All Forum Posts by: Gerry Harris

@Mark Swain Thank you for the input this is for sure a very likely possibility. Paying down High interest debt would be ideal versus the debt that isn't causing me so much harm.

@Mary M. I also though about this, I think I can accomplish this and also pay some debt off. Thank you

@Bernice Washington I agree quitting my job right away is not ideal and could cause some other stress. The only issue I have with keeping it for years is that it hinders me from expanding in real estate as for 45 hours a week I am unable to have access to my phone or outside world. Thank you for the well wishes.

@Remone R. I liek this idea very much, maybe I shouldnt rush to pay off the debt. and see what  smaller amount I can use for an investment before I make an decisions about paying it off. Thank you Remone.

@Maurice D.I also have another dilemma up coming which is my better half wants to be back in her home town of Houston Texas by start of 2020. lol leaveing me job changing and needing to get my RE license in Texas and rebuild clients. but before that happens we have discussed that she needs to secure a RN spot at a hospital down there, thus giving us at least one decent income.

Thank you for the added tip of the roll over I was wondering which account would allow me to roll over and own property.

The only issue with house hacking is I already have such a minimized payment now because of the route I took. I live in an apartment with my gf and a co worker, A very cheap apartment, although small it works. i only Pay $240 a month for rent, utilities, water and cable and internet. So most of the deals I am looking at wouldn't actually change or minimize my outgoing expenses, but it would build equity.

Any who, greatly appreciate the input sir! Will def take it all into consideration

Thank you

@Maurice D. That is solid and sound advice and something along the lines of what I was thinking. very much appreciated!

@Troy Sheets Thank you so much for your advice and the novel! I appreciate every word of advice and it will not fall on deaf ears. So much of what you said makes sense, and I will hold on to the job as long as I can. I will for sure hold on to the job until after my first purchase, and hopefully my second. I cant promise keeping the job/career for more than 1 year. But with all of the knowledge you have graced me with I will put in double the time and effort to make sure before I go I have some ducks in a row. You gave me great insight and I truly appreciate your breakdown and advice. 

The paying off debt just to get more debt at the same interest rate makes a lot of sense. Much to think about

I have been trying to get on some other finance sites for more opinions on possible options for it.

I do have a 401k through my job and I am very curious what I should do with that when I do decide to quit.  

Thank you again! wonderful advice and great information to help me take into consideration.

Thank you @Nathan Recchia I agree happiness is key to a good life which is the goal. I can see how 75K of extra student loans would be hard to stomach. I wish you and your wife the best in your career and happiness endeavors! Any recommendations on what options to consider with the money/debt/finance options?

@Thomas S. I appreciate your response and understand the idea that you are trying to put across. I can understand giving up a solid paying job in the Mid West is very risky for most, the pay check is very nice and most people would be glad to have a job with that salary. As you pointed out  which I think I should do is to take a lessor paying job  or something part time to cover the bills and supplement income through real estate. I do respectfully disagree to the comment of not appreciating what I have. especially from my upbringing. I wasn't very detailed in the work I do as it does not really pertain the the post. Lets just say the time I trade for the paycheck, isn't just 8 hours, it is life threatening line of work and over all life span shortening. Average life expectancy for my line of work is 58 years old, far cry from the 82 year U. S. average. And most people would take time over money.

Again I appreciate your input

Sincerely

Gerry

in order to do something you have never done you have to become someone you have never been.

@Jason Belovich

I appreciate the reply and understand the thought process, Dave Ramsey's program is a great one and wish you the best of luck.

Hello all! This is going to be a rather long post, but I am very perplexed on what I should do with my very current/upcoming situation.

Long Story Short, for all intensive purposes I am about 100K in debt

6k left on car loan-$225

3k left on a personal loan used to pay off a delinquent student loan-$230

7.5k personal student loan-$90

49K unsubsidized student loans consolidated at navient-$150

29k Subsidized student loans consolidated at navient-$100

I got that degree though! lol Monthly payments for all combined total $800 per month

Another long story short I was involved in a very bad accident with a tractor trailer and will receive after lawyer fee's and medical bills paid somewhere in the neighborhood of 100K. Sometime in the next 7 days

A little about me and my situation. I currently work for a State Government Department in Law Enforcement (Ohio) and have done so for the past 5 years. I make approximately 45-47K a year. I have read finance books and real estate books, I received my Real Estate License in September of this year (Ohio) and am now along with my full time job a realtor at a Brokerage. Just starting out trying to build clientele and income to help assist and hopefully do this full time along with investing.

I make all of my payments for each of these loans every month and on time.

I have read that  successful and wealthy people buy assets, receive cash flow , and use that to pay their liabilities. I am really at a loss as to weather I should take all the money and pay off debt and be debt free, or pay off half the debt and invest the other half making money on it and use that to pay down debt or Use all the money for investments and try to gain as much leverage with it as possible using it to pay off debt. Many options out there, I am ready to start investing in real estate, and I could use a portion of this to really get me started.  There are also lots of money market accounts offering 2-3% interest rates. On 100K thats about 2-3K a year. There is the stock market. There is Hard money lending. 

The Car loan and the person loan (total 9K) are flat, the interest is pre determined and included in the loan paying it off early will not save me any money . They are paid directly from my check and come out every month as long as I continue at my current full time job that will be guaranteed to be paid every month. Kicker is I hate my job it is a very stressful grueling un-thankful job, and I want out badly very badly. But I have Health, dental, and eye insurance to consider along with everyday bills that I have been viciously working towards lowering every single one of them. My current monthly expenses total Just under $1950 which includes all debt payments and everything you could think of to live on.

My initial thoughts are.... Pay off $50K of debt (car, personal loan, personal SL, and Subsidized SL) Freeing up about $580 dollars per month. Keep my current jobfor 4-6 more months in order to secure financing. Also using the remainder of money for rehab and down payment on a possible live in single family flip, or a duplex. Left over money put into an account for 6-12 month emergency living expenses.  

 I am open to all possible ideas and suggestions. I am looking for feedback to consider. I feel I am finally in a situation where financial freedom is close and I don't want to make a grave mistake. I want to be able to make the best decision possible that gives me the best chance at achieving financial freedom and or following a career that I don't despise.

I do apologize in advance if people find this post ridiculous or annoying for mistakes or lack of information.

 Thank you

@Chris Mason I am curious of this email? but hope and pray I guess. 

Being that you seem to be knowledgeable on the subject and I apologize if this is not the right question in response to your post, but do you have any idea if institutions will do a settlement, say if I call them  will they allow me to pay off the principal in a lump sum payment and dismiss the interest that has build up in order to discharge the loan?

Thank you!

Thank you @James Wise . Not exactly running, I have been patiently crawling and walking haha. I just figure no better time than the present!

Thanks @Tom Ott Always good to have connections in the same state!

Appreciate the recommendations @Dmitriy Fomichenko