All Forum Posts by: Katrice Brooks

I'm familiar with the blog but not the book.  Come back and let us know how it is!

Hey @Daniel Ortiz!

I am a complete newbie and at this point, not an actual investor, though I am in the process of my first investment.  

I have massive debt (>$300,000).  It is my goal to be debt free by 2018 so at this point I am throwing tons of money at it.  Paying down my debt does not make the most financial sense but emotionally for me it does.  My debt is a like a noose around my neck and keeps me from choosing certain jobs and living in certain areas and I cannot be financially independent until it is gone.  I am aware of the Public Loan Forgiveness program and I'm signed up but don't want to have debt around for another 10 years (I have drunk the Dave Ramsey kool-aid). 

As a nod to reason I have decided to househack to save at least my rent or cut down the expense significantly, and since I'm getting an FHA loan, the amount to get into something is not that high compared to my debt. I'm debating on allowing the proceeds from my rental to go towards my loans or towards more investments...decisions, decisions.

I listen to a ton of debt podcast and constantly surround myself with information about wealth. I live on a fairly tight budget and work a lot of overtime.  I figure the years immediately into my career I have to literally pay my dues, so that's what I'm doing.  I find it encouraging to track my net worth and see it getting closer to 0. 

Good luck!

Hi Terry, I'm a newbie like you so not sure how valuable my input is, but that does not look like a good deal to me.  Your calculations make sense and it looks like you are losing money on the deal.  Maybe there is something I'm missing like you're househacking and will save what you are no longer paying in rent. 

Have you run your numbers with your agent and asked him why he is recommending the deal?

Welcome Brian!  I can't wait to see what your home improvements look like with your design background.  

Daniel your first flip is gorgeous! Is the bathroom on houzz.com? I think I liked it this morning, lol. Congrats on overcoming your fears and jumping in.  Also congrats on establishing such a nice quality brand.  Very inspirational.  

Thanks for the Welcome everyone.

@Ramon Jenkins thanks for the recommendations, I will definitely look into them.  I'm in talks with Brewery CU because I saw them mentioned in a thread on BP previously, but I want to shop around offers.

@Michael Henry Thanks for the welcome.  I will do.

@Nick Knox That's good to know, as a transplant I'm not so sure about schools.  My sister works for MPS and this is her region so I know overall the south is a performing region but I don't know any performing superstars that people would want to move to live near.  Except Reagan, I've heard lots of things about it and the performing arts school as well. 

Thanks @Veni F. for the useful links.  I've explored some of them previously but some are new to me!

@Account Closed PMing you now :-)

Hello Everyone!

I'm Katrice, and I'm new to investing.  I work as a family physician in Milwaukee, my first job out of residency.   I do not currently own any real estate properties but plan to acquire a multi-family and house hack this year. 

 I want to start investing in real estate to begin building wealth and making my dollars work for me.  Sounds simple right? Not so much...after defaulting on student loan in 2011 my credit is shredded. I have been a pretty good citizen since then and finally paid that 90k loan back so it will be some time to remove. This is why I am still renting in my 30's. Also I am about $310,000 still in student loan debt. I have been budgeting/saving and paying pretty aggressively on my debt.

So I have been listening to financial podcast like crazy and reading books and think I am ready to jump in.  

My plan: As I am single and childless I plan to househack and live-in-flip until it is no longer feasible or too uncomfortable (at least the next 5 years).  Once out of debt (I'm shooting for 9/2018) I want to then invest all my income into real estate and other financial vehicles possibly some flips or condo conversions outside of my buy and hold strategy.  I want ultimately to cashflow 20K/month to get to my actual goal of financial Independence/early retirement. I want to be financially independent by 40.  I plan to buy in desirable locations near universities and centrally located.  In Milwaukee I'm looking to the east side (upper and lower), I love the third ward but cant afford it and dont really see houses there.  I live in Greenfield and I'm open to the area but it would really need to check a lot of boxes for me to purchase here (great school, good cashflow, etc.)  Due to me being a Chicagoan I don't understand the city all that much even though I have been here about 3.5 years.  I'm sure I could use a little help there.  

I am currently taking the first step of getting approval for a FHA loan. In the future I plan to get physician loans which can finance up to 1.5 million with an approved credit score (hopefully I will be in better shape by then). I need a real estate agent. In the future I plan on getting my license to have access to the MLS but I want an investor friendly agent the first time around at least.

Thank you for reading this far! I can't wait to jump in and start engaging with everyone.