All Forum Posts by: Adam Britt

if you can get it for 10k, what would be the appraisal for the home? How much equity could you pull out? You could take an equity loan at a low interest rate say 5% and use it to pay  off some of her high interest student loans on top of having a rental. Or she could use the equity for her refinance as collateral which should provide her a lower rate. Something to consider, but if it's in your name only and she leaves you after, that's your monkey now. You need to tackle the student loans. You are trying to pail buckets of water out of a sinking boat full of holes, you will stay stuck until you can lower the amount of water coming in. In regards to high crime. Plex for plumbing replacement no one steals plastic pipes, may need to live in property to ensure no break ins until rented.

@Adam Britt First, let me say my heart breaks as I hear your student loan situation. It is sad that this is the cry of so many of our millennials who are drowning in student loan debts to get a degree to go into careers that don’t afford them a comfortable living after making their loan payments. I wish you well and hope that you can find additional streams of income that will afford you the opportunity to pay the loans off and live the life you deserve. Now my cents. I am curious to know why you feel it’s too late to take 6 credit hours to defer loan repayment until you can do a real estate deal whether it is a fix and flip or save some money to purchase and have cash flow or some other stream of income to help pay down the loans. I know it might sound counterintuitive to increase student loan debt to avoid the payments but may you can use a credit card with zero interest to pay the tuition if you attended a community college tuition should be doable. I admit it would be foolish to increase debt unless it was a means to increase income to reduce debt. In addition one of the classes could be a real estate class required for your license. You mentioned the inconsistency of a realtor’s salary but you can do that one a part time basis which can bring in additional income as well as possibility giving you first dibs on some great real estates deals not to mention the invaluable education about real estate. I know this plan doesn’t come without risk and it is not a quick fix but can be a strategy and it’s something to atleast consider. Hope everything works out for you.

@Adam Britt , I'm going to send you to two podcast episodes. Craig Curelop used House Hacking to pay his student loans and shares the story on Episode 35 of BiggerPockets Money. (www.biggerpockets.com/moneyshow35)

And Rich Carey invests in Alabama long distance from Korea where he is serving in the Military. He tells his story of paying cash for houses in Episode 268 of the BiggerPockets Real Estate Investing Podcast (www.biggerpockets.com/show268)

I didn't read what your profession is. We also interviewed Travis Hornsby from Student Loan Planner in an Episode titled How to pay off 6-figure debt while pursuing Financial Independence. Check out (www.biggerpockets.com/moneyshow22)

@Adam Britt I do not recommend getting into the rental real estate business without reserves. Especially in a low income area. It is setting yourself up for something bad to happen.

Save more money and pay down your debt. Have you thought about starting a business that is real estate related?

I'd say that this doesnt sound like a good investment to take on at this point in time. Your relative is familiar with the area so she knows its goimg to he alot added onto your already full plate. In regards to your wife's student loans, thete has ti be a way to refinance and / or consolidate. Possibly taking out a personal loan in your name and the two of you can tackle paying it down at a lpwer interest rate since your credit is good. If you don't own a home, possibly househack a duplex or triplex and let your tenants pay the mortgage and use the rest of the funds to pay down debt. Not sure if the two of you have some untapped talent or skill that can help add to your financial situation?

Well wishes in whatever you do!

Once again @Dennis M. comes through with a great post that puts a smile on my face. He’s blunt, but accurate. @Adam Britt is this possible? Can you use the power of D class Section 8 rental properties to save you from your student loan debt and propel you to financial freedom? Yes, I think I’m proof that the concept can work. But... I don’t see a similarity in the way you are currently thinking (from the voice in your posts) to the way I was thinking when I got started, other than the type of real estate you are thinking about buying.

I wanted it so badly. My veins were on fire. My heart beat out of my chest. I didn’t care what problems I faced. I’d rehab the property myself off YouTube videos if I had to (despite no mechanical or contractoral ability). I wanted to paint the walls. I wanted the feeling of pride as I held onto the porch railing. I didn’t care who told me I couldn’t do it. I was going to put it all on the line. Go big or go home. When your whole body aches for it, then and only then will you be ready. It’s kinda like that scene in Braveheart after the English commander kills Mel Gibson’s wife, when he’s on the horse coming down the hill with that look of calm on his face, but then you see his eyes, he has that look of sure fire determination, it was breathtaking. Yeah, it’s kinda like that.

@Adam Britt

Take 6 credits at a local community college two semesters a year and you will not have to make payments on your loans. Take easy classes that will require no effort and little attendance.

Rough neighborhoods lack appreciation potential but have high cash flow.  The real question is what is your stomach made of.  Some people are made for it and others will get steam rolled.