle.

        Use your dis-satisfaction to drive you to earn the money
        to pay for your lifestyle in advance.

        Dedicated to mutual success,

        Shaun
        Agreed. You have to build your business 1st before you can build AND maintain your lifestyle. What are you trying to prove? And to whom? Don't increase stress and frustration when you don't have financial security and financial solvency. In the race of the hare and the turtle, the turtle ways wins.
        Signature

        The turtle always wins.

        {{ DiscussionBoard.errors[5714851].message }}
        • Profile picture of the author Jonathan 2.0
          Originally Posted by befree22 View Post

          What are you trying to prove? And to whom?
          Maybe he's just proving to himself that he can do it?
          Signature
          "Each problem has hidden in it an opportunity so powerful that it literally dwarfs the problem. The greatest success stories were created by people who recognized a problem and turned it into an opportunity."―Joseph Sugarman
          {{ DiscussionBoard.errors[5715419].message }}
    • Profile picture of the author Lucrative
      Originally Posted by tpw View Post

      Most entrepreneurs scrimp and scrape and cut corners until they have a pot to piss in.

      It is more important to have money to invest in our businesses, than to live the lifestyle.

      The lifestyle can always come later, but the business comes first.

      So yeah, you are either crazy or not committed to the dream.
      I understand where you're coming from, but I see it as getting a loan for any other type of business. Being relaxed and happy enables you to be more creative, wouldn't you agree?
      {{ DiscussionBoard.errors[5711157].message }}
      • Profile picture of the author J Bold
        Originally Posted by Lucrative View Post

        I understand where you're coming from, but I see it as getting a loan for any other type of business. Being relaxed and happy enables you to be more creative, wouldn't you agree?
        I think you're really reaching for it, here.

        Only you can decide how you want to live your life, but I see this as a bad "business" decision. It's a life decision which you are trying to rationalize into being a business decision.

        That's how I see it.

        Get an apartment you can afford. You don't have to be there all the time, just live there. If you can afford to hang out at that place where other entrepreneurs hang out (they have office space there?) and you can afford that office space as well as an affordable apartment, you don't have to be spending all your time at your place, anyway.

        So yeah, putting yourself in debt based on what you think you may earn in the future is not a good idea, especially when the debt is not directly related to your business (you may say it is, but it really is only at best, indirectly related to your business), at least not when it comes to trying to build your own business. There's no sure thing as an entrepreneur, so if it were me, I would dismiss the idea.

        If you can afford to move out, go for it. But don't put yourself in needless debt.
        {{ DiscussionBoard.errors[5711177].message }}
        • Profile picture of the author NearbyDirect
          I still remember when i graduated from my colleague to find a work to make a living for my future life, my teacher who was the leader of our employment said that "the first thing is to find a job which can feed yourself and never beg money form your parents again and then you start to take your own interests and career into account. Your spirit and persistence is remarkable and you can be one of our icons in the youth, but before spending much money on renting a new office, you need to take yourself living into account first.
          {{ DiscussionBoard.errors[5711269].message }}
      • Profile picture of the author rosetrees
        Originally Posted by Lucrative View Post

        Being relaxed and happy enables you to be more creative, wouldn't you agree?
        No. It removes the hunger and need to succeed. Within a year you will be declared bankrupt and debarred from running a company. Not a good start to a career.

        This is the "entitlement" mentality that has go the world into the mess it's in. "I want, I want, I want" - and "I'm entitled, so if I can't afford it I'll borrow money".

        Originally Posted by Lucrative View Post

        I understand where you're coming from, but I see it as getting a loan for any other type of business.
        Living a life of luxury that you can't afford isn't a business, it's the road to ruin. Again, the "entitlement" mentality that has got the world into the mess that it's in.

        Any business that starts by getting a large loan is heading for potential disaster. Your earnings aren't your own - you are simply working to pay the bank. You'd be better off erecting a second-hand tent in your garden. No loan required, no running expenses. You could not work and still not be in debt.
        {{ DiscussionBoard.errors[5711204].message }}
        • Profile picture of the author George Wright
          Originally Posted by rosetrees View Post

          No. It removes the hunger and need to succeed. Within a year you will be declared bankrupt and debarred from running a company. Not a good start to a career.
          rosetrees,

          I agree with everything you say, however, I'm curious. In the UK you can be "debarred from running a company?"

          Here in the U.S. People go bankrupt and start a new business the next day.

          Curious George Wright
          Signature
          "The first chapter sells the book; the last chapter sells the next book." Mickey Spillane
          {{ DiscussionBoard.errors[5711294].message }}
          • Profile picture of the author Suraj Muralee
            Originally Posted by George Wright View Post

            Here in the U.S. People go bankrupt and start a new business the next day.
            George, You Serious? Bankrupt and new business next day?
            {{ DiscussionBoard.errors[5711301].message }}
            • Profile picture of the author sal64
              Originally Posted by Suraj Muralee View Post

              George, You Serious? Bankrupt and new business next day?
              Apparently in the USA, if you haven't been bankrupt at east once, then you're not trying hard enough.

              Sal
              Signature
              Internet Marketing: 20% Internet - 80% Marketing!
              You Won't See The Light Until You Open Your Eyes.
              {{ DiscussionBoard.errors[5715564].message }}
          • Profile picture of the author rosetrees
            Originally Posted by George Wright View Post

            rosetrees,

            I agree with everything you say, however, I'm curious. In the UK you can be "debarred from running a company?"
            I probably phrased that badly. In the UK you can be prevented from becoming a company director - ie registering a company as a legal entity. Doesn't stop you being self-employed though.

            People have this weird idea that registering a company somehow absolves you of personal responsibility for "the company's" actions. It doesn't - especially if you ARE the company.
            {{ DiscussionBoard.errors[5711337].message }}
          • Profile picture of the author wizzard74
            Originally Posted by George Wright View Post

            rosetrees,

            I agree with everything you say, however, I'm curious. In the UK you can be "debarred from running a company?"

            Here in the U.S. People go bankrupt and start a new business the next day.

            Curious George Wright
            Rosetrees is partially correct, the only way you are barred from being the director/owner of a company in the UK is whilst you're an undischarged bankrupt, this can take up to a year or longer it all depends on the official receiver dealing with your bankruptcy.

            You can be barred for life if it is deemed you ran the company irresponsibly.
            Signature

            You don't want to click here --> Richard Arblaster

            {{ DiscussionBoard.errors[5712195].message }}
      • Profile picture of the author adionline
        Originally Posted by Lucrative View Post

        I understand where you're coming from, but I see it as getting a loan for any other type of business. Being relaxed and happy enables you to be more creative, wouldn't you agree?
        You can be relaxed and happy in a much cheaper apartment. Living beyond your means at this point is not smart and you're still very young. Get a comfortable apartment then make the money then get the luxury apartment when you can afford it. Be smart about this.

        In fact don't even move out yet. Having to not pay rent can grow your business much faster. Trust me on this.
        Signature
        Giving up is not an option.
        {{ DiscussionBoard.errors[5711228].message }}
      • Profile picture of the author WillR
        Originally Posted by Lucrative View Post

        I understand where you're coming from, but I see it as getting a loan for any other type of business. Being relaxed and happy enables you to be more creative, wouldn't you agree?
        You look at a lot of the most successful actors and singers and entrepreneurs in the world and you will find a lot of them came from very tough backgrounds. It's quite often the ones with cosy and comfortable lifestyles that don't achieve much because they don't have as much motivation or need to change things.

        You need to stay exactly where you are and use that negative energy to drive you into action. Moving to a nice and comfortable high rise apartment would probably be the end of it for you. The decision you make now should be thought about VERY carefully.

        If you truly wanted to make things work you would have already found a place you can go and work in solitude during the day and you wouldn't be using your parents as an excuse. You know what they say... a bad workmen blah blah blah.

        The fact you said you would use some of that money to pay others to do the work you don't want to do also gives me the impression you are more concerned about getting the lifestyle rather than the work it takes to get you there.

        Sorry, but I wouldn't be calling yourself an entrepreneur quite yet and I would also be worried about you if I were your parents.
        {{ DiscussionBoard.errors[5711924].message }}
      • Profile picture of the author tpw
        Originally Posted by Lucrative View Post

        I understand where you're coming from, but I see it as getting a loan for any other type of business. Being relaxed and happy enables you to be more creative, wouldn't you agree?

        I disagree.

        Being relaxed and happy does encourage one to be more creative, but here is the problem.

        You will never be relaxed if you are constantly worrying about money and how you are going to pay for this lifestyle that you purchased for yourself.

        To each his own, but I see your plan as a recipe for premature gray hair, which will brought on by the stress that you are getting ready to heap upon yourself.

        Maybe it is because I view life differently than most. I am an odd duck of sorts.

        I have always chose to live below my means, not above them. And that has resulted in much less stress in my life.

        All of my elders and many of the people I went to high school were completely gray by 40. I barely have a gray hair in my head, and it is all natural. At 46, I have as much gray hair as my dad did at 32. Rock on!!

        Your health tomorrow will be determined by the choices you make in your life today.

