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Updated about 8 years ago on . Most recent reply

User Stats

53
Posts
18
Votes
Paul Honen
  • Chattanooga, TN
18
Votes |
53
Posts

Realistic Real Estate expectations?

Paul Honen
  • Chattanooga, TN
Posted

Hey everybody,

I've been researching/reading up on everything REI for the past Month or so. I'm super excited about starting, even went to look a distressed houses in a neighborhood I might like to invest in.

Here is something I more intently started thinking about just today (Little late, but I was still in the dreamer phase of REI). Is it realistic for me to want to start this year? The reason I ask is because I have a good amount of debt.

Currently, I'm a master's student and have around 50K (70K by next year) in student loans (I don't have to start paying on this till I graduate ~2years, but does still gain interest at around 5.4%), just bought my primary residence 114K, have Car debt 18K, and my fiance (we get married in March) has about 55K in debt.

50 + 114 + 18 + 55 = 237K all together currently.   257K if you include future incurred student loans.

Currently I have about 4K in the bank (I expect to go down to 2K when the wedding is over), and I can realistically save about $500 a month currently with a job paying 50K/year before taxes.

Once I really start to think about the amount of debt I've amassed, I start to get discouraged about the financial possibility of investing soon . Anybody have any similar situations and made it work? I'd really love to hear them :)

Most Popular Reply

User Stats

186
Posts
62
Votes
Shane Baganz
  • Rental Property Investor
  • Saint Cloud, WI
62
Votes |
186
Posts
Shane Baganz
  • Rental Property Investor
  • Saint Cloud, WI
Replied

Paul,

The absolute best way to begin is by going to local real estate investor meetings. Why?
1. You'll meet like minded people who share your passion.
2. You'll learn strategies.
3. You will find people opposite of your talents and time. Some may have money to invest but little time to look. You will have time to look.
Partnerships can be huge for someone with your motivation.
Also, BP may have partners here as well in your area.
Best regards,

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