All Forum Posts by: Tracy Uscinski

@Troy Greaves Hi Troy, Are you planning to partner with you Mom to brrrr a property together? Seems like the next step would be finding an agent & starting to look at properties.

@JC Hickman Hi JC, I am very familiar with those big student loan debts (not super uncommon these days). But, over 10 years, this is still $1k monthly payment!! I would just encourage you in your goal to pay it off early, and also challenge you to pay them off entirely in 24 months (4k per month). Much of this should come from your weekly/monthly paycheck(s). Then, by the time you're 30 you should have 4k per month that you can invest in your real estate deals, or do whatever you the heck you want to do with it, but at least you won't have to carry that $1k payment, and have a skewed DTI ratio until you're 38. Your future is bright! Best!

@Evan DeVisser That seems a little odd that the property manager is not refreshing it. You mentioned it is a hot rental market, maybe recently they don’t usually have units sit on the market more than a week and simply haven’t thought to refresh it (not a good excuse, but possible). Would it feel weird to call the PM office & just say that you’re surprised it hasn’t rented & you want them to refresh the ads to help get it rented asap? I would want to talk to the PM anyway to see if they’re seeing a common reason/complaint why the prospects are not biting after the showing, or is it just that the applicants do not qualify or the price is a little high. Best of luck!

@Maurice Norville Hi Maurice, I like the way you’re thinking & you have a pretty nice income. First thing, you probably need to get rid of that $35,000 car payment! You may want to work towards selling the car on Craigslist, if you’re underwater on the car loan, you may need to save a little extra to put towards the loan to pay off the dealership to get the title. A $5k- $10k car would probably get you around until you move to Atlanta & would get you closer to your dream.

Would you plan to stay employed with the Post Office in Atlanta? If not, you may want to find out from HR if the 401(k) loan becomes due when you leave employment. Without knowing your whole financial picture, I bet you could eliminate of the $23k in 12-18 months. Best of luck!

@Matthew Tay Great question! Depends how quickly you want to get rid of your debt. 20% into retirement seems above average. Maybe you’d consider reducing your contribution for 12-24 months enough so you still get employer match if available. Dave Ramsey would say to stop contributing altogether until your loans are paid off. You know your numbers, just have to decide what you are comfortable doing. Best!!

@Thomas Lee Nuckles Also- $100-$200 invested in professional photos should boost the interest you get in the rental.

@Thomas Lee Nuckles Hi Thomas!

I experienced a similar thing this year. I have a sort of unique unit in a suburban area, it was expected to rent for $850 based on comps, but it rented for $250 more than that in two-weeks from listing date. I would shop other property managers, if only just for your peace of mind. There is no harm in listing it high & see if you get bites right away. If not lower the price after a few days. Your message sounds like you’re buying it either way, is that right? Does it meet your criteria both ways, you just want to maximize rent? Best of luck

@Matthew Tay Well, if your savings is retirement in a 401(k), you may not want to use it to pay off debt because you’ll get hit with a 10% early withdrawal penalty if you’re under 59 1/2, in addition to income taxes based on your tax bracket. That could be a pretty big hit! Other, non-retirement savings you may want to apply toward the principal of your student loan debt, as long as you keep couple thousand in reserve in case of an emergency. Other than non-retirement savings, the extra you pay on your student loan debt should come from your weekly/monthly cashflow. Figure how much you’d have to pay each month to pay them off in 24 months, 12months, 9 months etc., choose a feasible game plan for your pay off date and make it happen. Remember your ‘WHY’, whatever that is for you, that keeps you motivated through the process. Congrats on your bonus by the way! That’s pretty awesome.

@Matthew Tay

Hi Matthew! I am an new investor in southern NH also. On average, most student loan holders can pay off their debt in 12-24 months when debt pay-down is their sole focus. Once you’re out of debt you’ll be in a way less risky position (debt-wise), and you’ll have a huge chunk of money each month that you can then use to invest into real-estate.

I paid off my student loans before I started saving for my first multifamily. It was a long 20-months, then a bit longer to save up for a down payment & renovation funds, but well worth it not to still be making debt payments.

If you haven’t already, you should check out Dave Ramsey’s podcast/book. You don’t have to agree with him entirely, but he does one thing very well- and that’s helping people get out of student loan/consumer debt so they can build wealth & invest in their future. Best of luck to you!!

@Jeremy Lane Hi Jeremy, I used a 203k to renovate a multifamily last year. Any licensed contractor could qualify, the trick is finding someone who will return your calls for a quote, and who is reasonably priced...usually you have a couple of weeks to pick one to keep on schedule for closing. You may have to call a dozen or more, and get some high quotes before you find the one. The nice thing is you probably have another month or two before closing, then six months to complete the work so contractors should be glad to have winter work, and steady pay through the 203k program.

Good luck!