Student Loan Debt and REI

[Account Closed]

Hello! 

I am potting this out there to see if anyone has had a similar experience or has any advice! 

I am 26 and I have a mountain of student loan debt (230,000 ) Yikes! I currently live at home, and have been learning all about real estate investing and currently saving up to purchase and house hack my first property. I make around 55-60k with my current job. I have two main questions. My why is that I want to use real estate investing to earn passive income and use that to pay off my student loans over time so I was curious as to which strategy someone recommends based on my scenario! Also, my girlfriend and I are going back and forth on if we should each buy our own properties first or if we should go in our first one together. Just putting this out there to see if anyone has had a similar experience or has any advice, thanks in advance! 

[Carlos Valencia]

Hey Jimmy, 

I would recommend you and your girlfriend each by your own property and use FHA for each this way you guys only put down 3.5% on each property and house hack it. Then once you guys leave after 12 months the goal is to have positive cashflow. Then continue doing the same either with convectional or potentially another FHA as long as you meet their guidelines. Continue to increase your income and keep your monthly expenses low. To be able to get pre approved for the most your Debt to income ratio will allow. Good luck on your journey and be patient youll get there just be persistent.

@Albert Bui @Matthew Kwan