All Forum Posts by: Karen Coffelt

@Julius Jon , you're right, with a credit score in the 500s and a student loan and IRS debt, I'm sure I won't be able to qualify for any loan at this time. Better for now that I just work on getting my debts paid and my credit score up and save some money.

As far as who is paying for the car that I drive for work, the company is paying for it. I work for a medical transportation company, and I take the car home with me. They pay for all the maintenance, insurance, gas, etc. Nothing comes out of my pocket. I'm not an independent contractor.

When I first moved to Arizona I was driving a taxi as an independent contractor. I paid a lease and paid for my gas and car washes. I worked crazy long hours with very little time to myself, and I was stressed out all the time. I finally had to quit that job. I was barely able to make enough money to cover my monthly expenses. Won't ever go back to doing that kind of work again. Some people are able to make money as a cab driver, but I found I couldn't cut it.

@Liwen Gu , thank you for all your help full advice. If I sell my mobile home, I don't think I'll be staying at my friend's house for free, but probably for a lot less than what I'm paying now. I would probably pay her around $300 or $400 a month, and no utilities, which would really save me A LOT in the summer! Right now I pay $540 a month on my lot rent, and then my utilities. In the winter there very cheap, but summer I pay through the nose for electricity. It's crazy!

As far as living frugally is concerned, I live pretty frugal at the moment, I know already planning to go a little more frugal. I've already quit getting Starbucks, which was about a $100 a month habit, and I'm getting rid of my cable and house phone, the latter of which I don't even use, but came with the bundle package, and that will save me an additional $80 a month. I don't go out to eat unless a friend invites me and says they are paying, I rarely buy new clothes, and I go to the movies maybe once or twice a month, and that's to the cheap theater where I only pay $2, and I don't buy any food there. Groceries run me anywhere from $200 to $400 a month, just depending on whether I'm stocking up on household stuff or not. I tried to stock up on food when it's on sale if it's something non-perishable or something that can be stored in the freezer.

As far as house hacking with roommates is concerned, when I lived in Massachusetts at my father's house after he passed away, I had several roommates there. I find it extremely difficult to live with roommates, especially if they're not respectful of your wishes. I currently have a roommate now, and older Vietnamese gentleman who is very respectful and is basically the perfect roommate. Unfortunately, he can only afford to pay me $200 a month, and I agreed upon that to help him out. He's hardly ever home, and when he is home, he's very quiet and respectful. It would be nice if all roommates were like that.

If I can find a house that had like maybe a master suite with a separate entrance or a garage that's been converted into a studio apartment or something like that, that would work out great. Even a basement that has been converted into one bedroom apartment or studio, although homes with basements are rare in Arizona. However, as @Julius Jon mentioned, with a credit score of only in the 500 and student loan and IRS debt, there's probably no way that I'll qualify for an FHA loan, or any loan, for that matter. Better for now that I just work on getting my debts paid off and getting my credit score up, and start saving money.

@Jody Broussard, thank you for your encouragement. I'm hoping I can do at least as good as you've done by the time I'm your age. I have about 10 more years to go. LOL! I know what you mean about the podcasts all having some sort of usefulness, even though they don't pertain exactly to what you're investing in. Every time I listen to a podcast or watch a video I take copious notes. I'll check out that book you mentioned when I get a chance. There are many books that I need to read. This is going to take me a long time! LOL! Thanks again for your encouragement.

@Collin Schwartz, thank you for your encouraging words. I've been starting to put a lot more time into reading articles and books, watching videos,  and listening to podcasts .  I have a long way to go,  but lately I've been getting a lot of downtime at work,  so that gives me the time to do this .  Don't have time for a second job, because I'm on the clock for 12 hours out of the day. I do get paid for my downtime. Work has been slow lately, but at least my wages aren't affected.

@Jonathan Hulen, don't worry, I'm not getting discouraged. Most of you have been very nice and helpful, and I appreciate everything. I I do know that you all want to apprise me of the reality of REI.

My credit score is currently in the 500s somewhere. Haven't checked it in several months. Obviously I have to work on getting it up.

I was thinking exactly in the same lines that you are about getting a duplex or a house with a mother-in-law's quarters or some such that I can rent out and pay for a good chunk of the mortgage, meanwhile building up equity. I keep looking at places on Zillow, and sometimes I run across places like those, but most of them have been rather pricey. I'm not giving up, though. Right now, though, I have to wait until my friend's grandson moves out of her place, that way I'll have a place to move into after my place sells, until I can get that duplex or whatever. Not sure if I'll be doing that yet, but it's something to consider.

Thank you so much for your encouragement.

@Jon Holdman, yes,  I've already quit Starbucks. The thing about Starbucks is, sometimes I like to go there on my downtime and hang out and read, but I don't have to. I also make my coffee at home every morning, but I like to get a latte at Starbucks now and then. Cutting that out will help me lose weight as well as save money. Just have to call my cable company now  and get just Internet only.