        It sounds like you are on a path to ruin and gladly pushing the gas pedal to the floor. If that is the way you want to live and die, then party on.
        Signature
        Bill Platt, Oklahoma USA, PlattPublishing.com
        Publish Coloring Books for Profit (WSOTD 7-30-2015)
        {{ DiscussionBoard.errors[5712058].message }}
      • Profile picture of the author Alexa Smith
        Banned
        Originally Posted by Lucrative View Post

        Am I crazy??
        Originally Posted by Lucrative View Post

        I'm 19 years old, going on 20.... I've decided to quit my local junior college
        I didn't have to read beyond your first sentence to think that - even if you're not crazy - your judgement is certainly poor enough to make it desirable for you to continue at college and maximize the chances of education developing it a little further.

        I read the rest for fun anyway, but the first sentence was actually all I needed.


        Originally Posted by Lucrative View Post

        Being relaxed and happy enables you to be more creative, wouldn't you agree?
        It has that effect only for some people. For many others, it's exactly the opposite, and their maximum creativity is actually manifested only under stressful, difficult, even sometimes impoverished circumstances. Don't assume that how you feel about it is how other people feel about it, let alone that that's how it will actually work out for them (or indeed for you!).
        {{ DiscussionBoard.errors[5712255].message }}
      • Profile picture of the author QuickSurf
        Originally Posted by Lucrative View Post

        I understand where you're coming from, but I see it as getting a loan for any other type of business. Being relaxed and happy enables you to be more creative, wouldn't you agree?
        Doesn't work that way, I owned a finance firm specializing in business/commercial investing. For one thing "business loans" are almost always secured and collateralized, and the amount of 30k is already waaay below what majority would even consider doing in this economy and usually would be a small revolving line at that amount (in which how would you even repay anyway when your not making anything???)

        Sorry if that sounds harsh but it sound like you have no clue how it works. Only way you'll get the 30k is if someone somehow actually lends their own money to you or your parents cosign and take full responsibility of repaying the amount.

        You don't quit your job (you don't even have a job anyway), go ask for a 30K loan so you can live on while you try to build your business, no bank etc is going to do that lol. How about finding a job, and saving, and building it up in your spare time still. And 30K won't cover squat anyway in San Fran, what about utilities, necessitates etc. Let's just say some magical way you actually got a 30k loan, and your biz doesn't take off and you run out of money fast... then what??

        No job, no credit etc.... the two main things any place requires for a loan, nevermind securitized. They wouldn't even do a small 1k signature loan b/c you have no income or anything.

        Almost any place won't even rent to you anyway since their always going to require a credit check and income proof (W2's, 1099s etc).
        {{ DiscussionBoard.errors[5730133].message }}
    • Profile picture of the author Suraj Muralee
      Originally Posted by tpw View Post

      Most entrepreneurs scrimp and scrape and cut corners until they have a pot to piss in.

      It is more important to have money to invest in our businesses, than to live the lifestyle.

      The lifestyle can always come later, but the business comes first.

      So yeah, you are either crazy or not committed to the dream.
      Actually, I 100% agree to your point.

      I had bade $600 and busted it all together on a PS3 and I was unable to Chit it and now have to pay $59 for every game ...
      {{ DiscussionBoard.errors[5711242].message }}
      • Profile picture of the author Jill Carpenter
        I went to school in a Fine Arts program. While I don't practice that trade anymore, there were things I learned in school that I would not have learned in the "real world." Even more important, I was surrounded by people that today are still my closest friends. Your current situation gives you an opportunity to be social with people closer to your own age group. Just something you may want to add to the weight of your decision.

        I agree with the others here in that I don't think you should spend first and work later. That "stuff" will be here, not to mention some of that stuff might even get better in a few years from now.

        Make the money first.

        I think without a credit history you are going to have a really hard time getting that kind of loan. You need to start tracking your business, and if you are serious about it you need to get it registered and start paying some taxes.

        And while the sum of money you seek is nothing to scoff at, it can go really really fast - especially if you are outsourcing and don't have a solid plan written on paper with some budgeting in play.

        Try this:

        Write down how much you want to spend on rent, and then make some calls and find out if what you are willing to spend will give you what you think you want.

        Make a budget of this move - how much to get there, how much to get basic stuff like some furniture or silverware, tv, etc.

        Budget your monthly living expenses and dont forget to budget in that gym membership.

        Budget the gas/electric/phone/internet/ and also budget fees for starting up a business (yes, this costs money).

        Need a car? budget that too, and the gas and insurance.

        Then take your 30K and see how long that will last you if you have NO income coming in.

        Don't forget to budget for some outsourcing too.

        You know, this last week I had a project done (which cost money) and it led to 2 more things I need to do which cost more money. Make sure you also do your best to factor in some back end hidden costs because they always show their ugly heads.
        Signature

        "May I have ten thousand marbles, please?"

        {{ DiscussionBoard.errors[5711416].message }}
  • Profile picture of the author Matthew Anton
    A wise man P.T Barnum wrote the Art of Money Getting and explained how a man must understand his personal economy. I personally would live within my means, well below so I have freedom from extra stress such as paying for a high rise condo, but a wise man keeps his own counsel and you already made your decision I'm sure.
    Signature
    BacklinksIndexer - automated index/bulk links
    TwitterBacklinks - retweets service
    Web2.0Backlinks - web2.0 creation/link building
    Google+ Matthew Anton
    {{ DiscussionBoard.errors[5711164].message }}
  • Profile picture of the author icegin
    You've noted that you don't had any credit history, and never had a job -- sounds like it will be incredibly difficult, if not impossible, to find a company that will provide you with a loan. I can't help you with that unfortunately.

    But I would suggest that you think twice about this decision: if your plan doesn't pan out, you'll be drowning in debt. Focus on building your business first before up-scaling your lifestyle.
    {{ DiscussionBoard.errors[5711166].message }}
  • Profile picture of the author jamesbrands
    Sounds like your spending to much time thinking about things you really can't afford, when you should be working on your 'big online project'

    "The idea is that if I'm comfortable I'll be more creative and alive to execute my plans more effectively."

    Think you can achieve that for alot less than 30k
    {{ DiscussionBoard.errors[5711168].message }}
  • Profile picture of the author George Wright
    Not to discourage your dreams, however, being relaxed and happy is hard when you have a 30k debt staring you in the face. Plus what TPW and Shaun O. said.
    Signature
    "The first chapter sells the book; the last chapter sells the next book." Mickey Spillane
    {{ DiscussionBoard.errors[5711174].message }}
  • Profile picture of the author Jon Patrick
    That's $30,000 you would start spending before you had earned it... before you even knew how long it would take to earn it. This doesn't sound like a good idea to me.

    Also, it's not simply like any other business loan unless your business plan and other aspects of what you're doing are sufficient to get an actual business loan. Are they?
    {{ DiscussionBoard.errors[5711176].message }}
  • Profile picture of the author digichik
    Have you researched the cost of apartments in San Francisco??? 30k is barely enough to pay your rent on a dump in SF for a year. Everything in the city is super expensive from groceries to gas. So 30k is not enough!!! Remember there are no jobs, so if things get tough you can't just say I'll get a job to help with the bills.

    If your living situation is causing you distress and interfering with your work, go to the library to work or find a cheap office you can share.

    This is a real world, stop fantasizing. If you are going to borrow money, do it to invest in your business, not live in a high rise in SF for 4 months( you won't last a year).

    If you learned the fundamentals of internet marketing, put together a plan for your online business, and invested in your business model, you may eventually make enough to be able to live in that high rise in SF and afford to stay there.

    I know you have hustle; now just take time to acquire some skills, knowledge and wisdom.
    Signature



    {{ DiscussionBoard.errors[5711185].message }}
  • Profile picture of the author Lyanna
    "The idea is that if I'm comfortable I'll be more creative and alive to execute my plans more effectively."

    An expensive high-rise condo sounds toxic. If I had 30k, I'd rather go to a nice island somewhere its cheaper to live and enjoy the sun, sand and seafood while working online.
    {{ DiscussionBoard.errors[5711212].message }}
  • Profile picture of the author sal64
    Is the OP serious? Sure, go ahead.

    As stated above... earn the lifestyle. If you had half a brain, you'd borrow to invest in a business.

    Surely this is a joke thread?

    Sal
    Signature
    Internet Marketing: 20% Internet - 80% Marketing!
    You Won't See The Light Until You Open Your Eyes.
    {{ DiscussionBoard.errors[5711220].message }}
  • Profile picture of the author LukeZ
    You'll be broke in 3 months. Just talk to your parents and change your friends. Never loan or make purchases before being able to afford the costs. Listen to the Dave Ramsey show
    {{ DiscussionBoard.errors[5711226].message }}
  • Profile picture of the author Eddie Spangler
    Yes you are crazy BUT what the heck your 19. Go for it and get it out of your system now while you are still young and can rebuild after you fail miserably. And who knows you may be the one to beat the overwhelming odds and make this work.
    I root for you either way!!
    Signature
    Promise Big.
    Deliver Bigger.
    {{ DiscussionBoard.errors[5711233].message }}
  • Profile picture of the author Wide
    stupid, plain and simple.

    The best entrepreneurs don't care about how and where they live, they are happy as long they are able to do what they love - which is running/growing their business.

