{ "media_type": "text", "post_content": "1 paycheck is spent on rent, the other is spent on loans. 2 years out of grad school, 3.5 years in consulting, make $75K/year. I have a savings ($5K) but I'm sick of this paycheck to paycheck life.", "post_id": "58e465ebb947960016732fbe", "reply_count": 75, "vote_count": 45, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

1 paycheck is spent on rent, the other is spent on loans. 2 years out of grad school, 3.5 years in consulting, make $75K/year. I have a savings ($5K) but I'm sick of this paycheck to paycheck life.

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Hmm ATK1... I also own rental properties and those numbers don't add up. If mortgage is $1100 and you're renting it for $1800, then you would barely be breaking even after you factor in property taxes, insurance, HOA, repairs. And with Section 8 I'm sure you spend a lot on repairs. I have a property with roughly an $1100/month mortgage that I rent for $2400/month. After all expenses I net about $650/month and my repairs run lean. If we're being honest.

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Sorry guys been busy here is the deets 1) find a property that is under $200k that can rent for roughly $1500+, this is hard is most cities but there are some like Baltimore/Philly that work, I always look for props near established institutions, think hospitals or universities or gov agencies 2) post the house on Zillow first to gauge interest and protect your bet 3) make an offer, refuse to pay closing costs and hope it goes through 🙏🏾 4) during the closing process find tenant, this is easy 5) have them pay 1 months rent for a security deposit, use this towards the down payment 6) finance using a conventional loan so u only have to put 3-5% down, don't worry about PMI you'll make up for it on the rent 7) rent it out for a year, after one year u can purchase another home using a conventional loan only thing is it has to be outside of a 5 mile radius then ur previous otherwise the bank will know u are buying them as investments, u also need a reason like I need more house, parking, yard or something 8) repeat process The reason I do conventionals primary resident loans is because u save on down payment and more importantly the interest rate

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3.5 years in consulting and you make 75K??!? I don't even know what to say about that

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The one paycheck going to rent seems like a self inflicted problem

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Send me a burner I have 4 rentals all bought as primaries on conventional loans - mortgage on each is around $1100 rent each one for $1800+...clear close to $3k a month, then just throw that into my betterment account

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Use that $5k buy a rental prop on a conventional loan - rent out to section 8, make an extra G a mo

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I thought most first year analysts nowadays are making upwards of 70-80

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Chicago is one of the cheapest cities, where the f are you living as a 24-25 year old that costs that much. Get a roommate like a normal person. Hell even a studio should be way cheaper than you're paying.

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Cheaper apartment

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Scale back on living expenses. Suburbs my friend.

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Yea @A3 I can't wrap my head around that either...out of GRAD school, 3.5 years in consulting at 75k? Something doesn't add up here 🤔

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Roommates is the way to go if you want to cut down on living expenses. You're basically spending 50% on rent most months which is ridiculous

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Deloitte barely pays you more for grad school than an undergrad hire (3/year more in my case) but 75 sounds super low. I thought I was low at 82 after 3 years!

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75K after 3 yrs??? I dont get it...

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Have you seen the movie Office Space? I'm not saying you should commit white collar crime... but you know sometimes it works out.

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@ ACN they are 👍🏼🤑

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Nope that shit comes through direct deposit from the government bro, same day same time every month....the tenants are only responsible for a small percentage and I just make sure they have steady income or like disability checks or something equivalent....most section8 people also stay ina house for like 5+ years, the bigger issue is making sure they respect ur house, that's the main risk but u can mitigate by speaking to previous land lords and stuff

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Grad school...and you're only making 75k....you maybe severely underpaid or short changing yourself

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@A3 yeah well, D says I'm an "experienced analyst" and hired me as such *grumble

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I'm in the same boat as OP 4 yrs industry and a masters (non-MBA) $84k in DC, in my 2nd year of consulting. I definitely feel screwed. If I don't get a promo and significant bump this year, I'll jump.

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