Real Estate/General Investment Opinions Needed

[NySportsfan]

What?s up everyone,
I have lurked on madjacks for years, just rarely ventured into the financial boards, because Im a young guy, and just recently have started thinking about investing and such, I have a plethora of questions and thoughts I wanna get from people, and Im sorry if they?re not in the most eloquent fashion, just trying to get my points across, and I skip around a lot so I apologize, just whatever pops into my head
First thing, I wanted to invest in real estate, first by buying a lower priced house, living in it for 6mos-1yr, building equity, then renting it out to make a few hundred dollars profit a month, then buy a new house to live in, and repeat that process a few times. Just the one caveat, I gamble for a living primarily, not a whole lot of w-2 income, and Im afraid the mortgage place wont give me a loan because of it, even though I can show tax returns, just think they?ll be insecure with that and feel my income is unstable even though I treat gambling as a business. Also, didn?t know where to advertise rental property and attract tenants and how to set a monthly rent price, but that?s one thing.
Second, I put a decent amount into a Roth IRA starting recently using tech funds index, but wanted to know recommendations there, Im in it for the long term definitely with a Roth, just curious what funds are good. Also, wanted to do some mutual funds and was curious some decent ones there, I know Im being vague but just looking for a starting point.
Third a little off topic, was wondering if anybody knew of any good real estate lawyers, and accountants in the Vegas area, as Im moving there pretty soon, that know the ins and outs of professional gambling so to speak, and can offer me assistance, want to save as much as possible with closing costs by doing my own work, but not sure how its going to turn out, but feel real estate is a very good investment as I have family and friends who did it and Im pretty well versed on it.
Thanks in advance for all your responses, its greatly appreciated

Michael from new York

 

[Tommy Shelby]

As far as your Roth goes...Try these stocks...
CDSS, HKF, SLAB, WMT, TSN. Real estate is where all y money goes. The best way to get the bank to lend is build as much equity in the first place. When you do that , They may ask you to put it up as collateral. If you are hanging onto it for a while, that won't matter. That will get you in your second house. When you have paid it down some, approach the bank to remove the first house from the second as collateral. That way you have it to use again to start a loan. You can use the income from your rentals as W 2 builders. Be sure to include any improvements as write offs to help taxes when you get hit at the end of the year. More important than anything is make your payments on time. Your credit is the A number 1 thing you have. No matter how much you show on your W2...if your credit is bad, your screwed. On your first house, be sure you get a note based on no more than a 20 year note. You are getting hammered with interest if you go to 30 yr. If you can do a 15 year fixed now is the time. Your payment will be higher, but you will be paying a ton more to principal each month. Do yourself a favor on the tenants as well....get a referal from past landlords. I made the mistake of not doing this and got screwed by two guys who bucked their lease and moved to Colorado. You know how hard it is to find somebody there from Arkansas. Good luck to you.

Tee