    I used to push 15k profit per month, yet was still living in a small one-room appartment. Why? I used what I earned to invest into the business and felt damn good about it

    But if your going to get that expensive appartment anyway, then I wish you good luck, you sure need it. And please don't come on this forum crying for help in 6 months
    Signature
    {{ DiscussionBoard.errors[5711235].message }}
  • Profile picture of the author xxxJamesxxx
    If you do this, you'll discover something called... Stress!

    ...And lots of it too.

    Me personally, I'd focus your energy on building you income/business before living the high life.

    James Scholes
    {{ DiscussionBoard.errors[5711369].message }}
  • Profile picture of the author AlenGeorgeson
    LOL I can totally relate to you man. I have the exact same problems man.You know... Making a decision between college and IM, parents arguing all the time, which causes a huge distraction for everything I do in my life!

    I really thought I would have been the starter of the thread.

    But I would still try to focus on getting cash flow before doing anything else. You could get into trouble if you quit college, quit anything and then cash flow doesn't come.

    Hope that helps man.

    Alen
    {{ DiscussionBoard.errors[5711390].message }}
  • Profile picture of the author Lucrative
    Ok I understand where you guys are coming from. But it still makes complete sense to me. I appreciate the honest inputs, however, no one has answered my question as to how I can go about getting this loan with my current circumstance?
    {{ DiscussionBoard.errors[5711400].message }}
    • Profile picture of the author Richard Van
      Originally Posted by Lucrative View Post

      Ok I understand where you guys are coming from. But it still makes complete sense to me. I appreciate the honest inputs, however, no one has answered my question as to how I can go about getting this loan with my current circumstance?
      Probably because it's the same as telling someone how to crash a car effectively.

      Let me tell you one thing, when I began this I'd just got out of being homeless. It was that motivation that got me to work very hard, everyday until I got what I wanted. That way when I got somewhere I felt proud. If I had to borrow money to live in a certain way it would seem false and not something I've achieved. Unless you call getting into debt something you've achieved.

      Gaz has a good point, go somewhere like Thailand, trouble is, as he pointed out, there are some ruthless temptations there.
      Signature

      Wibble, bark, my old man's a mushroom etc...

      {{ DiscussionBoard.errors[5711678].message }}
    • Profile picture of the author Cali16
      Originally Posted by Lucrative View Post

      Ok I understand where you guys are coming from. But it still makes complete sense to me. I appreciate the honest inputs, however, no one has answered my question as to how I can go about getting this loan with my current circumstance?
      Your plan makes complete sense to you because you have zero life experience when it comes to living on your own. You truly give a whole new meaning to the saying, "ignorance is bliss"... I'm all for dreaming big, but your fantasy borders on delusional.

      I highly doubt any bank would loan you $30K, let alone a much smaller amount, at your age with no job and no credit history whatsoever. I do, however, think it might be a good exercise for you (in terms of a reality check) to go in to a bank and talk to someone about this loan you desire.

      Let's say you could get the loan. So, you find a "luxury" apartment in SF. I'm guessing that would easily be $3K a month or more (using a very conservative definition of luxury, as I'm sure true "luxury" apartments in S.F. cost significantly more than that...). There will also be moving costs, food (can you cook or do you plan on eating out a lot?), transportation, health insurance, cable, utilities, clothing, household items (e.g. a vacuum cleaner, dishes, pots and pans, towels, and on and on and on), personal items, money for emergencies, and of course you're going to need furniture as well... Your $30K is not going to last very long at all.

      If someone loaned you this money, you'd be setting yourself up for disaster and a very harsh learning experience. Digging your way out of that debt could take years.

      A better plan, if you absolutely feel you need to move out, would be to get a part time job or full time job, create a budget for yourself, save some money, start establishing credit, rent a room from someone locally for low rent (in a quiet environment so you can focus on your online work), and work your a** off on your business for the next 12 to 24 months. Prove to yourself that you have the discipline it takes to work on your business consistently and make enough money to get a place of your own in a year or two (and NOT a "luxury" apartment in any city).

      There's a lot of wisdom in this thread. I strongly encourage you to heed it carefully. You may be able to get that luxury, high-rise apartment in S.F. some day, but earn it first. That will set you up for a much brighter future. Your curent plan will do the exact opposite.
      Signature
      If you don't face your fears, the only thing you'll ever see is what's in your comfort zone. ~Anne McClain, astronaut
      {{ DiscussionBoard.errors[5712451].message }}
  • Profile picture of the author canada94
    If you can move out and still live within your means, then i'd say go for it, sometimes in life you have to take a chance, and as long as you have the belief in what you're doing you should be ok....Fly with the eagles or scratch around with the chickens for the leftovers.

    Good luck my freind.


    Kevin
    Signature

    [B]If you are looking to turn your ebook into an Amazon bestseller,then visit http://babystepspublishinglimited.com,and let me help you

    {{ DiscussionBoard.errors[5711405].message }}
    • Profile picture of the author REHughes
      Lucrative,

      I think you might have missed the post back up a little.

      The point is, under these circumstances, you probably WON'T get a loan with no J.O.B. and no credit. Who in their right mind would loan a teenager 30k to go rent an apartment with little hope of being able to pay the loan back? Not many, I'm afraid.

      But you are welcome to go to your local bank and sit down and tell them what your intentions are, and just ask for it.

      That's how we do it. No complicated task.

      Good luck though, my friend.

      Robert
      {{ DiscussionBoard.errors[5711457].message }}
  • Profile picture of the author Simon Ashari
    To the OP.

    The book you need to read is "The Millionaire Fastlane" by M.J. Demarco. I believe this will help you a lot.

    You have a good entrepreneurial spirit. You'll make it. However getting this loan may be a hindrance to you (and it probably won't last too long in San Francisco).

    I suggest getting that 800/month place, get your online business started (whatever it may be) and then eventually move out.

    Good luck

    -Simon
    {{ DiscussionBoard.errors[5711408].message }}
  • Profile picture of the author Gaz Cooper
    Not sure how adventurous you are I left the Uk when I was 19 and have lived all over currently in Thailand which is a pretty good place to live really inexpensive to live if you wish Studio apartments start at $75 a month (chiang Mai) and go up from there local food is $1 up for Local Thai dishes western food is more expensive but everything is pretty inexpensive here,

    Of course it a massive move but if you ignored all the advice you received here (at 19 you most likely will if you came here with 30K you would be living large and should be able to live here for 2 years and build your business as long as steer clear of drinking all the time and the ladies LOL.

    Kickin it on Amazon

    Gaz Cooper
    Amz Training Academy
    Signature
    Beginners get Started with AMAZON, we will give you a FREE custom made Amazon Site when you purchase hosting through us contact us at http://authorityzonesupport.com/

    {{ DiscussionBoard.errors[5711507].message }}
  • Profile picture of the author Damien Roche
    Your bravery makes me feel a little ill. You should understand that is all this is: bravery; the audacity to take out a 'business' loan and live in luxury for a year and expect everything to work itself out.

    If you aint brave, you're blinded by optimism. Either way, you need to ground yourself and really think things through before making such a move.

    I've lived with destructive, argumentative people (my parents). I'd advise, instead, you rent somewhere quiet close to where you live and, if you get a business loan, spend it on *business*, not pleasure.
    Signature
    >> Seasoned Web Developer (CSS, JavaScript, PHP, Ruby) <<
    Available for Fixed Fee Projects and Hourly ($40/hr)
    {{ DiscussionBoard.errors[5711516].message }}
  • Profile picture of the author Chris_Willow
    Get a business plan made for your project you're working on.
    Go to the bank and get a loan for that business.
    Rent a high-end office space while still living at your parents place.
    Put in the work and reap rewards.

    My point is- as soon as you've got your own place to work in, you'll be more motivated, more focused and get more done.

    I know a couple of young hustlers just like you and your best bet would be brokering deals and buying/selling businesses. You're not the creator type, so do what you do best.

    Either way, I wish you the best of luck in your journey.
    Chris
    {{ DiscussionBoard.errors[5711595].message }}
  • Profile picture of the author lapeoro
    You are in the young age and you go for it.As you will have some debts you will get motivated for working more and clearing those debts.This is the correct age and time in which you can encounter all the success and failure.Gain some experience.

    Good Luck !!!
    {{ DiscussionBoard.errors[5711892].message }}
  • Profile picture of the author Cybria
    Well to answer you're question, When you don't have any credit, the best way to get a loan is to have a cosigner who has good credit. Either that or you take a loan from a company that specializes in low/no credit loans, but the interest rate will be sky high. You can also apply for a credit card with a good sized credit line. It might not be $30,000 but it's another option. You can use the credit card to pay for necessities, and when you pay your credit card bill on time consistently, it will help to build your credit.

    Well, I am 26 and I had pretty much the same mindset as you when I was 19...I'm going to live where I want to live because it will be the best environment for me to live in. But I was quite wrong about that. I was living with my parents at the time (who argued ALL the time) and didn't know much about the world. Everyone wants to live in their ideal place in the sun but there's a reason most people don't make it there, and if they do, it's usually sometime past their 30s. I wanted to get out of my situation badly, so much that I went and got married at 19. I use to complain to my husband all the time because we couldn't live in a nicer place than we did, but at the time I just didn't understand that we couldn't afford it. In a way you're marrying yourself to a huge debt that could hurt you badly later. Some mistake just aren't worth making. If could go back in time I sure would have done something less drastic and more carefully planned to get out of my bad situation.

