Author Topic: I Need Love . . . Or a Mustachian PoV  (Read 3080 times)

TCH

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I Need Love . . . Or a Mustachian PoV
« on: June 15, 2016, 12:21:13 AM »
Kidding about the love part.

We're on our way to SL and mortgage debt only within the next six months. I got two questions for y'all. If they've already been answered, my apologies. Please point me in the direction of the answers and I'll do the rest. :) :) (is there a mustache emoji that I don't know about? How awesome would that be??)

So,

1. Student loan at 60k with 2% interest
2. Home at 420k with 4% interest.

First question, which do we pay aim to pay off first?? If I decided to go back to work, we could pay the SL off in a year. The house? Uh....

Second question which is completely unrelated to the first. I have to get three tooth implants (don't judge!! My teeth and oral hygiene are awesome. Dentist said this is genetic stuff) . The cost is going to be about 10k. I want that shit for free. My question is, how can I make that happen?? I have no clue how to do CC churning but if that helps, I could learn. Any other suggestions?

Oh, one more question!! In the mist of all this debt fan-angling, there's an office for 59K downtown in a high end building. 1000 monthly fees. 2500 possible rent. Would you buy it????

marty998

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Re: I Need Love . . . Or a Mustachian PoV
« Reply #1 on: June 15, 2016, 02:22:34 AM »
I would buy the office. $59k only gets you the bike parking spot in a building in Sydney.

:{)

2Cent

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Re: I Need Love . . . Or a Mustachian PoV
« Reply #2 on: June 15, 2016, 02:54:32 AM »
What are you actually getting ownership of for 59k. I've seen deals where you are actually still renting, and only buy the inventory.

TCH

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Re: I Need Love . . . Or a Mustachian PoV
« Reply #3 on: June 15, 2016, 03:45:01 AM »
I would buy the office. $59k only gets you the bike parking spot in a building in Sydney.

:{)

Yeah, same here for private condos. I saw a parking space for 60K. Ugh.

So ok, do you think purchasing the office space would be a priority over the rest? (it includes a parking space, btw.) :) Just curious. :)

marty998

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Re: I Need Love . . . Or a Mustachian PoV
« Reply #4 on: June 15, 2016, 05:15:41 AM »
Office building sounds too good to be true.

I'd pay off the mortgage as a priority for SANF, then do some thorough research on the office building. Find a way to borrow as much as you can for the office and make sure there's a long term lease in place.

TCH

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Re: I Need Love . . . Or a Mustachian PoV
« Reply #5 on: June 15, 2016, 05:37:48 AM »
Office building sounds too good to be true.

I'd pay off the mortgage as a priority for SANF, then do some thorough research on the office building. Find a way to borrow as much as you can for the office and make sure there's a long term lease in place.

I know, right?!  I looked into the office space more and there was jargon that I didn't know. So from what I've learned so far is that you purchase the space and the pay a fee per square foot per month. But even that looked too good to be true. Still worth looking into when I'm in a place to buy.

Thank you for the mortgage advice, btw. There's so much to learn. This site is becoming addictive. Lol.

rafiki

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Re: I Need Love . . . Or a Mustachian PoV
« Reply #6 on: June 15, 2016, 05:48:18 AM »
TCH, We would need more details to properly evaluate the office space (I might suggest posting in the real estate forum, or on Bigger Pockets, or talking with friends / advisors in your market), but based on my limited experience the biggest problem with commercial real estate is that it can stay vacant for years so you need to be able to carry the property in good times and bad, and potentially for a very long time. 

So while it could be a great opportunity, be careful and do lots of diligence. Diligence and deep pockets are 2 big keys to commercial real estate.

undercover

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Re: I Need Love . . . Or a Mustachian PoV
« Reply #7 on: June 15, 2016, 06:55:30 AM »
Concerning the office space:

If it's something you know very little about (sounds like it), and you're just glancing at numbers and seeing that it seems like a no brainer, you should definitely assume you're wrong (since you probably are).

Always assume that there's something you do not know, and figure that out before making a decision. There's a reason it's still for sale.

TCH

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Re: I Need Love . . . Or a Mustachian PoV
« Reply #8 on: June 15, 2016, 06:03:19 PM »
Concerning the office space:

If it's something you know very little about (sounds like it), and you're just glancing at numbers and seeing that it seems like a no brainer, you should definitely assume you're wrong (since you probably are).

Always assume that there's something you do not know, and figure that out before making a decision. There's a reason it's still for sale.

kthx. not really what the post was about but lots of people seem to be into that question. lol. it was a flyby one. i saw the price and just wondered out loud. :)

but here's another:
my husband's net is 85k, i don't work, we have no kids, and we have about 400k left on our home. when i decide to work from home, it'll be part time so i'll bring in about 30k net (it'd probably be more). could we pay off our home in 5 years??

Choices

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Re: I Need Love . . . Or a Mustachian PoV
« Reply #9 on: June 16, 2016, 08:31:37 AM »
It seems like you guys are up to your eyeballs in debt already, so buying the office would be the LAST thing I'd recommend.

You didn't mention why you'd need it, but purchasing locks you in even when your business needs/size change. And as mentioned, most things that seem too good to be true are not true.

Pay off your loans, then start chipping away at your house. Be frugal where you can, lower your annual expenses, etc.

For the dental bills, try putting them on new credit cards that have a huge sign-up bonus. If you fly Southwest, spend $2000 in the first few months and get points worth about $800, though there's a $99 annual fee. Be sure to cancel the card after you get the points.

Or ask your dentist if there's a discount if you pay in cash up front.

TCH

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Re: I Need Love . . . Or a Mustachian PoV
« Reply #10 on: June 19, 2016, 03:40:16 AM »
It seems like you guys are up to your eyeballs in debt already, so buying the office would be the LAST thing I'd recommend.

You didn't mention why you'd need it, but purchasing locks you in even when your business needs/size change. And as mentioned, most things that seem too good to be true are not true.

Pay off your loans, then start chipping away at your house. Be frugal where you can, lower your annual expenses, etc.

For the dental bills, try putting them on new credit cards that have a huge sign-up bonus. If you fly Southwest, spend $2000 in the first few months and get points worth about $800, though there's a $99 annual fee. Be sure to cancel the card after you get the points.

Or ask your dentist if there's a discount if you pay in cash up front.
Thanks, Julie!
Yeah. I wasn't super serious about the officer. Just throwing it out there.
Ok. The loans have 2% fixed and the house 4% Fixed. I'm curious what the benefits are  to paying off the loan first. :)