Hi everyone, I want to give everyone an idea of who I am, and what I have going on, and I would love to get some advice on what you would do if you were in my shoes.
My Credit Score is 689 and rising, went through a divorce that caused some issues, but I don't have any more issues paying everything on time.
My Current annual income from my Job is right at 50,000.00
I am a single mom with a two year old and a five year old
My living expenses are covered by the child support that I receive, and I live with my parents currently, so I don't have rent, utilities, or ungodly daycare.
I Plan to stay living with mom and dad for another 3-4 years. My children are young, and I work second shift, It's easier on them to go to bed at a normal time, and not be drug out of their beds in the middle of the night when I get off work.
I have about 70k in student loan debt, (private university for a public service degree) This is the main reason for living with my parents, my goal is to pay this down.
I have approximately $1000.00 a month that I can put into some form of real estate investing. I would like to do buy and hold property. I also have about $6,000 liquid right now. I know it's not a lot, but we all have to start somewhere. The items I do have going for me, are the Credit score, that is rising, the stable job history, I have worked for the State of Iowa as a Correctional Officer for the past seven years, and the fact that a lot of my living expenses are low since I live with my parents.
I listen to the podcasts all the time. I am excited to get going, I know I will learn the most from my first deal, I just want to make sure my first deal is as wise as it can be, and I make fewer mistakes then if I hadn't done some research. Thanks to all those who take time and respond :)
I would be focused on getting the student loan debt knocked out while you can. After that, you will have more flexibility to invest and have better options for financing.
Whatever you do, keep sufficient reserves. Be the tortoise not the hare. Slow and steady.
Did this just turn into Suze Orman show?
@Amanda Hoening I'm a proud parent who's just finishing up my MBA with a healthy amount of debt as well. I think @Ryan R. 's suggestion is a good one if your student loans are carrying the rates mine are 5.4% to 6.9% (thankfully paid off the 7.9% ones). If you went to school a little while back and your rates are really low, maybe there's a little less urgency there.
More importantly, if you're in public service, I pretty sure there's something called the Public Service Loan Forgiveness (PSLF) program. I don't know anything about it because it doesn't apply to me, but for you, it's definitely worth looking into.
Figure that stuff out first and then entertain your R/E plans IMHO.
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