All Forum Posts by: Thomas Schieffer

Hi all,

I know real estate plays a big role in how many people reach financial independence. I’m trying come up with ways of reaching financial independence without going the real estate route. I know stock market investing and starting a business are other avenues for reaching financial independence. But what other options are there? I like the idea of real estate but am not ready to get into it quite yet.

Hello All,

I currently have student loans of $7,611 and have that sitting in a savings account. Should I just pay off the student loan when deferment ends in September, or should I use that money to invest in real estate and make monthly payments on the student loan until I have enough saved up again to pay it off. I expect I can save up the amount of the student loan in about 6 -8 months. My down payment on a property is most likely going to be anywhere from $8,000 to $20,000. I Plan on house hacking the property and living for free or close to free.

What are all of your thoughts.   

@Steve Vaughan

The number I threw out would be all stocks. Also plan to have additional real estate income from approximately 10 units

@Steve Vaughan

Hi Steve

Plan would be to withdraw per month that way if I only need $1500 one month well then the rest can stay in the account and keep creating a return. It would be based on part time income less expenses. The difference would then be taken out monthly

@Jay Hinrichs

I understand where you are coming from but my goal isn’t to retire and sit back. I still plan on having a part time job to keep me busy. That’s why the amount being taken out would be $35,000

Hey Kyle,

My number is actually split between two accounts. I want around $300,000 in my Individual Brokerage and around $400,000 in my Roth IRA. So $700,000 is my number. I plan on withdrawing around $35,000 a year starting with the Individual account and once I run that account down to zero, I plan to start taking contributions from the Roth IRA. Goal is to get to this point in 10-15 years. I am currently 21.

Honestly creating an excel spreadsheet does the trick but if all properties are owned by the same entity, QuickBooks would also work. Working in QuickBooks can take some getting used to but once you start using the full functionality it becomes very useful for looking at income statements and other various statements.

I’m starting to save for an investment property and am wondering what route might be best to help get me to where I need to be. I have about less than a year to save up for a property and am wondering if putting my money in the market or just saving up cash with my .25% interest rate is best? Or are there any other alternatives I am not aware of? Open to all ideas!

@Jonathan Klemm thanks for the suggestions

@Jonathan Klemm do you have any books you would recommend? I have already read how to invest in real estate by Josh and Brandon