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All Forum Posts by: Vincent Sottile

Vincent Sottile has started 14 posts and replied 25 times.

Thank you, open to discussing further!

Visiting Delaware, will be in the Dover Air Force Base area. Interested in possibly purchasing a first home that could potentially become a rental later on. Any suggestions on nice areas to look? Thank you! 

I'm planning to take a trip down to Myrtle Beach and search for a possible first rental property. Any suggestions from people familiar with the area/ any general tips? 

Would you suggest looking in Myrtle or an area outside of it instead?

Post: Health insurance FIRE

Vincent SottilePosted
  • New York
  • Posts 25
  • Votes 6

I had originally posted asking what people who are in the pursuit of FIRE did when it came to health insurance.

I was reading the 4 Hour Work Week and the author recommends a few sites for health insurance. Hope these can help people or at least get a better idea of what to expect! Best of luck.

www.ehealthinsurance.com

www.aetna.com

www.kaiserpermanente.com

www.american-community.com

I was reading the 4 Hour Work Week and the author recommends a few sites for health insurance. I'll share them here and also create a new post. Hope these can help people!

www.ehealthinsurance.com

www.aetna.com

www.kaiserpermanente.com

www.american-community.com

Post: Starting out, real estate license suggestions? Courses?

Vincent SottilePosted
  • New York
  • Posts 25
  • Votes 6

I know you do not need a real estate license, but do you think it is beneficial? I feel like having access to the MLM is very useful.

If so, are there specific courses or types of licenses you would recommend? 

Also, I'm located in NY but if I wanted to be certified in other states, what is the process for that?

Originally posted by @Llewelyn A.:

@Vincent Sottile

I don't think it is very wise to become a full time Investor without any real kind of group health insurance such as those provided by a full time job.

If you are single, I actually think you should continue to work full time and only invest part time or as much as you can handle. But, it might be best to do it in a specific way.

House Hack it on a multifamily. Make the Investment as easy as possible to manage while you work, continuing your full time job.

I am one of the few who would advise to continue to build up the profession that you studied so hard to become, excel at it, and then build up your real estate portfolio as your career moves up.

When you reach the point that your RE Portfolio makes you Financially independent, even if you have to live below your means, AND you can afford the Self-Employed Healthcare costs, then you have the option to quit your profession.

To do it differently is a Risk that I did not take.

It only took me 9 years from starting my first full time job to quitting after I had a property portfolio of 3 buildings. At that time, my salary reached 6 figures and I was able to pay off a Mortgage to increase the Cash Flow, which made me Financially Independent at the age of 36.

The discipline that it took me to learn and the experience that I built up during this time was very helpful for me. Now my Partners and I have a portfolio of 10 buildings worth $20 million in Brooklyn, NYC.

I continue to use the skills and connections I have in my previous career and have become a Partner in a Software company.

There are so many advantages and safety in progressing in both your profession and your Investment careers.

To me, unless you were born with a Golden Spoon in your mouth, an Entrepreneur that had nothing will be working harder than a 9 to 5 employee.

If you do it this way, I fully believe you will increase the odds of your success significantly.

Thank you for your perspective, it is interesting because everything I've been reading as of late is saying do the opposite. (i.e. Don't play it safe, just go for it while you are young or you will be stuck forever)

It is very tempting. I basically have been doing the whole working full time and investing on the side thing. It is unfortunate if this is the reality because I find myself coming up with so many ideas that I am unable to act on due to time constraints. The way I see it is if I really wanted to, I could just go for it 1-2 years and if I really get nowhere, my 9-5 will still be there waiting for me to come back to. Got to risk it to get the biscuit right? 

The other problem in regard to real estate especially is that I'm living/working in NYC, where property is insanely expensive and I lack the time to go into long distance real estate ventures. However, you made it work with Brooklyn and I have been considering looking there, perhaps we could chat further.

Originally posted by @Eric X.:

Health insurance for self employed is terribly expensive. We are in our mid 30s with kids but overall we are decently healthy so we have a high deductible plan with HSA through Lively. It is 1000+ monthly premium with a 6k deductible but that's the world we live in. We are in Illinois....sometimes I wonder why I'm still in this state.  Pay 2000 monthly for health insurance and property tax on primary home...sigh.

Wow... Does the 1000+ monthly premium cover everybody or is that the price per person? Does this cover all doctor appointments/ check ups, what do copays look like? What does the 6k deductible mean?

I'm in NY and I find myself asking the same question: taxes on a nice house in a nice area are 2,000 a month, rent on a tiny 1 bedroom NYC apartment is $3000 a month. It is truly insane.

I'm sure there are articles on this if you want to link them, but I was wondering what the options are. As someone who is considering going full FIRE / quitting my job and doing what is enjoyable, how do people get by as far as health insurance? Are there plans for those that are self employed? Do you just use an HSA? Any advice/experience would be greatly appreciated. Thanks!

If you're willing to look far enough I am hearing good things about Bay Ridge in Brooklyn or if you go north Yonkers, New Rochelle etc. I'm in a similar situation, looking to house hack in/around NYC, would love to get some real estate meetups going! We should all connect and form a group.