A Punch to the Gut 👊

[Blake H.]

Just received news that I am not permitted by the city to purchase another property due to the affordable housing covenant im contracted under. Not the news I was hoping for and this will severely impact the financing I will be able to get to invest in real estate.. Demoralizing to say the least, but I knew this was a possibility and must move forward.

plan B, C, D, etc

B: Sell current house and get 70k to put towards the 300k student loan debt that has had me stuck in month to month living for the past 10 years. Find a new place to live with no cash available

C: Stay put, see what financing my wife can get and we invest in her name (She makes 30k/yr)

D: Form LLC with my investment group, using my wifes name because I'm also not permitted to be in a corporation, see what we can invest in.

E. Find a partner willing to team up with someone with skills and determination but no cash/financing

Other plans/thoughts?

Any pick me ups appreciated 🙂

[Nathan Gesner]

Plan B.

Let's be realistic. You have $300,000 in debt that has held you down for ten years. I'm assuming your wife has been around for most of those ten years and she's still only making $30,000 a year?

You should not be investing, period. You're only fooling yourself into thinking you can build wealth when you can't even get out from under the debt you incurred ten years ago. You shouldn't buy a primary home. You should be living cheap, riding a bike, eating beans and rice, working overtime or a second job, selling your plasma, and doing everything you can to pay off that debt that's holding you down. The borrower is slave to the lender.

Read Financial Peace University and attack this like your life depends on it.