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Can you take out more than 10 mortgage loans?
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I'm pretty new to real estate investing and haven't bought anything yet but looking stuff up on the Internet it says you can only take out 10 mortgage loans so how do big investors have hundreds of houses?
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10 traditional loans is the government rule for conventional loans I believe (and an additional FHA). If you buy rentals in an LLC and get a commercial loan, odds are pretty good traditional mortgage lenders won’t even see them nor will they count against you when qualifying you for a loan.
But if you don’t even have one, the 10 loan rule is the least of your concerns for acquiring a bunch of real estate. I was real concerned about that rule when I started out, and now I haven’t thought about it in years (started investing 4 years ago). I’ve only acquired 6 rentals so far but once LLCs were on my radar, the 10 loan thing was a moot point.
Student loan doom for people with loans pre-10/2007
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Idk I guess I’m just here to vent. I have a lot of student debt. I have one loan I had to take out for a few thousand dollars in August 2007 for college. I was on Obama’s REPAYE plan for many years after graduate school, which differed from Income driven repayment because it was 10 versus 15 percent of your income to pay. I had to be on REPAYE, versus Obama’s more generous program PAYE, because that program only applied to people with loans taken after 10/2007. So literally two months too early. I graduated in 2010 in the height of the recession, and had to go back to school to just have any means of doing anything. Back then things were brutal, there were not jobs, I went back to school to have hope of moving out of my parents house.
Fast forward to now. Biden started the SAVE program. This was more generous than REPAYE, at only a 5% payment. This program transferred (without choice) everyone on REPAYE into it, and terminated REPAYE. BUT several republican Attorneys General sued to stop SAVE and have succeeded. The program is enjoined completely. The administration opened up PAYE again (this was paused due to the litigation). But there seems to be little hope for REPAYE. They’ve indicated zero interest in bringing it back. That means me, and anyone with a loan prior to 10/2007 (so lots of millennials) are screwed. We are left with old income driven repayment. The difference in payments is literally hundreds of dollars for me that I can’t afford. I will pay over 10k more in the next two years than I would’ve until my loans are (hopefully, could be screwed here too) forgiven. Of course, no chance trump saves this.
I can’t believe this arbitrary 10/2007 date is essentially ruining my life. Since 2015, I didn’t anticipate paying this much on loans. I anticipated paying 10%. I am older now, 36, and actually thinking of having a family. No way can I afford that with this new payment. My husband and I wanted to finally move from our crummy one bedroom apartment we’ve been in for 10 years, but no chance now.
I feel like everything for people my age (born 88) is just completely ruined. I don’t have any hope for my future at all. I am grateful for what I have, but never progressing to a better life, just destitute forever, is incredibly depressing. I’d like to be able to have a family, a decent place, etc. I’ve worked so hard in public service, was a great student, did everything “right.” I have zero to show for it. And I’m a lucky person, with a good job and stability. I can’t imagine how this gigantic increase in payments is impacting others.
Once again, millennials will be widely left behind due to neoliberal silly bs that isn’t universal. There’s no reason the administration can’t change PAYE to apply to older loans so we aren’t financially ruined.
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I feel like everything for people my age (born 88) is just completely ruined. I don’t have any hope for my future at all. I am grateful for what I have, but never progressing to a better life
This really resonates with me, I am so sorry for what you're going thru
As a fellow 88' baby myself the only reason I was able to get rid of my own student loans was due to a settlement check from a lawsuit (over an unrelated issue). If I had never gotten that settlement check around 2015 I would probably STILL be paying on them 🤦♂️
I remember making student loan payments faithfully, yet the balance never seemed to go down. Post-2008 America has never felt "quite the same" ever since the economic crash back then, it's hard to put your finger on it
Millennials are a textbook example of "in the wrong place, at the wrong time", 2008-2010 was probably the worst possible time to be a fresh college grad. I remember attending job fairs where other people there had Master's degrees and Ph.Ds competing for true "table scraps"... literally jobs that paid like $10-$15/hour, the 2010 job market was BRUTAL 😬
Just got out of jail with terrible credit card debt for 10 months, idk what to do
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Hello, here is my debt: Discover: ~7000$ Chase: ~800$ Capital one: ~1100$
I was in jail for 9.5 months. I was not able to make any payments for that time. They're all in collections. I didn't have a good job before jail so I couldn't make payments. I looked into consolidation loans but I have been rejected from them. My credit score is around 540 and the main issues causing it are of course serious delinquencies and credit utilization. My one bank offers a credit card balance transfer, and I've also been offered debt management solutions, where they basically make an account for you to put money into and they talk to the debtors for me to seek settlements. I just did one with American Debt Relief where the estimated payback amount is only like 6300$. I feel like I should cancel it from what I've researched about how this impacts my credit score. Their fee seemed high (25%) which is included in my payback amount, so the actual estimated amount I might be able to settle for is a lot less.
I currently have employment through a temp agency and hopefully will be able to gain more permanent employment soon through my dad's work (next week) which will pay well, although the travel is a lot more. My temp job is 19$ hour with only 10 min of travel. I can at least get 3 days a week. My take home estimate is 350$/ week and rent will start next week at 350$/month. Gas is like 200$/ month. Everything else I can budget to 100$/month. I live with my parents and can be frugal if needed.
