All Forum Posts by: Tyler W.

Do REI meetups usually cost money? The ones I am finding in my area charge from $30 to $300 per meeting.. and the rest have not updated their websites in a few years with current meetings. I guess they charge to make sure only the serious ones are attending?

I read Rich Dad, Poor Dad last month. It was definitely a game changer. I will put the others on my reading list, thanks

So much for not going off on a tangent :)

@Joel Owens You definitely get it. I don't want to go too far on a tangent here, but, the system is to go to school to get a job to pay the loans back. Totally bass ackwards. 

Yes there are those out there who seem to blame the victims of this. "Well you didn't need to go to such an expensive college" (is there any other kind?) or "You didn't need to go to college at all, own up to your mistakes." Tell this to the 18 year old whose whole life his parents, who never went to college, constantly sent messages of "you're going to college, you're going to college" over and over. They were able to help a little bit, but, as I said before, a lot, almost half sometimes, of these loans are interest, which build and build because the principal can't be paid down with a salaried job. Starting a business requires a loan a lot of the time, and banks won't loan to somebody with tons of debt and no assets.

Knowing then what we know now, we absolutely would make different choices! But allowing someone who is so young they can't even legally drink to make financial decisions that are more expensive sometimes than buying an entire house, without any collateral or career to back that up, much less any concrete asset to prop up the debt, is just wrong.

Good advice and great insight to someone desperately in need of it. 

@Steve Vaughan Haha, yeah, the bar is definitely set low out there, which makes it harder for those who are capable to get a good job because businesses are so lenient to hire with everyone looking to make a quick buck off someone else's back (WC claims, wrongful termination, etc. Too many regulations that empower the leeches). 

They are definitely no stranger to menial jobs and are currently in the food delivery route and picking up odds and ends wherever they can find them! Problem is, these low paying jobs barely pay enough to make the interest on the student loan payments, not even considering living expenses.

Good advice re: making calls about properties in the area. I'll pass it along ;)

@mark gallagher   This person has a degree from a private university, hence the large chunk of loan debt. A lot of that debt is interest (probably 30% of it). It is a degree in Media Studies/ Communications. Experience in marketing and video production, which could certainly be put to use in a real estate business. 

@Joshua D. Yeah, a real estate oriented career seems to be a good direction. But doesn't becoming a realtor offer lots of time up front with not much income, requiring some form of savings to live off of for a while? 

This person has been living like a monk for the past five years, paying off their car loan, not taking out any more debts, negotiating some of the student loans down, and is incredibly anxious and excited and motivated to begin building up his financial dreams.

Yeah, Seems the traditional route would be to pay off debt, repair credit, save, and get a traditional bank loan. I hear a lot about "no money down" and "syndication" type deals, as well as scouting/ bird dogging, which would not require upfront capital, but time invested instead. Are these other tactics more pain than gain?

At what point would you begin investing in RE, and where would you start?

Say someone has tons of student loan debt, no savings, only asset being a 10 year old car worth $3,000, damaged credit due to some student loans in collections because salaries didn't match debt over time and couldn't keep up with payments, and who currently doesn't have a full time job because their hours and fees were severely cut. 

What would you do in this situation if you want to get positive cash flow quickly and efficiently (and legally) as possible?

@Micah Copeland I agree, I have it on audiobook and listen to it a few times a year. Been listening to it the past few weeks actually.