All Forum Posts by: Eryk R Wnek

I am currently saving for my first duplex house hack and I have currently around 8k saved up and goal of 25k before I purchase my first property. I currently invest all my paychecks into stocks since money sitting in bank Is not making me much money but I take the risk of loosing in stocks any better options that you guys recommend?

@Tanner Sherman I also forgot to mention I got my real estate license in New Jersey and joined a team last year and did real estate for my very first year I was able to get 12 deals my first year never being in real estate and not even knowing 1 thing about real estate I was unfortunately let go from the team as my numbers were not good enough I had about 3 or 4 deals that fell through. That experience of being let go but me off about real estate and I ended up just getting a regular job where I can save some cash. I talked to the agents on that team and the first year they did real estate they had nowhere near 12 deals the first year so I don’t know if I was doing bad

I am currently stuck with what I should do I am 22 years old living with my parents in New Jersey I don’t pay rent and all I pay for is car insurance and gas. I drive a Honda Civic that is great on gas I recently started a new job making 21 an hour and about 600-1200$ a week after taxes depending on how many hours I want to work. I am able to save almost all of that and I’m about 3 months I saved up 7k. As I am a teenager and love cars I am very tempted to buy a new car just like my friends but know this will not get me anywhere in life. I came across house hacking and I am really interested in this but It just seems out of my reach and it scares me for a number of reasons. The main one is because of my parents and the horrible luck they had when they bought a house in 2007 that was way overpriced and now they work everyday trying to keep up with the mortgage and living no so happy lives and no it’s not a crazy expensive house it was about 300k and they will never pay it off in their lifetime. I have no problem with saving up 25k or even more to buy a duplex but the unknowns if it scare me one wrong move and I’m stuck what if I get tenants that don’t pay or what if the roof needs work within the next 5 years. I am really trying to find a way to live a happy life and be able to help my parents out and just be free what should I do is it worth it for me to save and absolutely spend my money on nothing and just grind to be able to save up to buy a duplex and house hack or would I end up like my parents trying to keep up with a mortgage that I will never payoff in my lifetime and I’ll only work to payoff a house