All Forum Posts by: Branden Hernandez
Branden Hernandez has started 2 posts and replied 6 times.
I would love to house hack. A duplex would be great.
Hello I recently got a new job in Minneapolis. I unfortunately have to move from Florida. I am having trouble finding a place and would like some assistance in finding something. Anyone in the Twin cities have any ideas for places I can rent or stay.
Quote from @Ray Hage:
Quote from @Branden Hernandez:
Quote from @Ray Hage:
Hi Branden,
Your best bet in the short run is to minimize expenses which means living with room mates and sharing those expenses. I would also cut out many of the unnecessary expenses like going out to eat/drink, major vacations, etc. After a year or so, you should have a lot of extra money sitting around that you didn't have before. You could aim to buy a duplex or SFH that you could house hack and live with room mates for a while till you have a decent side income plus the jobs you already have. I know it sounds terrible and a lot of effort and sacrifice, but if you don't, it will be far more difficult to get out of your current rat race.
Thanks for the context. It's great that you don't pay rent! I was in a similar situation in my younger years and it helped a ton. It sounds like there aren't many more expenses that you can cut.....so you have to increase your income to increase your savings. I am not trying to offend here (but I will say it frankly), you are probably either underpaid or under-skilled. At your current savings rate, it will take forever to get enough money together to get a property without partner.
Can I be nosy and ask what you do for work at each job and are you learning a ton that you could eventually apply to a side hustle or your own business to make a much better income? You will also want to have that in an LLC to maximize your tax write-offs, which will help keep more money in your pocket. I can't help you directly with getting a better job or starting your own business but I try to shine the light in the right direction.
I’m a software developer that makes 63k a year. To be more frank, my monthly income is 3526.14 my monthly payment for my loan is 2k a month and the rest of my expenses goes to phone bill, food for the house, car insurance and helping pay for my grandmother health expenses which leaves me with not a lot of money to save.
Quote from @Ray Hage:
Hi Branden,
Your best bet in the short run is to minimize expenses which means living with room mates and sharing those expenses. I would also cut out many of the unnecessary expenses like going out to eat/drink, major vacations, etc. After a year or so, you should have a lot of extra money sitting around that you didn't have before. You could aim to buy a duplex or SFH that you could house hack and live with room mates for a while till you have a decent side income plus the jobs you already have. I know it sounds terrible and a lot of effort and sacrifice, but if you don't, it will be far more difficult to get out of your current rat race.
Also it’s hard to save up. I did the math and it will take me 15 years to pay off that debt. Also I am only able to save about $400 every month.
Hello I’m new to the forum. I want to start get into real estate but I have $200,000 in student loan debt. It’s hard to keep up the payments without working 2 jobs. I want to be able to quit working and work on real estate. So should I make an LCC and get a business loan or should I try and save up for a 3.5% down payment and doo the brrrr method?