    Another poster said that $30,000 won't last long in San Fran...it sure won't! You'd be better off taking out a smaller loan (if you can secure one) and investing it in your business. You'd also be better off in a less expensive apartment. I know you don't wanna hear that, but a large sum of money can disappear like water, and before you know it, you will be down to your last $500 and wondering what to do next. Your apartment doesn't have to be in a ghetto but just somewhere modest in a decent neighborhood can help your productivity. Trust me I have lived in a ghetto before and I would've given anything just to live in a nice suburb or small friendly city. In my current area you can find a nice two bedroom apartment for $1,200 a month (a bedroom and a home office), which is a lot less expensive than a San Fran high rise. I think even a loft in downtown L.A would be less expensive. I know you're in a bad situation and you want to be in a place as far removed from chaos and arguing as possible, but make it a goal to work your way toward it. Otherwise, as they say, you could be jumping from the frying pan into the fire.

    Whatever decision you take, I wish you luck....but please, listen to the advice of those who have gone before you. It will save you a lot of trouble (I know from experience!)
    Signature

    - Tiff

    {{ DiscussionBoard.errors[5711956].message }}
  • Profile picture of the author IvanovaiKai
    Originally Posted by Lucrative View Post

    I'm 19 years old, going on 20.... I've decided to quit my local junior college and focus on my entrepreneurial spirit.

    I have no credit history, never had a job, but for money I've been selling/flipping things online on forums, eBay, and craigslist ever since I was 13. Everything from iPhones, cars, high-end sportbikes and gear and basically anything I had laying around. Was never really an official business, never kept track of anything. I just did it to make a bit of money and sell off older items to get the better or latest ones.

    Anyways, I'm working on a big online project right now and have probably 150 hours left worth of work to go. I still live at home with my parents. But the thing is that they're always arguing and the negative vibe really effects me. So it's always been hard to concentrate on homework (when I was in school) and anything else I had to do (working on this project). Also, we live in a small dead town, think...... I can get a decent nice house for cheap, but the area sucks type of town.

    I dislike it here and as much as I love my friends, I don't wanna head where they're heading. (local junior college, working ****ty jobs, transferring to a CSU). And a good majority of my friends have already left for college, military, and/or leaving pretty soon.

    My original plan was to get a decent apartment around here for $800/month which I could afford.

    But something else came into my mind...

    I want to get a loan for maybe 30k or so to move out into the city of San Francisco into a luxury, high rise apartment with a view. I'd use the money for living expenses and paying others to do the work I'd rather not spend time doing.

    The idea is that if I'm comfortable I'll be more creative and alive to execute my plans more effectively. Of course, I'm not going to stay inside the apartment all day. I'm always going to the gym and doing random outside cardio and bike rides when I want to.

    I've also found a place over there where entrepreneurs, freelancers, and just people who work for themselves all go to to work on projects and network with other people. That's where I wanna socialize and meet new people.

    So what do you guys think, again, never had any credit history, never had a job or anything, and my parents don't understand how this would work and disagree with being a part of it.

    They had the normal plans on getting a loan for the CSU I was going to attend like they did for my sister. I love and respect my parents, but getting them to believe this is difficult since they've worked hard their whole lives. But honestly, I'd rather just do this on my own.

    The question I'm trying to ask is how would I go about getting this loan for this amount? It has to be possible. Please, any input will be appreciated. Thanks.
    Hey there buddy,

    I sort of did the same thing as you,

    I'm 18 going on 19, and living in a 3 bedroom pent house apartment in a town called Chelmsford in the UK, because of no credit history nor accounts, i had to pay 6months rent up front

    Luckily i have the funds to do that, but i really would never take a loan for such a high amount just to live the lifestyle you think you need, Get a smaller apartment... but fill it with beautiful furniture, high end electronics... gadgets etc
    when i moved into the apartment, it really hit me how much its going to cost to pack it out with stuff that's equal to its value

    so far, iv spent a big chunk of my savings and most peoples yearly earnings on it... it was a success... and i have a WSO coming out soon called "The BMW method" that shows some ways iv made the cash to afford this lifestyle

    Trust me i LOVE the image being self employed ensures... although im someone who even hates finance, the only thing i have on finance is one of my cars

    As i say if your going to do this, stick it out for the next 6months and earn some capital, dont get a loan

    thanks
    Kai
    Signature
    Kai Aleksandr Ivanovai

    Make Money Online.. Just via emails and local businesses ? Click Here

    Flawless Events & Management LTD
    {{ DiscussionBoard.errors[5711977].message }}
  • Profile picture of the author sbucciarel
    Banned
    I actually think that it is impulsive and completely foolhardy to spend that kind of money on living expenses when you don't have the income to back it up. Getting into debt with a loan and moving into luxury digs is just a recipe for disaster.

    I can easily foresee the day when you come to the forum wringing your hands over the bills you can't pay with the threat of eviction mounting.

    It's BS to say that you can't work or be creative unless you live in the lap of luxury. I've been working for myself for over 12 years and I don't live in the lap of luxury. That's not to say that you can't opt for luxury if that's what floats your boat ... but to do so when you have the history that you have ... which is really no history. No job history, no real full time earning history, well ... all I can say is good luck to you.
    {{ DiscussionBoard.errors[5712116].message }}
  • Profile picture of the author metaarticles
    You sound very confident, but you may be taking a huge risk. I would suggest that you think over the whole thing once again. You may be taking a very impulsive decision as sbucciarel says.
    {{ DiscussionBoard.errors[5712169].message }}
  • Profile picture of the author candoit2
    Being UNCOMFORTABLE is a greater motivator to succeed.

    Aaron
    Signature

    {{ DiscussionBoard.errors[5712220].message }}
  • Profile picture of the author Ian Varnava
    If you were expecting replies to the effect of "yes, great idea, go for it!", or "oh man why didn't I think of that first", then obviously you've gotten a reality-check.

    That being said, one can appreciate your ambition. I had similar ideas and ambition when I was your age little more than a decade ago, but I can tell you from experience that's not the way to go about it. Right now it can seem like the whole world (such as almost everyone in this thread) is "against" you. I can understand that because, again, I have been there also; but there's a reason for everyone being 'against' you. We/they have been where you are, understand where you're coming from, and are hoping that some sense can be knocked into you.

    I understand where you're coming from with the whole "if I have a nice, relaxing place & environment, then I will naturally be more productive and my business will take off" mentality. I used to have (and still do sometimes) the same mentality. I think we all do. We think if we are able to get "X", then we will be able to do "Y". For example, I've always had a procrastination and organization issue, and I have always tried to get "X" in order to solve my problem. That "X" includes items ranging from simple notepads to legal pads to fancy notebooks to fancy planners to handheld organizers to iPods to iPhones to (most recently) an iPad and a variety of software/websites/programs, both electronic and non-electronic... Guess what? None of those tools have solved my issues. I always used to think that if I can "X", this will definitely help with my procrastination and organization issue, but it's only a shiny object for a short while, after which the shininess goes away and I'm back to where I started. Right now that luxury condo in that SF high-rise is your 'shiny object' that you've got stuck in your head. Though I have learned to control it, I still struggle with these issues and have to consciously fight with them every single day, no special tools, gadgets, or environments help me if I don't have it in me to keep going myself. I know you might say what does this have to do with getting a luxury apartment in a SF high-rise, but trust me, it is the same concept (I have done it with more 'expensive' things also).

    If you're so confident that your business will take off, then why not take a year (should take less than that based on your projections, right?) and save 30k cash, then you can even get a loan and save your cash if you prefer to go that route, but at least you would have the cash. More importantly, this way you will have proven to yourself that you are for real.

    You've 'tolerated' your parents for almost 20 years, what's another year? It'll pass by just like the last 20 years did. Also, there's no point in messing with loans & interest. Interest kills. If you can find a way to get a 30k loan/investment interest free, such as a business partner/investor where they would be partners with any profit/loss the business experiences, that's a different story.

    I won't say any more regarding this, since you've gotten plenty of good advice already. If I was you, I would follow the advice of some of the smart people above this post.

    Regarding your question about the loan, with your situation, the only way it's possible is if someone gets it completely in their name for you, or someone co-signs with you. Obviously in both situations they need excellent credit. There is no other legal option, as far as I can think. I am not an attorney or a business adviser so please do not take my comments as such.

    In end, anything is possible so it is entirely possible that you go against what everyone is saying in this thread and make a post (or sell a WSO) 6 months later saying "how I made my first million+ in 6 six months, get it for $7 before the price goes up by a dime every 10 sales"; but only God knows the future.
    {{ DiscussionBoard.errors[5712295].message }}
  • Profile picture of the author topgold
    I think you're doing the right thing by thinking about your life and your business at the same time. This is the rest of your life we're talking about here! Definitely spend some time thinking about your actions before going ahead and doing them!

    Regarding your current options. If I were in your shoes all over again, this is what I'd do:

    1. Pick a ridiculously easy major in a super cheap college so I can just cruise my way through it and get myself working on my business the rest of the time.
    2. Use my college loan refund to invest in my business (you get living expenses/book money) and, like the others said above, live like a bum on the street while doing this.
    3. Once I start making money through my business, I still have the rest of the term to work on it even more before graduating. The income may even pay for the college loan itself.
    4. Network with other entrepreneurs in the college, if possible. Granted that it is a small college and they may not even exist, but I'd keep my eyes peeled.

