All Forum Posts by: Wayne Yates

Unrealistic expectations for the ones who don't truly educate themselves before diving in, maybe.

@Natalie Schanne well, I have two options.

1. Live 45 mins (hour with traffic) away from work. Rent free on parents land in the corner. We have opposite schedules. I'd wake up around noon and could use their house however, they'll be gone. Kitchen to cook, bathroom to shower, etc. Hoard away all my money and downsize. Read a ton of books, work on my credit, get my RE license, then have a tangible asset. If I want to buy a house, rent, whatever after... Sell the RV and at least get something back. Or end up loving it and stay longer than expected.

OR

2. Do like you say and rent something cheaper closer to work. Cheap places in that city will end up being in a little sketchy areas, but I could have an extra 2 hours a day. If I did that I'd probably trade my car in and get something cheap like a Civic and pay cash since I'm not putting a lot of miles on it. And then I can still get my RE license, etc.

My only thing is I hate living in the city, I love seclusion and privacy. I'll hate to write out the two ideas and see how much money difference there is for a decision. Ultimately if I'm saving a lot and time to live closer to work, I may end up going that route for a year. I'm okay with the sacrifices at my age

@Wade Alderson that's what I was thinking! Like if I buy a rental home for a tenant, most people pay that much in rent anyways... If all goes bad and the tenant is kicked out or I go months without rent, I can afford it comfortably regardless because I live for practically free already. Just seems smart to me, but I was thinking people would think I'm being a little over the top with it.

@Glenn R. I'm not impressed with my income by any means, I don't know why people twice my age slave away their lives for $25/hr. I promise, it's not something I brag about. Haha. I also have a great head when it comes to buying stuff. I used to drive a $40,000 truck, rent a luxurious house, motorcycle, bought all new furniture, etc etc etc. I'm past all that. Got rid of most of it and I'm talking about getting rid of the rest, so I don't understand how I need to mature anymore when it comes to money. I'm pretty much not going to finance anything unless someone else is paying for it and giving me cash flow. Wasn't trying to brag about $5k a month, that's not worthy of bragging. I'd rather make $3k a month from passive income in rentals without slaving away 60 hour weeks like I do now.

College town is just close to where my parents live. I'm stuck between a college town and a huge city. I work in the huge city. Moving out there is waaayyyyyy too hectic for me. I like my seclusion in the country, which is a good 45 minute drive. I don't mind the drive at all, I don't see why people keep talking about that portion. I've driven an hour for work for over 7 years, it's all I know. Maybe it catches up with you with time though. I'm unsure. I don't plan on doing this job forever anyways though.

Not trying to sound like I'm attacking, I genuinely appreciate the advice. I'm working on my credit now. I have a secured credit card, and 3 others. I use them periodically and haven't paid a single cent in interest for over a year. My car (my only debt) has automatic payments set up and I'm going to double the payment after the first is sent and apply it only to the principal. I'm going to do this for a couple months. Once I have the RV and no rent, then I'll really throw it at the car. Good idea or no?

I'm really good with my spending now. Literally the only materialistic thing I've bought in the last few months have been books. I listen to them on Audible and buy the hard copies for my library. It's a sentimental thing and shows my progress along the way. Other than that, nothing flashy or dumb. Haven't even bought shoes in a year. I'm doing well over here I think! Haha. Sorry to ramble

@Timothy Beauford thanks so much for the financing company names, I'll add them to my notes. Seriously I appreciate that Tim!

@Will Pritchett I've read a couple of Dave Ramsey's books, he's super conservative. Which I suppose would be good for me to do for the next year, but ultimately I'm more of a Robert Kiyosaki sort of investor. Or wanting to be.

I've never considered that approach, but my parents have a shed I could park my RV under which is right next to the water/power unit. They also have all my gym equipment and my old bedroom could be converted into a work space for a small side business I want to start.

We do have Uber, I never thought of doing that though. If work ever dies down, I'm sure I'll give anything a shot! Haha. Right now I only have about 90 minutes of free time a day on my work days. And in that time I still have to shower and cook, so I really don't have much time at all, but it would definitely be a consideration if work slowed down. Thanks Will

@Sandy Blair I had to end up getting a decent car because I drive a little over 100 miles a day for work. It was only $12k. Chrysler 200, 2015, with 13k miles. Not a bad deal to me. If work were closer I would just get a cheap $5k Civic, but I don't want to buy something with 150k miles when I'm putting 35k miles on it per year. I can tell we have a lot in common with your attitude though, I'll keep everyone posted!

@Timothy Beauford I've tried that before, can't handle roommates. I work night shift, so the schedule is conflicting and I'm really introverted anyways so I need my space pretty badly. I'm thinking of doing that with a duplex though, living in one side and renting out the other! Just can't right now until I build my credit some more.

@Michael P. I currently can save about $3k a month and I pay $850 for an apartment. Just can't live in an apartment anymore. I'd prefer a little privacy which is why I was considering either renting a single family or buying an RV.

I'm not an hour from friends or family, I'm beside them currently. I'm an hour from work. My parents have 2 spots of land that I can use. One is their house where they live. It's an hour from work but close to friends. I can stay there with the RV.

Or I can stay at another spot they own. It's almost 20 acres and has a super old home on it. It's really good land close to some more of my family, but it's about an hour from my immediate family, friends, and work. So it's total isolation really, which is nice because I'm extremely introverted and sometimes need like weeks of time being alone anyways.

The good thing about an RV is that I can live at my parents home close to friends. Whenever I need some serious time alone and to get away from everything, I can take the RV to our other land and enjoy the privacy. Doesn't make much of a difference in terms of work because either way, it's an hour drive that I'm used to.

I could just live at my parents and save, but I just can't. Too introverted and needing my space, butting heads with my father at times, etc etc. The best I can do is to share their land, give them a little money, and have my own corner to myself away from everything.

@Devon Tronrud so you think I should live in the RV and look for rentals to purchase, or that I should just rent a cheaper place and save while renting?