All Forum Posts by: Lance W.

@Alina Trigub Me and the wife are having open conversation about the house hack and she is likeing the idea more and more.

Here is my situation. Me and my wife are 27 living in western,ky.We are about to sell our house in the near future to a relative. We will have right at $40,000 after the sale. We have not made very good financial choices over our short marriage. We want to change that. Our finances currently look like this high interest credit card debt -$10,000 student loans - around $15,000 vehicles - around $25,000 (700 mo.) current mortgage- $100,000 (750 mo.) Salary combined - around $90,000 yr. I am wanting to do something along the lines of the book "set for life" What I would like to do is pay off all bad debt, maybe student loans also. Use remaining balance to pit down on a duplex which we would love in 1 unit and rent the other. Save up and continue investing in multifamily homes. Does this sound ideal ? We are having our first child soon and I feel like we are getting a fresh start. I want to make this jump start the rest of our lives financially. thanks for any and all input !

Will be closing  on our first home in a couple of weeks as we have purchssed from my father.He has gifted us $40,000 in equity and financed  $40,000 with 0 % interest leaving us with a $100,000 morgage. The house appraised for $185,000, is around 6 yrs old and shouldn't need any major repairs for a long time.

Combined income of sbout $75,000 with good benefits (my job),pension,401k match,insurance.We have about 5,000 in savings and some debt in student loans, vehicles, small 0% interest loans for furniture and wedding rings. No credit cards. No kids yet.

I have always been interested in real estate investments but never had the finances to back it. Now that I have acquired this equity I'm wanting to go to work with it.

My short term goals are to uze the equity to provide  a down payment or finance the whole property. I would pref. Multi-family properties) use the investment to provide additional income to help provide a better life for my family and help us stay on top financially as we grow and have children. Also providing money to back additional investments.

Long term goal is to grow to about 20+ units to provide enough income for early retirement alongside my company paid pension. 

I am not doing anything for about 6 mo. So we have our budget down pat with the new house and to learn as much as I can on here.

***I also have a friend that is interested in doing business as partners and would be first timer also, he has about $10,000 liquid assets. I'm interested in this to lessen the risk if something goes wrong ans he is also a expwriemced caepenter and i only know somw basix skills. What would be our best financing options? Split a morgage, use my equity, private investors ? Should I just go in by myself ?***

 My market is in Western Kentucky and southern Indiana with Evansville being the largest city.

Thanks guys !!! I have already learned a ton and look forward to your advice!