    I wouldn't take out the $30k loan just because I hate paying interest. I think that by the time I'd be able to pay off the loan it would be far more expensive, maybe even double the original loan amount.

    Anyway, this is just my two cents. Oh, one more thing, live at home as it's the best place to start a business. Having to pay rent is a pain in the you know what!
    Signature

    Making money is a skill.
    Making money online is yet another skill.
    Managing your money is also a skill.
    Trusting others to make money for you? Now that takes trust.

    My Secret Underground Internet Marketing Laboratory

    {{ DiscussionBoard.errors[5712391].message }}
  • Profile picture of the author ELK
    Don't get used to the idea of having to be "comfortable" first before you accomplish something.

    If you have no credit, I can't imagine how anyone would loan you $30K in the first place without some kind of cosign. And that's a ridiculous reason to get a loan.

    My husband and I were paying off credit cards we used on our honeymoon over 17 years ago until JUST LAST YEAR. Stupid stupid stupid use of money, even when we had good stable jobs.

    Take your laptop to the library and sit there if you need more peace and quiet. Go to a coffee shop. Sit in the park.

    So many people work so hard in much less-than-ideal situations than you probably have, and the struggle is what defines their character.

    Go develop some character first and then earn your high-rise apartment.
    Signature

    Quality handcrafted PLR articles made by me, a mental health professional and freelance writer
    http://healthhomeplrsite.com/

    {{ DiscussionBoard.errors[5712475].message }}
    • Profile picture of the author ELK
      ...Then again, diving headlong into a financial crisis of your own making would create an excellent opportunity for some serious character-building.

      For many years to come.
      Signature

      Quality handcrafted PLR articles made by me, a mental health professional and freelance writer
      http://healthhomeplrsite.com/

      {{ DiscussionBoard.errors[5712563].message }}
    • Profile picture of the author Richard Van
      The whole aspect of getting the loan will be a bit dodgy. After all the sub prime stuff and over lending, I really can't see any lending organisation funding you to the tune of 30K with no credit history, no job and assuming you drop out of college, a college drop out, just so you can live in luxury.

      When you tell them, in the full belief that you will succeed, that you intend to make a fortune online, they will most likely laugh. Even with a business plan, if you tell them you want the money to live in luxury, they will laugh again.

      Sorry to say that but that's what I'd do in their shoes.

      What exactly is the problem, as a someone with self proclaimed entrepreneurial spirit, with staying put for a year, earning lots of money and then paying for it?

      You are just 19 and it is just one year.
      Signature

      Wibble, bark, my old man's a mushroom etc...

      {{ DiscussionBoard.errors[5712589].message }}
    • Profile picture of the author trphebk
      It's very hard to get something without paying anything.
      I think what you need is your feelings. Right?
      "I want to get a loan for maybe 30k or so to move out into the city of San Francisco into a luxury, high rise apartment with a view. I'd use the money for living expenses and paying others to do the work I'd rather not spend time doing."
      Living expenses..paying others...That's great?
      What you need now is limit your feelings!
      Genius is 99% sweat. How about us? Or can compare with this "Billionaire is 99% sweat"
      Big Loan is a dangerous thing, and if you do not know much about finances, banks will exploit you. Be careful with credit card. Someone becomes poorer because they want satisfy their feelings. Without finance knowledge, you can not be rich (even poorer) and you know your feelings "I want to get a loan for maybe 30k or so to move out into the city of San Francisco into a luxury, high rise apartment with a view. I'd use the money for living expenses and paying others to do the work I'd rather not spend time doing." will get you into difficult situation.
      This is soem suggestions you maybe try:
      a) Look for a finance ebook or book before the loan. Very important. Although you work hard, you can not be rich without finance knowledge. Watch people who won loterry. Someone became worse after "living a luxury life". They had money but couldn't keep them. And one of main reasons : FEELINGS! sUCH AS : "Woa, this car is so cool. Get it!" " This house looks like a luxury hotel. Get One!". Great feelings if you have just won a lottery?
      b) Find yourself. You can ask yourself that you can live happily if living a luxury life with LOAN?
      c) People say : change your mind. change your life. Find yourself first.
      d) Some properties are in hidden forms, not visible.
      e) Focus on your mission (find yourself), not money. Money will find you later. A luxury house itself will find you , not you.
      F) Read more books or ebooks. Find answers maybe waiting you.
      g) What else?...Maybe some one here will continue ...
      Or you should go to ziona.com , free house
      try it. A new thing I just found can make you satisfied even just in a few minutes.
      Hope you find your own way.
      {{ DiscussionBoard.errors[5750707].message }}
  • Profile picture of the author Oliver Williams
    Originally Posted by Lucrative View Post

    The idea is that if I'm comfortable I'll be more creative and alive to execute my plans more effectively.[/B] Of course, I'm not going to stay inside the apartment all day. I'm always going to the gym and doing random outside cardio and bike rides when I want to.

    You will not be comfortable because you will have all the added stress and pressure of servicing the debit.

    As your finances start to run out which would be in a few months the pressure would become greater to the point where I believe unless you have some solid results coming, in sleeping at night could become,,,,,,, difficult making it much harder for you to execute your plans and tap into your creativity.

    Hey man I know you want to live it up but this plan has the potential to go disastrously wrong.

    Get your results first then have your fun.
    Signature
    Don't believe everything you think
    \\\===========================///
    {{ DiscussionBoard.errors[5712697].message }}
  • Get a Houseboat in Sausalito...you can see SF from there - and it's cheaper...

    That way, when (or if) this plan fails...you don't have to jump, you can just drown yourself...
    {{ DiscussionBoard.errors[5714460].message }}
  • Profile picture of the author hardraysnight
    but you can raise $30,000

    just go to the garment area and look for men in pin stripe suits and fedoras, carrying violin cases

    talk to them, hearts of gold beneath their rough exteriors

    these benefactors are so kind they will even offer a collection service on your payments

    good luck with your venture
    {{ DiscussionBoard.errors[5714665].message }}
  • Profile picture of the author Jonathan 2.0
    Right or wrong, you certainly have something of an “Entrepreneurial Spirit” and that's cool : )

    Good luck with everything.
    Signature
    "Each problem has hidden in it an opportunity so powerful that it literally dwarfs the problem. The greatest success stories were created by people who recognized a problem and turned it into an opportunity."―Joseph Sugarman
    {{ DiscussionBoard.errors[5714736].message }}
  • Profile picture of the author Preeti
    I think you need to hear some of Dave Ramsy's stuff. Would definitely recommend that you start off with the $800/month apartment and then earn the money you need to move into that luxury apartment.

    Take baby steps!
    {{ DiscussionBoard.errors[5723177].message }}
  • Profile picture of the author seasoned
    You're KIDDING, RIGHT?


    I'm 19 years old, going on 20.... I've decided to quit my local junior college and focus on my entrepreneurial spirit.

    I have no credit history, never had a job, but for money I've been selling/flipping things online on forums, eBay, and craigslist ever since I was 13. Everything from iPhones, cars, high-end sportbikes and gear and basically anything I had laying around. Was never really an official business, never kept track of anything. I just did it to make a bit of money and sell off older items to get the better or latest ones.
    OK, you were careless, did ANYTHING for money, never kept track, broke the law, and may get audited! Nobody in their right mind should give you any support expecting you will pay.

    Anyways, I'm working on a big online project right now and have probably 150 hours left worth of work to go. I still live at home with my parents. But the thing is that they're always arguing and the negative vibe really effects me. So it's always been hard to concentrate on homework (when I was in school) and anything else I had to do (working on this project). Also, we live in a small dead town, think...... I can get a decent nice house for cheap, but the area sucks type of town.
    OK, you are supported, burning your bridges, and have NO idea how well off you are!

    I dislike it here and as much as I love my friends, I don't wanna head where they're heading. (local junior college, working ****ty jobs, transferring to a CSU). And a good majority of my friends have already left for college, military, and/or leaving pretty soon.

    My original plan was to get a decent apartment around here for $800/month which I could afford.
    OK, you have no idea about anything, and want to get rid of options. $800 a month COULD become $1800 up front! Last I heard, that was STANDARD! Tack on maybe $50+ a month for utilities that are almost NEVER provided that you may want. Tack on MAYBE another $150+ a month for utilities that MAY not be provided. and what about furnishing and appliances?

    But something else came into my mind...

    I want to get a loan for maybe 30k or so to move out into the city of San Francisco into a luxury, high rise apartment with a view. I'd use the money for living expenses and paying others to do the work I'd rather not spend time doing.
    San francisco is EXPENSIVE! ~7 years ago, when I was there, they were paying $20/hour to people that serve coffee at starbucks. They were FLYING IN, and paying hotel bills for, SCHOOL BUSS drivers that flew in because they were paid a PREMIUM to buss kid to school! And rent costs a LOT! 30K probaby wouldn't last a YEAR, but what would you do for food, gas, fun, etc.... SERIOUSLY!

