All Forum Posts by: Abdur-Rahman Felton
Abdur-Rahman Felton has started 1 posts and replied 2 times.
Post: How Would You Move Forward?
- New to Real Estate
- Camarillo, CA
- Posts 2
- Votes 5
Hi everyone, thank you everyone for the pointers and the food for thought!
In an effort to be concise and conservative about our current situation I left out some info. There were also some great questions!
+ $12k in savings accounts
The $200 side hustle is automated as I don’t spend more than 30 minutes a week on it!
I currently work 50-60 hour work weeks and the bulk of our income is from mine.
The side business tied to debt is a Turo business! This wipes out our monthly car payment and insurance at the minimum. Haven’t had to contribute to those in years! The numbers presented were conservative numbers and the total profit so far this year on the Turo side of things is just under $3500. Have been doing this for a few years and there has been lengthy dry spells like this month. We are using the profits to clear the debt involved as well. We started at 80k in car debt at the beginning of the year, re-evaluated, took a loss by selling one of the vehicles and paid down another. The business financials are as follows
- net worth: $20,500
- assets: $49,500
- liabilities: $29,000
The line of credit we were specifically looking into is a line of credit against our stock assets. Which will be expanding as we contribute and I continue to vest through my employer
Oh and the best part! We pay a total of $800 in rent per month! We have roommates and are on board for house hacking in the future
Post: How Would You Move Forward?
- New to Real Estate
- Camarillo, CA
- Posts 2
- Votes 5
Hello!
Looking at purchase a first home but the issue is the homes we’d like to invest into in our area are far too expensive. My fiancé and I are open to investing out of state and are actually in a trip in Texas to check out real estate see how we like the idea of staring a family here.
Our Starting Point (Conservatively)
- Located in Camarillo, CA
- 120k portfolio in the stock market subject to short term capital gains with a potential tax bill of 15-20k
- Current W2 monthly income after taxes: $7k
- Side hustle 1 income: $200 month ($200 in profit)
- Side hustle 2 income: $1400 revenue ($0 profit) - debt at 29k
- Current debt: $47k (Auto: $29k Student Debt: $18k)
*the auto loan doesn’t show on our credit for some reason
How would move forward in our situation?
We also are considering continuing to contribute to the stock portfolios and open a line of credit when it makes sense. Has anyone had a positive experience with that?