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#1: assumable loans student loans and landlording it

Posted on 2006-02-28 23:20:33 by King Lerxst

I am young 27, and have amassed a massive amount of student loan debt
over 50k dollars. The likelyhood of me getting a salaried job that
pays enough to cover the monthly consolidated payments is slim. Before
going back to school I had 20k in stuent loan debt and paid close to
200 a month consolidated now I have 30k more unconsolidated to add to
that. The way I figure it I will be paying close to 500 a month in
student loan debt. I would like to eliminate that in one swoop if I
could. I have friends from college who have become very successful at
buying and renting out property. That got me thinking if it were
possible for me to purchase a home that was seller financed if it is at
all worth it, to rent it out, refinance, and pay off the student loans.

King Lerxst

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#2: Re: assumable loans student loans and landlording it

Posted on 2006-03-01 02:46:50 by Will Trice

&quot;King Lerxst&quot; &lt;<a href="mailto:jbrown25&#64;gmail.com" target="_blank">jbrown25&#64;gmail.com</a>&gt; wrote in message
news:<a href="mailto:1141164464.775355.231640&#64;u72g2000cwu.googlegroups.com..." target="_blank">1141164464.775355.231640&#64;u72g2000cwu.googlegroups.com...</a>
&gt; I am young 27, and have amassed a massive amount of student loan debt
&gt; over 50k dollars. The likelyhood of me getting a salaried job that
&gt; pays enough to cover the monthly consolidated payments is slim. Before
&gt; going back to school I had 20k in stuent loan debt and paid close to
&gt; 200 a month consolidated now I have 30k more unconsolidated to add to
&gt; that. The way I figure it I will be paying close to 500 a month in
&gt; student loan debt. I would like to eliminate that in one swoop if I
&gt; could. I have friends from college who have become very successful at
&gt; buying and renting out property. That got me thinking if it were
&gt; possible for me to purchase a home that was seller financed if it is at
&gt; all worth it, to rent it out, refinance, and pay off the student loans.

I'd be surprised if you could refinance a property, get $50k over the cost
to you out of it, and get better payments than what you have on your student
loans. I doubt you could cover the payments from the rent either.

-Will

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#3: Re: assumable loans student loans and landlording it

Posted on 2006-03-01 04:28:34 by John

In article &lt;<a href="mailto:1141164464.775355.231640&#64;u72g2000cwu.googlegroups.com" target="_blank">1141164464.775355.231640&#64;u72g2000cwu.googlegroups.com</a>&gt;,
&quot;King Lerxst&quot; &lt;<a href="mailto:jbrown25&#64;gmail.com" target="_blank">jbrown25&#64;gmail.com</a>&gt; wrote:

&gt; I am young 27, and have amassed a massive amount of student loan debt
&gt; over 50k dollars. The likelyhood of me getting a salaried job that
&gt; pays enough to cover the monthly consolidated payments is slim. Before
&gt; going back to school I had 20k in stuent loan debt and paid close to
&gt; 200 a month consolidated now I have 30k more unconsolidated to add to
&gt; that. The way I figure it I will be paying close to 500 a month in
&gt; student loan debt.

$500 a month is trivial. You could get an $8 an hour part time
job at Walmart, and earn $500 a month working 15 hours a week. That
is just a bit over 2 hours a day, or if you want some days off,
work 15 shifts of 4 hours each. If you get off of your regular
day job at 5PM, you could work the 8PM to Midnight shift, and
still have 5PM to 8PM free to have dinner and socialize. All
you have to have is a desire to pay off the debt that is greater
than the desire to sit on the couch watching TV shows.

&gt; I would like to eliminate that in one swoop if I could.

We would all love that. But lesson #1 in life is that there
is no fairy god mother to wave any kind of magic wand. If you
want magic to happen, you have to make it happen the old fashioned
way, by working hard for it.

&gt;I have friends from college who have become very successful at
&gt; buying and renting out property. That got me thinking if it were
&gt; possible for me to purchase a home that was seller financed if it is at
&gt; all worth it, to rent it out, refinance, and pay off the student loans.

So how is going to give a personal loan to a 27 year old with
no real estate experience and is head over heels in debt? And
how exactly do you do a refinance and end up with $50K, unless
you are planning a very high risk high interest rate cash-out
refi? Keep in mind that if you did that, you would be making
huge mortgage payments, much larger than what your student loans
currently are at. How does that help any?

As I see it, your best options are to find ways to increase
your income, find ways to work more, and find a husband who
is willing to pay off your debts.

-john-

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============================================================ ==========
John A. Weeks III 952-432-2708 <a href="mailto:john&#64;johnweeks.com" target="_blank">john&#64;johnweeks.com</a>
Newave Communications <a href="http://www.johnweeks.com" target="_blank">http://www.johnweeks.com</a>
============================================================ ==========

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#4: Re: assumable loans student loans and landlording it

Posted on 2006-03-01 05:40:15 by Elizabeth Richardson

&quot;John A. Weeks III&quot; &lt;<a href="mailto:john&#64;johnweeks.com" target="_blank">john&#64;johnweeks.com</a>&gt; wrote in message &gt;
&gt; As I see it, your best options are to find ways to increase
&gt; your income, find ways to work more, and find a husband who
&gt; is willing to pay off your debts.
&gt;

Or a wife.

Elizabeth Richardson

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#5: Re: assumable loans student loans and landlording it

Posted on 2006-03-01 12:36:48 by King Lerxst

ha you mean rich older wife

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