    I once had a friend that lived in a penthouse apartment on wilshire. Perhas the highest building in the CITY, and that place is like beverly hills! It is like the drummands apartment on "different strokes". He can see the whole city. HE didn't know how good he had it EITHER! He was middle aged, and delivered pizza for a living BUT, his father was FILTHY rich, owned a large construction company, and let his son live with him! I don't know how the subject came up, because my friend(his name was brent) doesn't really care about money. It is EASY to not care when others ALWAYS pay your way! Anyway, he said that apartment cost over $20K a MONTH!(as of about 15 years ago) IMAGINE! It took up the WHOLE floor on top of a massive highrise, which had a HUGE massive ornate lobby with its own doorman who was there 24hours a day!

    The idea is that if I'm comfortable I'll be more creative and alive to execute my plans more effectively. Of course, I'm not going to stay inside the apartment all day. I'm always going to the gym and doing random outside cardio and bike rides when I want to.
    The GYM!?!?!?!? OH OH! In a LOW priced, LOW BALLED, INTRODUCTORY OFFER, it MIGHT be a low as about $10/month. Somehow, I DOUBT they will do that in san francisco! I have seen some costing over $100/month! In MOST areas, expect to pay between $20 and $70 a MONTH.

    I've also found a place over there where entrepreneurs, freelancers, and just people who work for themselves all go to to work on projects and network with other people. That's where I wanna socialize and meet new people.
    And what would YOU offer THEM?

    So what do you guys think, again, never had any credit history, never had a job or anything, and my parents don't understand how this would work and disagree with being a part of it.

    They had the normal plans on getting a loan for the CSU I was going to attend like they did for my sister. I love and respect my parents, but getting them to believe this is difficult since they've worked hard their whole lives. But honestly, I'd rather just do this on my own.

    The question I'm trying to ask is how would I go about getting this loan for this amount? It has to be possible. Please, any input will be appreciated. Thanks.
    OK, I will do you a favor! FIRST, to help clarify your dream, I have checked out rentals in the area for you!

    http://www.realtor.com/homesforrent/.../pg-2/sortby-1

    WOW, one is *****CHEAP*****!

    LOOK AT THIS! WOW!

    Year Built 1971

    Community Features

    •Close to Public Transportation
    •Covered Parking
    •Elevator
    •Fitness Center
    •Laundry Facility
    •Pool
    •Spa/Hot Tub/Sauna
    •Tennis Court

    Unit Features

    •Cable or Satellite TV
    •Ceiling Fan
    •Disposal
    •Fireplace
    •Large Closets
    •Microwave
    •Patio/Balcony
    •Refrigerator
    •Storage
    WOW! WHAT A DEAL! OK, it is in San mateo, NEAR san francisco. A studio, Bath, 54Sf for $1399/month! CHEAP! HERE is the floor plan: http://info.rentnet.com/property/77/...an/577.f01.gif

    But BUY IT QUICK! It asks you to check availability. BTW realize that a "fitness center" COULD be a small room with free weights. It is RARELY as implied!

    I would say more, but I'm afraid I would go TOO far!

    Steve
    {{ DiscussionBoard.errors[5724180].message }}
    • Profile picture of the author seolvl1
      no offense but you are crazy,

      If i have to take a loan I would invest it. Save until you actually profit from the business then use it to buy a place.
      {{ DiscussionBoard.errors[5724329].message }}
  • Profile picture of the author paul_1
    Whatever you do, don't start with debt...
    Signature
    {{ DiscussionBoard.errors[5724904].message }}
    • Profile picture of the author Kay King
      The problem isn't whether you should do this or not - it's that you can't.

      So what do you guys think, again, never had any credit history, never had a job or anything, and my parents don't understand how this would work and disagree with being a part of it.
      No credit history
      No job history
      No income proof

      ...and parents hopefully too smart to co-sign

      You are dreaming if you think you can qualify for a $30k loan. You might have a hard time renting an apartment.

      Establish a credit record and get an apartment and work your way up from there.
      Signature
      Every child needs a pet because every family needs an optimist

      Saving one dog will not save the world....but will forever change the world for one dog.
      {{ DiscussionBoard.errors[5725939].message }}
      • Profile picture of the author seasoned
        Originally Posted by Kay King View Post

        The problem isn't whether you should do this or not - it's that you can't.



        No credit history
        No job history
        No income proof

        ...and parents hopefully too smart to co-sign

        You are dreaming if you think you can qualify for a $30k loan. You might have a hard time renting an apartment.

        Establish a credit record and get an apartment and work your way up from there.
        It IS ironic! If they COSIGN, "lucrative" could make a case for getting EVERYTHING! COMMIT THEM BECAUSE THEY ARE INSANE!!!! AND, as I said, $30K isn't enough for even ONE year! Given the CHEAP apartent I found, it would still cost 16788/year just for the room. That does NOT count the $9000 or so tax, or the maybe $1800/year minimum utilities, etc... As you can see, $30K SEEMS like a lot, but it is NOTHING, ESPECIALLY in a place like san francisco. In san francisco, it COULD be considered to be BELOW the poverty line.

        Steve
        {{ DiscussionBoard.errors[5727073].message }}
  • Profile picture of the author yukon
    Banned
    Not only is this idea crazy, well... it's crazy!

    Now If OP said he was going to buy the apartment building, live in one apartment & rent the other apartments, that would make sense.

    Meanwhile while your waiting for the loan/lease approval, set aside some money for the bankruptcy lawyer.
    Signature
    Hi
    {{ DiscussionBoard.errors[5730158].message }}
    • Profile picture of the author seasoned
      Originally Posted by yukon View Post

      Not only is this idea crazy, well... it's crazy!

      Now If OP said he was going to buy the apartment building, live in one apartment & rent the other apartments, that would make sense.

      Meanwhile while your waiting for the loan/lease approval, set aside some money for the bankruptcy lawyer.
      Let's be honest here! The bankruptcy WON'T cost much compared to:

      1. The 30%+ RETROACTIVE holdback for taxes!
      2. ANOTHER 20% per year compounded for interest and penalties.
      3. ANOTHER maybe $50,000 for a $100K bond for jail.

      Let's say, for example, that you got $100K for 10 years. That is $1Million. SOUNDS like a lot, huh?

      1. NOW, you need $300K for taxes you haven't paid.
      2. You need maybe as much as $1.1Million for interest and penalties.
      3. Maybe $50K

      So the 1 million may cost you 1.45million!!! GRANTED, I said 20%. Last I heard, the interest was only about 13%, but that WAS a long time ago, etc.... And the $50K, as I understand it is LOW! It could easily be several times that.

      That does NOT include ANYTHING else, not even the lawyer to handle your case.

      BTW BY LAW, I think basic audits are limited to 3 years UNLESS they find evidence of fraud. I think they can then go back to 7 years. If the fraud is extreme or willfill, I don't think there is ANY limit! So if you haven't paid taxes for 10 years, but had enough income for all 10 years, they probably WILL examine ALL those records.

      So how do the POOR handle bonds? First of all, they may not be that extreme, so the bond may be lower. Second, they could have an asset, it could be jewelry, cars, home, etc... THIRD, the bail bondsman considers it a LOAN! They charge interest, fees, and certain expenses. If you run out, they tack on a BOUNTY fee where YOU get to pay to have people HUNT YOU DOWN!!!!! They ALSO take EVERY listed asset required to pay, and may take others. So if the judge says you have 100hours of freedom, don't even be 20 minutes late! If you are, you will be looking over your shoulder until you get to the court.

      Steve
      {{ DiscussionBoard.errors[5730622].message }}
  • Profile picture of the author J Bold
    The more I read this thread, the more I think we've all been had and the OP was a troll.

    Surely nobody would be this ignorant...
    {{ DiscussionBoard.errors[5731923].message }}
    • Profile picture of the author seasoned
      Originally Posted by redicelander View Post

      The more I read this thread, the more I think we've all been had and the OP was a troll.

      Surely nobody would be this ignorant...
      MAN are you WRONG! There are some REALLY stupid people out there. They tend to act dumber when, if people listened to them, they would get a lot with NO effort on their part.

      In short, I can't assume that the guy even knows what 2*2 equals! But you will see that I always told him that he was nuts and his understanding of finance, that apparently is VERY common, is TOTALLY wrong!

      Steve
      {{ DiscussionBoard.errors[5732282].message }}
  • Profile picture of the author Michael Ten
    Taking big risks can pay off big or hurt hard.
    {{ DiscussionBoard.errors[5732793].message }}
    • Profile picture of the author seasoned
      Originally Posted by Michael55555 View Post

      Taking big risks can pay off big or hurt hard.
      Taking big risks usually just shows you are a MORON unless they are clearly towards a goal that leads to some sustainable benefit.

      Jumping off a cliff to jagged rocks below to be on TV is probably just STUPID! Walking a tightrope with enough preparation, and all is different.

      Cutting into a human with a carving knife, EVEN if they permit it, will liely land you in jail. Using the right tools to do something you are skilled in is another story.

      Borrowing to stay in a home to do nothing different is illegal. Borrowing to finance a business that has a decent chance, may end up getting you billions.

