All Forum Posts by: Cody Smith

Nice to see a meet up for my local area! Thanks for putting this together Byron, I'll be there.

--Cody

@Jeff Ronningen great point with the student loans being tax deductible. That definitely gives me another perspective to think about. I have been here for 8 years, and will be here for another 3 with no risk of having to move. The multifamily situation in my area is not ideal. Most are in C and D class neighborhoods, and the best 4 unit buildings close to me have had some crime issues. My multifamily dream in my eyes will have to wait until I move back closer to the Atlanta area within the next 5 years, with the hopes of house hacking a 2-4 unit.

@Theresa Harris very great points, and a great reality check with all of the issues you listed having to take care of. As Dave Ramsey says, Murphy will always get you when you're not prepared. As far as renting our current home, that is my initial plan to gain my foothold as a landlord. Luckily, we purchased our first home in a desirable area with a lot of rental demand, so I plan on keeping it for the long term. We just haven't found a home in our area that makes sense as a second property. Fortunately, I still have funds available under the VA loan program, so that helps in the realm of financing when we are able to find another home.

@Alex Forest that is another problem I am evaluating. The 20k is all that’s available, and I believe like you said I would need to build more either way to really protect myself. That’s what makes me lean toward paying the debt off. Might as well get to an even better position if I’m going to need to build more wealth in either scenario.

@Steve Vaughan you make a very great point. In addition to the financial aspect I’m exploring, I am definitely wanting to find a more stable lifestyle to eliminate other worries. I am in the process of changing positions which should give me a much more stable schedule and time at home. It’ll take another couple of months for me to determine if it gives me what I’m expecting or not. As for the car, it’s my wife’s car, so I’m not sure it’ll be as easy to convince her to sell lol also, it is a newer model in great condition with low miles, so the plan is to hang on to it as long as possible.

@Zack Howard very very true. There is something to be said about the additional capital I could gain through a higher return. Also the added benefits you listed of owning an asset. Thanks for the advice!

@Pat L. Thank you for the words of wisdom, and thanks as well to your finance professor! I agree, having a comfortability with debt is unavoidable, I also feel that I could find more comfort with that debt due to its necessity for investing. The consumer debt I feel could easily be eliminated and give me further comfort to take on the debt that will help me in the long run. Thank you!

@Sara S Jung thank you for the advice!

@Charles Osugo amazing advice, thank you. The idea of a partner definitely opens up more doors and ideas for me. I could even go ahead and tackle the debt (which is the option I’m leaning toward) and while I continue to build reserves to a level I feel comfortable investing with, I can try and secure some partnership deals where I bring the deal, and continue to network and grow that way. I definitely like the sound of that...

@Sher J. I’m very glad my question was able to help you decide as well! I definitely want to house hack one day, I do agree it is a very powerful tool to build wealth. I like the idea of building equity while eliminating debt as well. Thank you!