All Forum Posts by: Nehemiah Wallace

@Janelle Vigario thanks for the comment. Yes I think learning the disciplines and habits of gaining wealth will take some time. It will be much less stressful not having any debts going into investing for sure. Time to side hustle in order to speed it up if I want to get in quicker

@Mike Storey thanks for the advice. We go through cycles of being good at the envelope system and should tighten the grip on that again to pay down debt. It’s funny you mention mobile homes because my initial thought was just that. Because it’s typically much lower to invest. My wife and I have actually discussed trying to find a mobile home on an acre and possibly slowly building it into a mobile community for elderly or catered to a niche like single moms. Goal would be to add on as we can improving the property and adding homes as we can afford safely with the long goal being all homes paid for and just maintaining the community. I’m comfortable doing most of the work myself and my dad is retired and wants to start investing as well so he would be great to team up with as he has some construction background himself. I have a management background so I’m comfortable managing people and places

@Alexander Ball my debt is paid timely each month, if I were to pay off the debt then save I would say probably 2-3 years before having enough cash on hand again to put down on a home and I want to believe buying and cash flowing now rather than later would be better but that’s why I’m looking for wise input to help me decide

@Caleb Heimsoth definitely where I wanna be, in the good debt column!

@Michael Glaspie thanks for the boost of confidence. Gonna look around for a multi unit and try to get going in this adventure

@Kevin Vandenboss great words of wisdom. Thanks!

@Dennis M. Yes, that’s what I tell my wife is that there is probably never going to be a perfect time with 5 kids and one income, hence why I wanted to jump while I had enough $ for a down payment, closing costs and a little reserve for the what if’s and if something comes up. It’s just more of going that route now or throwing it all down on existing debt, which is managed well

@Mayer M. Also a good point. Thanks

@Thomas S. Thanks for the advice. I have already been pre approved for an fha loan. I have minimal “bad debt” some auto loans and a personal loan but surly want to have little to no debt ASAP

@AJ Leman thanks, that was my next thought to try and partner up