      Steve
      {{ DiscussionBoard.errors[5734054].message }}
  • Profile picture of the author cashtree
    Listen to me brother, don't ruin your credit...mines ruined and I can't even get a nice cell phone without paying an arm and a leg much less get a car, house etc...I'm not against you following your dreams but you need to work your way up not just borrow some money and hope for the best. When you prove to yourself you can make certain amount a money(needs to be at least a thousand) without borrowing money, then you should consider going up to the next level. If you go before then you're setting yourself up for failure.
    {{ DiscussionBoard.errors[5732847].message }}
  • Profile picture of the author SEOLee
    Move out your god damn parents house man jeez. I moved half way across the world when I was 18 and I now have a 8 month old daughter at 21. But don't get a loan. That sucks. You will end broke... and a joke... broke joke... joke broke... it rymes
    {{ DiscussionBoard.errors[5734228].message }}
  • Profile picture of the author almondj
    Originally Posted by Lucrative View Post

    I'm 19 years old, going on 20.... I've decided to quit my local junior college and focus on my entrepreneurial spirit.

    I have no credit history, never had a job, but for money I've been selling/flipping things online on forums, eBay, and craigslist ever since I was 13. Everything from iPhones, cars, high-end sportbikes and gear and basically anything I had laying around. Was never really an official business, never kept track of anything. I just did it to make a bit of money and sell off older items to get the better or latest ones.

    Anyways, I'm working on a big online project right now and have probably 150 hours left worth of work to go. I still live at home with my parents. But the thing is that they're always arguing and the negative vibe really effects me. So it's always been hard to concentrate on homework (when I was in school) and anything else I had to do (working on this project). Also, we live in a small dead town, think...... I can get a decent nice house for cheap, but the area sucks type of town.

    I dislike it here and as much as I love my friends, I don't wanna head where they're heading. (local junior college, working ****ty jobs, transferring to a CSU). And a good majority of my friends have already left for college, military, and/or leaving pretty soon.

    My original plan was to get a decent apartment around here for $800/month which I could afford.

    But something else came into my mind...

    I want to get a loan for maybe 30k or so to move out into the city of San Francisco into a luxury, high rise apartment with a view. I'd use the money for living expenses and paying others to do the work I'd rather not spend time doing.

    he idea is that if I'm comfortable I'll be more creative and alive to execute my plans more effectively. Of course, I'm not going to stay inside the apartment all day. I'm always going to the gym and doing random outside cardio and bike rides when I want to.

    I've also found a place over there where entrepreneurs, freelancers, and just people who work for themselves all go to to work on projects and network with other people. That's where I wanna socialize and meet new people.

    So what do you guys think, again, never had any credit history, never had a job or anything, and my parents don't understand how this would work and disagree with being a part of it.

    They had the normal plans on getting a loan for the CSU I was going to attend like they did for my sister. I love and respect my parents, but getting them to believe this is difficult since they’ve worked hard their whole lives. But honestly, I’d rather just do this on my own.

    The question I'm trying to ask is how would I go about getting this loan for this amount? It has to be possible. Please, any input will be appreciated. Thanks.
    You MIGHT get up to $5k, depending on how much income you can prove. No credit history and no income statements or ways to formally prove a steady flow of cash will make it difficult to land a loan.
    {{ DiscussionBoard.errors[5735278].message }}
    • Profile picture of the author Kay King
      Ok I understand where you guys are coming from. But it still makes complete sense to me. I appreciate the honest inputs, however, no one has answered my question as to how I can go about getting this loan with my current circumstance?
      No - you don't understand. It makes sense to you because it's what you want - and you want it now. If you don't believe the answers - just go a lender and apply for a $30k loan and see how fast they show you the door.

      You can't talk your way into $30k from a lending institution - they know better. They look at your past credit history (you have none), your work history (none) and require a stable income sufficient to repay the loan (you don't have that, either).

      The numbers either work or they don't from the lender's standpoint - you don't even have any numbers.
      Signature
      Every child needs a pet because every family needs an optimist

      Saving one dog will not save the world....but will forever change the world for one dog.
      {{ DiscussionBoard.errors[5735982].message }}
  • Profile picture of the author Emily Meeks
    Well, the OP hasn't really come back in here, so I'm assuming he either gets it or is too shameface to say anything.

    Pretty much everything noteworthy has already been said, but I will add this: Sh*t happens, and if you don't have a strong foundation, one small slip could cost you dearly.

    Don't rely on a few certain things falling into place - take advantage of the resources you have before you give them up and leave it to chance.
    Signature

    In all that you do, know your True INTENT...

    {{ DiscussionBoard.errors[5740167].message }}
  • Profile picture of the author peter83
    Banned
    [DELETED]
    {{ DiscussionBoard.errors[5740280].message }}
    • Profile picture of the author Joe Mobley
      Moving into an expensive, luxury, high rise apartment, BEFORE making any money?? Am I crazy??
      Crazy - Questionable.
      Foolish - Definitely.

      I think the reality is that you are lazy and irresponsible. You probably have been that way for most of your life. You probably have 'justification' down to an art form so it's easy for you to reason away less-than-wise decisions.

      If the shoe fits...

      Joe Mobley
      Signature

      .

      Follow Me on Twitter: @daVinciJoe
      {{ DiscussionBoard.errors[5746860].message }}
  • Profile picture of the author pooshda
    A luxury high-rise condo/apartment in a major city will probably eat up that $30,000 within the first 12 months easily... you're probably looking at $2000-3000/month and that's just a guess on my part... Sounds like a bad plan to me... I mean it's nice to have goals but I don't think $30,000 will get you very far.
    {{ DiscussionBoard.errors[5747006].message }}
    • Profile picture of the author seasoned
      Originally Posted by pooshda View Post

      A luxury high-rise condo/apartment in a major city will probably eat up that $30,000 within the first 12 months easily... you're probably looking at $2000-3000/month and that's just a guess on my part... Sounds like a bad plan to me... I mean it's nice to have goals but I don't think $30,000 will get you very far.
      DEPENDS! A SMALL apartment in a high rise in a luxury area may cost so little that $30,000 with NO taxes, withholdings, utilities, food, etc... might last almost 3 YEARS!

      A luxury apartment in a high rise could EASILY cost SO much, that $30,000 with NO taxes, withholdings, utilities, food, etc... would not, as of 15 years ago, even last 2 MONTHS!!!!!!!!

      I'm not kidding!

      Steve
      {{ DiscussionBoard.errors[5747031].message }}
      • Profile picture of the author pooshda
        Originally Posted by seasoned View Post

        DEPENDS! A SMALL apartment in a high rise in a luxury area may cost so little that $30,000 with NO taxes, withholdings, utilities, food, etc... might last almost 3 YEARS!

        A luxury apartment in a high rise could EASILY cost SO much, that $30,000 with NO taxes, withholdings, utilities, food, etc... would not, as of 15 years ago, even last 2 MONTHS!!!!!!!!

        I'm not kidding!

        Steve
        I totally believe it, I am from Michigan where the cost of living is rather nice... but I know those major cities (some of them) can be downright insane.
        {{ DiscussionBoard.errors[5747056].message }}
  • Profile picture of the author Perestroika
    ABSOLUTELY NOT!

    I give you props for being hustling since you were 13. Sounds like you are familiar with some ways of making money online already. Since you have no job history, credit history you will never get a loan or luxury rental. A lot of buildings, not only luxury, require an application, interview and background screening. The only way to get a loan & apartment is with a guarantor and I doubt your parents will help you from your description. Someone once told me that his coworker paid $18k in deposits to get in apartment in Manhattan because of bad credit.

    My suggestion is tough it out with your parents & college for now and start earning IM money on the side. Scale up your operation where you are consistent and make at least $5k/month. Luxury apartment in SF is $2k+/month and add at least $1k for food, utilities, shopping, transportation, etc. You need to be making more to live that kind of lifestyle.
    {{ DiscussionBoard.errors[5748561].message }}
  • Profile picture of the author seasoned
    You COULD get by the credit history problem by....

    1. Pay ALL CREDITORS, including the US government! It will likely be EXPENSIVE!
    2. Save up an amount approaching the complete amount for the whole term for the contract. You may need the WHOLE amount. If it is a month to month contract, you probably want 4 months. 3 months is a quarter, and maybe tack on another in case. Actually going month to month is rare anyway. They often ask for 2 months to start. You CAN get the second month back, but that is LATER. And DON'T forget to add the security deposit!
    3. Do SOMETHING to convince them that you will allocate it to that contract. Often this is done through a method known as a lien, where you are forbidden by law to sell it without them getting it first, or escrow, where a third party is contracted to keep it from either party until that part of the contract is done.
    4. Get some references to your character, just in case, and clean your car, which should be in good repair! Some places ask for references, etc... BTW if you are young, have roomates, and sometimes young women, have a harder time! So that is ANOTHER strike against you! You are YOUNG! They worry about drugs, parties, and just being reckless.

    THIS way, you will need NOTHING, except a LOT of money! You should probably start small, and it may only cost you about $3300, not including taxes, fines, interest, and penalties! THEN you can go to the luxury apartment where it may cost you about $240,000, not including taxes, fines, interest, and penalties. and you MIGHT be able to do something like pay this through some secured credit account, get credit for it, and get a FANTASTIC credit score, if you go the luxury route.

    Steve
    {{ DiscussionBoard.errors[5749422].message }}
    • Profile picture of the author Perestroika
      Originally Posted by seasoned View Post

      You COULD get by the credit history problem by....

