All Forum Posts by: Omar Cantu

Hi, I’ve been on BiggerPockets for a while now. I wanted to get started about 2 years ago and posted on the main forum. Unfortunately, I was in a different mindset and had a large truck payment with a high debt to income ratio. As you can imagine the responses weren’t pretty. Since then, I have “matured” both mentally and financially. I since have doubled my income and got rid of the truck halfed my vehicle note and pay off amount. I’m a mechanical designer in the oil and gas industry but I like most, don’t want to be in the rat race forever. I drive over an hour from Lake Jackson to Downtown everyday. My goal is to purchase something closer and my best bet (I believe) would be to House Hack with an FHA loan. Then go into fix and flips. I have perfect credit and only my car loan. My question is where do I get started? I’m tired of being discouraged and feeling like I can’t get traction. I feel the hardest part is taking the leap and getting started. Any advice on steps to take? Or how you started? Thanks, Omar

Let me know when the next one is!

@Camron Cottam 

2016 Silverado Z71 4x4 pearl white

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Thanks to everyone for the feedback. Obviously the truck was not necessary but like I said I'm only human. I'm not a quitter nor will I take the easy way out I just have to deal with the cards I'm dealt. I have given it some thought and will continue but as of now the truck is going to stay. I have about 7k put away I might get a part time job with a real estate firm or something like that on the weekends to save up more capital and soon probably look for another job with better pay in my industry. Shawn Ackerman thanks for that bud I think that's what I am going to do in the meantime because I was planning on it being my last vehicle for many many years. Also I was planning on getting my real estate license soon not really to be an agent just to have more overall knowledge. Anybody have experience with this?

Okay. This whole thing about the truck has got me thinking, that's just taking the easy way out. Other people do this with other bills totaling more than $560 a month. Let's say I don't sell the truck. And everything remains as is. How do I do it? There has to be a way. If you have a suggestion. Please let me know.

Jason Little wow thanks for that vital information. What do you recommend?

Jessie Nunley correct 41k BUT I did put 10k down payment from my previous vehicle and it's technically been 15 months I bought it in march of last year and I have been giving a little extra every other month. Leaving a little over 24k still owed.

Jeffery Waicak good point, thanks!

Okay the obvious factor is the truck payment. 560 is a little steep. I only owe 24k out of 41k at 1.99% interest. I've owned it a year and 2 months. (Which I don't think is that bad) Of course I don't see it as an asset nor a necessity. But let's say I get rid of the truck I would have to buy something else to drive and let's be reasonable and say 10k for a good vehicle because I do go out of town a lot (being the reason I bought brand new with 7 year bumper to bumper warranty) Let's say I sell the truck for around 35 and buy another vehicle with the money left over. Then what? Will I be able to buy a house no problem? Also I plan on staying with my parents for a few more years so I won't need to house hack just yet. But a duplex or condo is what I'm leaning towards at the moment. Thanks for the feedback I'm not taking it the wrong way I actually appreciate it. That's why I started this discussion.