All Forum Posts by: Nicholas Lemmond

@Mark Petitmermet Thanks for the words. I'll look Doug up for sure. It's always refreshing to hear stories of service members who did something other than serve for 20 years and collect a pension. Obviously, there is nothing wrong with that, but I like seeing veterans seeking risk and uncertainty to secure their future.

@Shaune L Clark II Thanks for the info! I was completely unaware that TSP could be borrowed against at such a low interest. I'm definitely gonna have to do some more research on how I could use that to my benefit. Ultimately, I think that if my wife and I can get on the same page (I'm still sort of selling the idea to her) and actually take some action we will be fine, even with the outstanding debt. Otherwise, we may just get caught up in the fear and doubt, and end up not doing anything.

@Richard Sherman It actually never occurred to me before I started looking at REI. When we began researching house hacking with a multi, I told my wife, why don't we just rent out every unit and keep living in the RV? Thats something we are seriously considering. So, what started out as pretty much a toy, could potentially be a tool for us to use once we start investing.

@Jeremy Mangen @Jeremy Mangen Thanks for taking the time to provide a meaningful response! I definitely feel like at least getting my feet wet, would help with getting that experience while I pay down debt. I'm just worried that if I wait the 5+ years it's gonna take to get out of debt that, I'll just be that much further behind. I'm much like you in the fact that I like taking action. I don't like sitting around waiting for things to happen. If anything, sitting on an idea will ultimately end up in me taking NO action. Thanks again for the advice.

@Richard Sherman Thank you for the info! We are definitely looking at house hacking. We even considered purchasing a SFR renting it, and still living in the RV. Sort of house hacking? I drank some of the Dave Ramsay kool-aid too, so our debt is really bothering us right now! I'm torn between investing now or waiting to be debt free. Thanks again for the response!

Hello All,

First post on BP and I'm so glad to be here! I'm looking forward to beginning my REI journey and haveing y'all in my back pocket to help and answer questions!

So, a little background on me - I will be exiting active duty military in February and relocating back to my hometown in North Texas. My wife and I have almost no savings other than my government TSP. We have both drank the kool-aid and are set on investing in real estate. With most people it started with Rich Dad Poor Dad, and grew from there. I've read books, listened to the podcast, watched the webinars, and done some research. We want to make this happen.

However, due to having very little savings and about 30k in consumer debt, we feel like it's not the right time to invest. On one hand we can wait roughly 5 years to get out of debt and feel more comfortable investing, or we can bite the bullet, take the risk and invest now, saving 5 years of waiting. Are we over complicating this and hesitating starting this journey because of fear, or are we right in our fears and should wait to pay down our consumer debt?

Further info on our situation - I will be an OTR truck driver and she is opening an Optical (glasses services only, no doctor). The building for her optical is being leased rent free from her mother. And we will be living in a 32ft 5th wheel camper, with very little in the way of a rent payment. Something like $170 /month for the spot. Annual income should be around 60k between the both of us.