When it comes to my job, I do get paid for my downtime. I get paid a set wage for the day, regardless of how many actual hours I'm on the road. Sometimes I have a lot of downtime, which I think is great, because I still get paid for a full day. Other days I'm on the road most of the day, but those days when I get plenty downtime really make up for it. I'm able to go home quite often for my downtime, so I utilize it in many different ways. Lately I've been doing a lot of reading and watching videos and podcasts and stuff on REI. Don't have time to get a second job, because I'm on the clock for 12 hours a day, and usually I work 6 days a week, and sometimes 7, my choice to make extra money. Lately I've only been getting 5 days a week, but this is our slow time. I'm pretty sure it'll pick up again after the holidays. I love what I do, except it just doesn't pay enough.

I do know full well that REI will not make me rich quickly or easily. I'm 54, so I don't have too many years left. I'm hoping I can have some kind of little success in the next 10 years or so. Would be nice to retire with enough passive income so that I can be making at least $1,000 more than what I'm making now, including my social security.

I've been thinking about getting my real estate license, but I have to save up enough money to take the classes first. Seems like that would be the best thing to do at this point in the game since I don't have any money to invest yet.

@Daniel F. Harb , thanks! I'll get that book and start applying the principals to my life. Except for the money I spend on cable TV and going to Starbucks, both of which I have no problem giving up, I'm usually pretty frugal. I rarely ever eat out or spend money on other activities. I've been living that way for awhile now since moving out to AZ almost 2 years ago. I used to spend money like it's going out of style, but I've really learned to cut back. More likely I should say I was forced to cut back. Which is probably a good thing. Thankfully, I do not have any credit card debt, just my student loan in a little bit that I owe to the IRS.

@Joseph M. , thank you for your reply, helpful advice and encouragement. I will definitely be looking into some books by Dave Ramsey, and I'll be checking out his podcast.

When it comes to books, I'm the kind of person who prefers to have the actual book on hand, rather than one I can read on my phone. I've done both, and I prefer the actual book. I like to be able to have a book on hand to refer back to even after I've read it. The library only let you keep it for a short amount of time, and it takes me awhile to finish a book. I've gotten myself into trouble too many times by forgetting to return the book by the due date. By the time I pay fines, I could have bought the book!

I would love to further my education, and I will check with the Community College down the street. I live only a couple of miles from our local Community College. I would love to get into a graphic arts program. I enjoy designing things on the computer, but I don't really want to do graphic design, per se. I've do a lot of photography, and I've been looking into different ways that I can market my photos.

Anyhow, I've decided I'm going to put a lot more of my free time towards learning about REI, reading books on getting my finances in order and fixing my credit, and finding ways that I can market my photos. I'm going to spend a lot less time watching TV, and take that time and put it to better use. As a matter of fact, this month I'm canceling my cable subscription and I will just have internet service. If I want to watch something once in awhile, I I have Amazon Prime, and I can always get Netflix, but neither one of those is a priority.

@Rachel N. , thank you so much for your encouragement!

Yes, I'm going to read as many books as I possibly can on REI, and several of Dave Ramsey's books, and try to figure things out on fixing my credit. I currently have a student loan that I'm paying off, and I owe money to the IRS.

I'm going to listen to that podcast that you told me about. I just listened to the most recent one today where they interviewed Craig Curelop, who currently owns a home that he house hacks. They mentioned that book Set For Life, and I figured it was something I have to read. LOL!

Thanks again for your encouraging words!

@Hotteenia Jenkins , I'm not sure if you read my last post correctly. I was talking about selling my mobile home and moving in with a friend once her grandson moves out, as she would have a room available. This would save me a lot of money and would give me a good chunk to save towards purchasing a house to house hack and build up equity. I already live in a big city.

I currently have a roommate who moved in with me this month, but he can't afford to pay me much, and I'm helping him out. He's a very nice man who was renting a room from my neighbor who just sold her place, so he needed a place to stay. Unfortunately, he would have to find another place to live if I sold my place, but that wouldn't be until next summer, if that's the route I decide to take.

As far as the cats are concerned, I'm not sure why you read into my comment that I was worried about them. I was just stating that my friend would be appreciative of someone being at her house to take care of her cats for her so she wouldn't have to move them to her summer place, which would put stress on them. This would not be my reason for moving in with her. My whole reason for moving in with her is so I can sell my place and save myself a lot of money, which in turn I can put towards a down payment on a place in the future.

As far as getting a better job is concerned, I enjoy what I do quite a bit, and I really don't want to move on to a better paying job if I know I'm going to be unhappy. Been there, done that. It's not worth the stress.