Im 28 and $100k in student debt
I’m 28 and have $100k in student debt. I’m passionate about real estate and think it could be a great way to pay off my debt fast before the interest eats me alive.
Question:
1) Should I be taking the risk and using hard money to rehab/flip to pay off debt?
2) Should I be trying to whole sale and make extra money to chip away at the debt? Slower pace but less risk.
3) Any other advice is welcomed, Thanks!
Most Popular Reply
WOW 100k!! I worked 20 to 30 hours a week so that I graduated with 6k in debt. I also went to a state school so it was pretty cheap. Also, I ate and lived cheap, part of the time at home with parents.
I guess there is no use in talking about what you should have done.
Wholesaling and rehabbing is not a guaranteed way to make money. It is NOT the easiest path to get a bunch of cash quick. It is a process. Marketing, networking, working with contractors, working with sellers, title companies, attorneys and a bunch of other people. Not only that, but we are pretty close to the top of the market which makes things much harder to find deals. And also more risk for falling prices.
My suggestion is to cut back on the spending side. There are many ways to cut $1k to 2k out of your monthly budget. It is not fun, but neither is having 100k weighing you down. If you want some ideas, read my blog, mr money mustache, paula pant or one of the many blogs, podcasts, etc out there to help with spending of money, or how to cut back on the spending of money.
The money podcast here on BP is FABULOUS!!! Listen and do the types of things that they are talking about.