All Forum Posts by: Tae Jang

Hi BP!

I need your opinions about my personal financial situations.

After paying off my student loans last year, I bought a nice home for our self and two cars last year. 

Big Mistake! I have never thought about becoming a financially freedom guy. 

As a young healthcare profession, I just thought about working for 35-40 years. But I somehow found biggerpockets websites, read blogs and bought and read several BP books. It opened up my world.

Now I am trying to reduce my 401k just to match what my company pay for (I have been maxing out my 401k and IRA each year) in order to save downpayment for a rental SFH.

My wife loves our home so I can't do anything about it.

The problem is my two cars.

My bimmer has 5 year loan and if I sell it today, I lose all of my downpayment (10 grand) and leaves me negative 5 grand. My Honda S2000, I lose my downpayment which is 5 grand. I was quite excited that I don't have anymore student loan, so I made a wrong choice. Now I want to correct it. We all learn from our mistakes right?

What would you do if you were in my shoes? Would you still sell those two cars and get a cheap Honda Accord? or would you keep one of the cars and suck it up?

I really want to start buying rental homes, beginning this year, but I don't know if bank will allow me to have additional mortgage on top of what I have. I love what I do for living, but I want to become financially free.

Thanks in advance for any inputs.

Hello BP, I signed up a month ago, and I am writing my first post!

We just built and moved into our first home, paid off my pharmacy school loan, and our first baby is on the way in a few months. All I have been investing is maxing out my 401k and IRA. I am currently tided up with our house mortgage and 2 cars. I like my job and my wife is self employed so we aren't looking for financial freedom, but we would like to use our extra money smarter rather spend them.

I've been reading recent posts regarding rental houses and FHA multiplex, but I still don't have solid idea where to start, what to plan, and what I must know.

Could you guide me to any good articles, especially stickies? I started reading BP rental property book, it starts to make sense a little bit.

Thanks!