All Forum Posts by: Matt Cruz

Hi all, 

I'm looking for some advice on behalf of my Mom as she's in a favorable situation with our current home but is not exactly sure how to get the most value.

The house was bought in 2013 for $258k in Freehold, NJ. There is about $157k left on the mortgage and our realtor gives the house an estimated value of $475k (that's what he says we should list at so using that as a rough estimate). She also has a 3% interest rate on the mortgage which is obviously much better than what she'd get now. 

The current plan is to sell the house and use the equity as a downpayment on a condo. I'm wondering what other strategies come to mind? Given how low her interest rate is, I was trying to see if it makes sense to rent out the house while renting a place to stay. But, I also am aware rent prices are fairly high right now. 

Thanks in advance!

-Matt
 

Hi,

I'm looking for some career advice after I was recently affected by the tech layoffs and lost a 6 figure salary. I have a degree in Information Systems from a great university and don't doubt I could find another job, although I have other career paths I'm interested in exploring such as Real Estate and Fitness. I don't know exactly what to ask here, but I'm wondering if I sound crazy for not wanting to jump right back into tech where I could have a solid W-2 which I know is important given I was aiming to get my first house hack started this fall. I'm considering getting my real estate license and exploring any data driven or tech related roles I could find. Any advice for what that might look like or if my line of thinking makes sense? Thanks in advance!

-Matt

 Thanks for the detailed response Adam! I ended up buying a certified used car for $12k in cash. A little bit more than I was looking to spend but hoping this will last me the rest of my 20s at the least. I do think this was the best option as I feel more comfortable starting a house hack later this year with the cash I have left plus a potential 401k loan. Thanks again for your advice!

Hi, 

I was recently in an accident where my car was totaled and am trying to figure out the best step to get a new one. I'm 24 years old and have about $26k saved with ~15k designated as my emergency funds. I'd like to get my first house hack going in the next year but now have this expense.  I need a car and am unsure if I should finance a new car in the $20k range or use cash to buy a used car closer to $10k. I know that cars aren't depreciating quickly right now and heard on a BiggerPockets Money podcast from late last year that buying new was the best option. Is that still the case? 

 Thank you!

-Matt