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Hi Fishes, Wish you a great day ahead 😊🤗.
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Anyone a CFP as a side hustle?
Decided to payoff my mortgage.
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No advice here but good for you sis 👏👏
Buy a duplex/multi-family as a primary, live in one unit for a year and rent the other out. Repeat.
Subject Expert
In NYC that would have significant lifestyle effects.
Pay the loans aggressively, you don’t know how long you’ll stay in big law.
Will have to agree to disagree on this! The poster has 150k in loans and 100k in savings so don’t think there’s a real risk of her not being able to make loan payments should something unexpected happen.
I grew up poor and came out of law school with 150k in loans, no savings, and no spouse. Refinanced my loans before even graduating from law school. As a third year I now have rental properties and way more invested in tax-advantaged accounts than almost all of my friends do. It’s not like the capital is just disappearing unless you dump it all into some crazy risky asset — if you need to access it to cover your loan payments because you lose your job, there are ways.
My advice would be to leave NYC but people love it… I’m a third year and am years ahead of my friends that are in HCOL cities. Real estate will be tough in NYC and is a ton of hassle if out of state. I would use an attorney loan for a primary residence, make it a rental when you buy a new house, and rinse and repeat.
Subject Expert
Agree NYC puts big hurdles here. OP will need to restrict to condos both for the ability to rent out later (if that’s even profitable) and because co-ops won’t take a JD loan. Another option might be to funnel money to parents in another market and have them manage properties. I’ve been in OP’s shoes and I just did not find it realistic to make real estate part of my portfolio. The costs of entry in NYC are just too high.
Mentor
I’m sorry
Mentor
Ya but she has to work as a lawyer and pay off that debt. Sounds miserable.