All Forum Posts by: Nolan B.

Hey @Max Vishnev, how is your house hack going? Does the rental income from your tenants cover your mortgage, or do you still pay the difference? 

What about deals where a multi-family househack would cover the entire mortgage? I have had trouble finding areas in NJ where this is doable. 

@Shawn Mcenteer

What is it about NJ that gives you options to increase value significantly versus other states, and what are those options?

Hey Michael,

Just wondering where you would recommend a real estate noobie to begin house hacking in NJ. Most affordable(~250k) multi families seem to be in towns that are not exactly desirable to live in. 

Thanks!

@Russell Gronsky - That's an interesting way to look at it. If I take ten years to pay off $100,000 at 6.6%(assuming I can't refinance to a lower %, just to be safe) with monthly payments of $1140 , then I will pay $36,903 in total interest over the course of the loan. If I live like I'm broke for 3 years and pay $3069 a month for 36 months, I will pay $10,500 in overall interest on the loan. That's paying about an extra $26,000 in total interest for the extra 7 years of time to pay the loan off. So essentially, the question is if paying that $26k in extra interest over the course of 7 years is worth having that extra ($3069-$1140)   $1929 a month for three years and if investing that $1929 a month would result in more than that extra $26,000 of interest I will be accruing for not putting it towards my loan.  I'm not crazy good with interests so someone correct me if I'm wrong there. Thanks for the advice on what to do for the first couple years out of school as well. 

@Bill Goodland - Hey Bill! After some research on FHA loans it does look like this two year employment history doesn't apply so much to recently graduated students which is awesome. "Crossing that bridge when I get there" is something I really have to work on because I always see myself planning too far in advance. Frugal living is definitely nonnegotiable, but I am wondering if it would be more lucrative to live frugally and pay off my loan ASAP or if it would be more beneficial to drag that loan out for ten years and increasing the overall interest paid while house hacking ASAP.

The ability to work a 3 12 hour shift schedule is very important to me! This is definitely something that I'll be looking for in a job once I graduate, but like you said, I have to cross that bridge when I get there. It would be great to have those four days a week off in order to do other things I enjoy and to put time towards real estate investing as well. I've heard of many people refinancing to lower rates but have heard that this takes away the different benefits of having a federal loan. I'm not actually sure what these benefits actually are, so I do plan on refinancing after graduation.

I would love to meet up sometime to discuss both PA school and your real estate goals! I'm about an hour out of philly. 

@Dennis M. Thanks for the advice! I agree that I should work on taking things one step at a time, lol.

@Alina Trigub I joined! Would love to begin networking.

@Dave Foster Hi Dave! I do love medicine, and while I have not personally been involved in any deals or the like, from all of my reading and listening I am sure I'd like real estate as well. It is true that I should learn how to be good at my primary job first, then worry about physically working on real estate. However, while I'm not ready to physically strike any deals yet, I'd love to continue learning until I am ready to dive in. Looking at getting rid of any debts owed against me as a side job is actually really eye opening, thanks for that!

 Hello Russell,

My interest rate will be roughly 6.6% and I have heard of others refinancing their loans down to 4 or 5%. I'm interested in doing some type of house hack but am unsure of if I'll be able to qualify for loans without a history of employment! Also, when I hear house hack people tend to use it interchangeably with two different meanings, either buying a duplex and living in one unit while renting the other or buying a cheap house and doing renovations while living in it. Which of these do you mean when you say house hack and why would your recommend that one? 

Many PA's also pick up urgent care per diem shifts for approx $50/hr, so I could pick that up as a side hustle while I pay off my loans as well which is a good idea. 

Thanks for the reply!

Thanks for the reply Kent! I was thinking of starting off with a house hack while living frugally and paying off my loans, but unsure of how qualifying for mortgages/loans works because although I'll be making a decent amount, I'll also be fresh out of school without a long history of employment! Let me know if anyone has any advice on this front as well. 

Thanks for the good wishes! 

Hello everyone!

I just made my account and am excited to become more involved on the forum. I've been listening to the podcasts for a couple weeks now and it is definitely making my commutes more enjoyable while teaching me a ton of new information.

I graduate from college in NJ next semester. After that, I am attending graduate school in order to become a Physician Assistant, which will leave me $100k in total student loans debt while also earning a starting salary of about $95-$100k a year at 24 years old.  My main goal in real estate is to establish a "passive"(I understand that it's not entirely passive and will most likely be on par with a part time job) flow of income so I don't have to work the classic 9-5 until I die, while also allowing me to have something that could potentially be passed down to my (future) kids. 

I was wondering what tips everyone has for me. Pay my loans off as soon as possible and live like I'm broke for a couple years? Invest early?  Has anyone been in this situation before and if so how did you handle it? I read the book "The White Coat Investor" which was super useful but did not heavily discuss real estate options.