What do you suggest I do?

[Gervon Thompson]

Here's my story, so I happen to be on of those naive millennials who continuously took out student loans without even considering the burden it would cost to repay them upon graduation. I've amassed about $91k in student loans and I've managed to land a job that pays around $95k gross (about $60k net). Like most college students that enter the working world, I've now realized that I do not want to continue in my current job for the next 5-10 years and beyond. I'm not too fund of W-2 jobs and want start investing, do you suggest I get second job to pay off my loans or, look into BRRRR investing or short term rentals as a source of side hustle for additional income that could subsequently lead to amassing good source of passive income and wealth (after garnering relevant knowledge on how to do this of course). I welcome any constructive criticism, and yes I'm an idiot for taking out so much student loans. Thank you!

[Erik W.]

@Gervon Thompson, hi and welcome to BP!

You've accomplished step 1, realizing there's a huge problem and that it's your responsibility to fix it vs. waiting for a benevolent Govt to fix it for you.  Bravo!

I think the idea to work is excellent! Here's the thing: BRRRR involves a lot of work too, but unlike a W-2 job there is no guarantee of making money. Many first time BRRRRs end up COSTING you money vs. making it. Just like your college degree / education cost you money, the "education" of doing your first BRRRR could come from overpaying, underestimating rehab costs, overestimating ARV, delays from weather, unforeseen problems, etc.

To put it another way: it's not guaranteed income, especially as prices are rising and it's getting harder to find BRRRRs that actually make numbers work.

Btw, another commonly misunderstood fact about BRRRR: most investors aren't using that to generate cash flow or profit today. They're using it to expand their portfolio that they plan to hold into for 5+ years. It's a long term play. The one's who are creating cash income today are flippers. Different strategy. The point of BRRRR is to keep putting money to work over and over. You don't use it to live on or pay off debts.

The bad news is you have a lot of debt.  The good news is you have a good income and potential to boost it.  Are you single?  If yes, I recommend cutting your lifestyle to the bare bones.  Live off $30K and throw $30K per year at your debt.  It will be gone in 3 years, and you will be primed to begin investing!  If you want to go faster, double down and work 12-16 hours per day.  If you go crazy, you could be done with that debt in 12-18 months.  If you're married, of course your spouse will have to be on board with this "scorched earth / work like crazy" lifestyle.  But anything is tolerable for a short season.  If you're on the same page, you can do it!  

I hope this helps.