Should I call my bank to seek info on the balance transfer or what other options are there? I do not think I will qualify for personal loans either, since my bank rejected my application.
Update: gonna cancel my plan with American debt relief and will look into NFCC. I did contact my bank and I don't qualify for their line of credit or loans if any type. Thank you for your input.
Update 2: I called up NFCC and we worked a low monthly payment plan to pay in full. Thus the CC companies no I'm paying them back and it can help my credit get back to decent levels. I chose not to settle since I want to move out of my parents in 2-3 years and possibly get a new car, since my current car will probably die in a year or 2 (148k miles jeep patriot that I bought cheap).
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At 540 it won't get much worse. Bankruptcy is very reboundable from within 4 to 6 months depending on income.
Your biggest issue is you have 2 very small creditors and then DISCOVER
Bankruptcy is also not free unless you do it yourself and depending upon location 800 to 2500 bucks
Pay off as fast as possible or over 10 years?
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Set to graduate in May. Bad financial education and went to a private institution getting me around $150-160k in student loans. I expect to make around 60k gross when I graduate.
I could live at home rent free and I am sure my parents would be willing to make payments on it as well, but should I be putting in 90% of my paycheck to pay these loans off in 3-4 years? Or should I take the 120 month term.
Also these are sallie Mae. I’ve heard very bad things about these (wasn’t my choice and didnt understand it). What would it do for me if I were to consolidate or change provider?
Top Comment: If you are able to live rent free and your home environment is safe for you both mentally and physically, then it’s worth it to crush those loans. You have a lot of life left to live. If you keep those loans around, then they could stand in the way of major life milestones. E.g. saving for retirement, grad school, marriage, having kids. Each of those is very very expensive.
CPA Mortgage: Home Loans for Accountants with 0% to 10% Down (technically it’s called the Professional Mortgage Program)
Main Post: CPA Mortgage: Home Loans for Accountants with 0% to 10% Down (technically it’s called the Professional Mortgage Program)
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That's interesting. Thanks for sharing!
Need advice if 10k loan is the answer for life
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I am thinking about taking out a 10k loan to help benefit my life greatly short term and then paying it off within 3-5 years. I know I might lose a little money but i think it’s worth the benefits it would give me right now. First let me give you a little context on my life right now. One year ago I just graduated high school freshly 18 while also obtaining an associates degree at local college with 64 available credits for transfer. I decided on a gap year to decide what degree I want since all my gen eds are done and I’m still ahead of the “race”. I wasted my summer gettin completely trashed and geeking. Then during August my family got evicted from our house and we moved from northern Illinois to a friend in Wisconsin. During the next two months it was a cycle of my father starting arguments with his friend who is providing a roof and gettin kicked out just to go to another friend and do same thing. Eventually we moved back to our hometown in Illinois renting a basement out. Come late november. I’ve been looking for a job with my degree for months now (mostly remote ones givin my shaky home location) and I’m completely dry. I can’t find nothing. I’m still dead broke no job and haven’t even gotten any real life experiences that I wanted to get when I decided to do a gap year. Then I got into an argument with my father and got kicked out of the basement he was renting. Now I’m homeless, I left my family with only a backpack and garbage bag of clothes. I go through a couple friend couches until I ended up at my close friend house and his parents let me stay long term. At this point I decided screw my degree ima just get any job. I got a job at a fast food place that was only a 10 minute walk. Started working there late December. I saved for 3 months then brought myself a used car off Facebook for 2k. Immediately got a second full time job at a warehouse 20min drive away. 2 more months and now we are here in life. Just recently last week I drove to Wisconsin for personal reasons and my car broke down over there. I was stuck in a different state for a night. I had to rent a hotel room then tow my car to two different mechanic shops just for them to tell me they couldn’t work on it and I had to then tow my car over an hour across state lines back to Illinois. This one day took so much money out my bank account. And now I am here with a job I can’t get to unless I Uber everyday. I’ve done the math and it’ll be about 300-600 a month on Uber which is less than half my checks. I was thinking I should just get a 5-10k loan and buy a nice car from dealership that won’t have problems, use 1-3k for a deposit on a apartment and leftover money on investments. It’s worth noting I don’t have much money saved up because my used car spent $3k more since I brought it on maintance and fixes. I lost over 2k gambling poker (I know extremely stupid), and rest on food rent. I didn’t even buy myself nothing these past months but some shoes and a hoodie. My credit is good the history about 3 months and is around 715. I have account with chase. Idk if I want to do a bank loan or online lender. I really just need an advice on whether this is a good idea to take out the loan for life right now. Paying the loan back would be cheaper then Uber everyday and I have a car for use 24/7 again. Also there probably be times I can pay the payment extra or even in full within next couple years which will greatly benefit my credit score right. This is a very long post I appreciate anyone who even reads. I know I’m young but I already feel like I’ve already messed up so bad I can’t ever comeback.
Top Comment: If you still have stable housing, I wouldn't consider taking out debt to get different housing. If a car is a must, then it would be understandable to take out a loan for one. Please use the lost 2k in gambling as your stupid tax for that topic and never gamble again, it will be a constant damper on your progress in getting financially stable.