All Forum Posts by: Karyn T.

*Raises hand*

@Teresa F. Actually, you're dead on.  Even if the Bar, Board, or licensing agency ultimately does NOT sanction the person, the complaint itself triggers an AUTOMATIC inquiry.  Bars and Boards are not there to "protect the professional" (not even in real estate).  They are there to protect the PUBLIC.  As such they are no friend to anyone that has any sort of state issued license, whether it's a plumber, real estate agent, lawyer, or doctor.  The inquiry will be something some have to report forever more on job applications.

Just know that false accusations, or vengeful acts/reports can come back to hurt you via libel and slander (especially when talking about lawyers and other high income people subject to public scrutiny).  Doctors, Lawyers, CPAs, etc have spent many, many years, and often hundreds of thousands in student loans to obtain their profession.  They will not take kindly to someone maliciously reporting them (and they shouldn't).  That being said, if they are gaming the system....report, report, report.

Ok, everyone else has kinda skipped over this point but, how much do you have left on your student loans?  Will that $10K (25% of the $40K you said you had a downpayment for) pay off your loans?  Will the cash flow from the house be enough to cover at least the minimum payment of your student loans (so you can double down and pay them off faster, since you currently are paying at least the minimum).  Snowball those loans off!

As one of the resident experts in all things student loans (for good or bad), I would tell you my initial thought is that if you don't have a TON of loans, then save a little longer, pay them off, and then your improved credit score, improved debt-to-income ratio, and overall cash flow, will ALL be better for investing.  Your job is solid, so your credit score will start jumping significantly once those loans disappear.

If your student loan debt is BIG (like greater than $50K), then maybe this could be a vehicle to get you out of debt....but could also totally break you, if the economy sinks, you get a bad tenant, you have a big repair bill, etc.  Do you have another $5-10K in the bank for emergency funds for yourself and/or the house?  If not, I'd seriously consider what other options you have (can you sell anything to pay down debt?  Can you "house hack" with roommates in this new house? etc).  You don't want to be paying for unexpected repairs (whether for your car, or the house) with credit cards, if at all possible.

Student loans are the freaking devil.  They are the only form of consumer debt that can not be bankrupted without losing life or limb, basically.  They can get you in BIG trouble, if you spread yourself too thin.

I love that you're looking at real estate investing as a vehicle out though. :)
Karyn

@Austin 

Seems strange that an employer can dictate what other licenses and/or business opportunities you do in your spare time.  I'd look into that.  

I'm not talking about no-compete, that's a completely separate issue that many of us have to deal with one way or another, but "compliance"?  What does having a RE license have to do with anything?  I work in, arguably, the most regulated industry in the country (healthcare) and they can't say a thing about my outside interests (unless I'm unethical, and then it could translate to losing my medical license, potentially).  Weird.

Well, I won a whopping $16....but hey, now I'll have even MORE investment capital on Wednesday!!!! ;)

@Account Closed My car is so far from stock now, there is no way that would EVER happen.  Once the original parts started letting go, it got built for the track.  Rollcage and all.  It's a trailer queen. :)

@Dana Whicker Yes, I suppose investing *is* gambling, but it's educated gambling and, I suppose, for a veteran poker player, the same holds true. 

Playing slots, and the lottery, isn't much different than driving down Main St while throwing money out the window... ;)

@Landon Elscott Excellent read!  I can COMPLETELY understand.  I too have a Cobra and, like you, I ended up spending more on aftermarket parts than the purchase price of the car, over the years (I raced it at Gainesville).  I also ended up picking up a used C5 Corvette when the Cobra became "too much" for daily driving.  I sold the Vette in September, and tried to get the Cobra gone as well, but didn't find the right buyer (so it's sitting in storage until the Spring selling season).  
We also sold 90% of our possessions so I could travel for work and have our housing paid for...which allowed me to rent out our primary home.  I have been able to pay off tens of thousands in debt in just a few months.  I no longer have credit card debt.  I no longer have any personal loans.  I don't buy "stuff" anymore because I don't want to have to store or move it.  It is SO liberating.

I don't regret my decision.  

Yeah, I learned from a frugal family member early-on, to:

1.  never "lend" money to friends or family 

2.  Gamble / Play the lottery

3.  Buy expensive cars (or other toys)

Unless I was prepared to just "give" the money away and never miss it.  I've done pretty well with #1 and #2. Heh...