      1. Pay ALL CREDITORS, including the US government! It will likely be EXPENSIVE!
      2. Save up an amount approaching the complete amount for the whole term for the contract. You may need the WHOLE amount. If it is a month to month contract, you probably want 4 months. 3 months is a quarter, and maybe tack on another in case. Actually going month to month is rare anyway. They often ask for 2 months to start. You CAN get the second month back, but that is LATER. And DON'T forget to add the security deposit!
      3. Do SOMETHING to convince them that you will allocate it to that contract. Often this is done through a method known as a lien, where you are forbidden by law to sell it without them getting it first, or escrow, where a third party is contracted to keep it from either party until that part of the contract is done.
      4. Get some references to your character, just in case, and clean your car, which should be in good repair! Some places ask for references, etc... BTW if you are young, have roomates, and sometimes young women, have a harder time! So that is ANOTHER strike against you! You are YOUNG! They worry about drugs, parties, and just being reckless.

      THIS way, you will need NOTHING, except a LOT of money! You should probably start small, and it may only cost you about $3300, not including taxes, fines, interest, and penalties! THEN you can go to the luxury apartment where it may cost you about $240,000, not including taxes, fines, interest, and penalties. and you MIGHT be able to do something like pay this through some secured credit account, get credit for it, and get a FANTASTIC credit score, if you go the luxury route.

      Steve
      He didnt say that he has bad credit, he said he has no credit.

      I want to add I rent my luxury apartment in Miami and I ask for First Month Rent + Last Month Rent + Security Deposit + Building Security Deposit. My building requires that I give them 1 month rent as a security deposit in case the tenants damage something in the building.

      I had some people who wanted to move in and pay only first & last month and I told them no. Why should I be liable for damage they can potentially cause to my apartment as well as common areas of the building. My building also requires a $250 application which covers the interview and background screening.

      Without a job and credit history you can expect to pay for 6 months of rent upfront as well as at least one security deposit. A lot of money for a 20 year old.
      {{ DiscussionBoard.errors[5749856].message }}
      • Profile picture of the author seasoned
        Originally Posted by Perestroika View Post

        He didnt say that he has bad credit, he said he has no credit.
        RIGHT, but he DOES have DEBTS! We may HATE it, but he DOES! If he doesn't pay them, all is for not!

        I want to add I rent my luxury apartment in Miami and I ask for First Month Rent + Last Month Rent + Security Deposit + Building Security Deposit. My building requires that I give them 1 month rent as a security deposit in case the tenants damage something in the building.

        I had some people who wanted to move in and pay only first & last month and I told them no. Why should I be liable for damage they can potentially cause to my apartment as well as common areas of the building. My building also requires a $250 application which covers the interview and background screening.

        Without a job and credit history you can expect to pay for 6 months of rent upfront as well as at least one security deposit. A lot of money for a 20 year old.
        Yeah, I did say a few times that they ask for first and last and a security deposit. I forgot about the 6 months. I started with good credit and a good job, etc...

        Steve
        {{ DiscussionBoard.errors[5749995].message }}
  • Profile picture of the author J Bold
    Oh my goodness I just watched this short funny clip from Conan and the situation he lays out sounds eerily familiar.

    Conan's Expert Advice On Quitting Your Job @ TeamCoco.com

    Sound like someone's plan?

    he he

    {{ DiscussionBoard.errors[5765480].message }}
  • Profile picture of the author pikey
    I see you said this "But the thing is that they're always arguing and the negative vibe really effects me"

    Beleve in your self dude ....
    {{ DiscussionBoard.errors[5823126].message }}
  • Profile picture of the author bluecoyotemedia
    Dude i understand your situation

    but getting a loan is the worst

    never ever get into debt..

    debt is what killed america as we know it

    we americans have been living on borrowed credit since I was your age. imagine

    living on a credit card and when that is maxed out getting another credit card and paying the min on one credit card and living off credit off the new one

    then when that gets maxed out pay the min and get another credit card

    and so on and so on

    this is how we americans have been living for the past 50 years and then we say we have lived in prosperous times

    crazy!!

    here is what you do

    if the situation is bad at home

    then go look for an OFFICE.. you can find a nice office in a nice complex for $500 a month. you already said you can afford $800 so this should be good.

    then get into a diciplined routine and head to the office and get to work

    in a short amount of time with discipline focus you will start to cashflow.

    once you feel comfortable.. then you can upgrade to a nicer office space

    and so

    but always on the cash flow you generate never on loan

    then when you arrive to the point when your making bank... you realize with what you do for a living you can work from anywhere in the world..

    and the world is your oyster


    then you start exploring other countries and living in a country and see the world in a whole new light

    good luck
    Signature

    Skunkworks: noun. informal.

    A clandestine group operating without any external intervention or oversight. Such groups achieve significant breakthroughs rarely discussed in public because they operate "outside the box".
    https://short-stuff.com/-Mjk0fDExOA==

    {{ DiscussionBoard.errors[6845343].message }}
  • Sounds like you have a wonderful plan for going broke quick!

    Save your money.

    Its better to have few wants than lots of needs.
    Signature

    {{ DiscussionBoard.errors[6845377].message }}
  • Profile picture of the author HeySal
    Self indulgence doesn't sound all that entrepreneurial to me. It was the buy now - pay later mentality that broke our economy and put so many out on the street when the excrement hit the air conditioning. It's a lot more satisfying to be able to look at your lifestyle and be able to say "I earned this - I can afford it" than to continually seek out ways to buoy yourself up in a lifestyle that isn't REALLY yours to begin with.
    Signature

    Sal
    When the Roads and Paths end, learn to guide yourself through the wilderness
    Beyond the Path

    {{ DiscussionBoard.errors[6845568].message }}
    • Profile picture of the author Joe Mobley
      Wow Sal, this is excellent.

      My concern would be that our young, poorly trained, and inexperienced friend will not be able to receive such wisdom.

      But... good stuff none the less.

      Joe Mobley


      Originally Posted by HeySal View Post

      Self indulgence doesn't sound all that entrepreneurial to me. It was the buy now - bay later mentality that broke our economy and put so many out on the street when the excrement hit the air conditioning. It's a lot more satisfying to be able to look at your lifestyle and be able to say "I earned this - I can afford it" than to continually seek out ways to buoy yourself up in a lifestyle that isn't REALLY yours to begin with.
      Signature

      .

      Follow Me on Twitter: @daVinciJoe
      {{ DiscussionBoard.errors[6846857].message }}
      • Profile picture of the author HeySal
        Originally Posted by Joe Mobley View Post

        Wow Sal, this is excellent.

        My concern would be that our young, poorly trained, and inexperienced friend will not be able to receive such wisdom.

        But... good stuff none the less.

        Joe Mobley
        Of course he won't. How many times did we listen to advice when we were young and too impetuous? I usually don't give advice for that reason - but when someone asks I still like to take the opportunity to say what I think. Deep down, though, I know the only ones who hear what anyone is saying are those that don't need the advice. :rolleyes:
        Signature

        Sal
        When the Roads and Paths end, learn to guide yourself through the wilderness
        Beyond the Path

        {{ DiscussionBoard.errors[6846972].message }}
  • Profile picture of the author Perrymma
    I disagree with everyone. I think its a hell of a idea. Your going to get swamped with bills and then a good IMer would do what? WORK HARDER. Hopefully it pushes you to excel.
    {{ DiscussionBoard.errors[6845741].message }}
    • Profile picture of the author Daniel Evans
      People usually strive to earn money for the sake of freedom.

      A debt is a burden.

      Even if you earn enough money to pay for your property, you still don't have freedom. You only have expenses paid for - albeit in a better setting.

      I think it could possibly be a very uneasy choice. There seems to be a lot of hearsay that a person tries 10x harder when they are faced with crisis, but on the flipside many people barely function at all when they face crisis. A person is unlikely to be able to work effectively in an anxious state.

      I know the best of my work is generated when I'm relaxed and my battery has fully recharged.
      {{ DiscussionBoard.errors[6846148].message }}
  • Profile picture of the author Tobo1981
    I live in a 1 and a half appartment...but I have 15,000$ in bank, no dept, and I will be able to afford investing in my business.

    This beautiful place you want to live in might make you feel good for a while, you may impress some girls that will think you are bigshot, but after a while you will have to either go back to your parents, or live in a small place like me, except with a 30,000$ dept to pay back instead of 15,000$ of asset.

    The 30,000$ dept is the wrong choice, but hey, I have made TONS of bad choices in my life and paid for it too...I can't blame you...you will live your experiences and learn, but 30,000$ will take you a good 5 to 10 years to pay back if you need to get bad job to pay it back cause you have no education, you will enjoy the big life short term, and live bad long to pay it back...this is the price you are likely to pay.

    But seriously, I doupt a bank will loan you 30,000$ for this, and thank them for refusing you lol

    Besides, if you think you will make money online fast enough to pay off that dept and keep the lifestyle...why don't you just avoid the risk, make that money as fast and you think, and then pay for the lifestyle with your money instead of the bank's ?

    I say avoid the dept, but I know you probably made your decisions already.

    Live and learn
    {{ DiscussionBoard.errors[6846235].message }}
  • Profile picture of the author pickthat apple
    first thing that springs to my mind is that I wouldnt want to be the company lending you money nor the company renting the condo. Why? because I would not want to feed your unrealistic expectations nor having you own me a lot of bucks after a few months.
    {{ DiscussionBoard.errors[6866451].message }}

Trending Topics