I'm $100,000 in Student Loan Debt and Just Did Something Stupid! 

Not when you live under the mentality that the government should just pay it for you.

@@ROCKETS2965 You mean the tax payers?

I mean...he can still get a home and pay his mortgage and student loan.

Exactly

Julian lol that’s me!!

That’s how Americans look at student loan debt. It doesn’t really exist

I rented the entire time I was getting out of debt. There was a lot of peace of mind about it because I saw it as security while I attacked the debt. If something broke, I wasn't on the hook for it.

He says that cause he own real estate, obviously he would want a consumer to rent on HIS PROPERTY!

@@cristianm6706 ehh it depends if you're married and both people make well over six figures you can get away with it and not have to worry about all the money that has to go into it. I don't think renting is perfect but if your single and make less then six figures it's a better option

@@cristianm6706because he owns real estate, he actually wants other people to as well. But he doesn’t want anyone in debt.

So correct!

Yup same here

The only way to learn how not to be stupid anymore

@The Bureaucratic Cat Arrogant? Don't think so. And it's "past", not "passed".

The Bureaucratic Cat sounds like you’re projecting. Your insults are pretty telling

@@awanderer6990 he's grammar sucks, so he lost me at " I get triggered at people with money"

@The Bureaucratic Cat He doesn't know anything? Well where's YOUR ur $200 million in real estate then? Twirp.

The Bureaucratic Cat - (sigh) i bet you’re an anticapitalist socialist. “Everyone that is rich must have swindled a ton of people.” With that attitude, you are nothing and you will always be nothing.

Wow, dodged a bullet😲

Wow

That is true!!!

100k in students loans doesn't sound flexing to me...

@Atty. Johnny Sins Personal Finance decent paying in downstate NY?

Law school is worth the money

@@angelachanelhuang1651Lawyers have the highest rate of substance abuse among any other profession. Why? They’re miserable.

Yep, $100k for some place to live where you just have to worry about covering the HOA dues and the taxes is not that stupid. I'm not sure what New York is like, but around here the rates of rent increases have been insane, you pretty much have to be rich in order to afford it.

Crypto currency is the future.

@@pinned5992 like change your life to what direction and in what way change it yeah bet you cant answer that

Crypto currency isn't bad at all but I just don't vibe with it.

Jesus Christ how did my comment get hijacked by a bunch of Crypto scammers? lol

He probably doesn't live in the city just going by the cost of the condo. When talking to people outside of the tri state area, its easier to say NYC because people lump it all together.

Public transportation makes a simple 15 minute trip into an hour plus. Taxi also isn't the answer cause they're too costly for someone that makes under $300k in New York.

@@commonsense9076 People putting other cars on the road turns a 15-minute trip into an hour plus. That same 15-minute trip is probably faster by bike in any part of the city I've seen, and I live here.

@@gamelord12 This guy doesn't live in NYC, he clearly lives too far to bike or walk. With an economical car your trip would be more pleasant and cheaper than the other options.

Which is why alot of people are moving out

@@unfairsanic5089 Hoping the bubble will burst soon.

man Splain depends. If you get a foreclosure at a 40% discount and a 2% loan, over the long term . NY isn’t going to empty. It’s a sheethole, but won’t empty

@teeduck It won't empty, but those with money leave and the broke ones stay behind. It's becoming more and more unpleasant to live here.

S Blijheid exactly, the rich good community members are leaving and the riff raff is filling the open space

I think his parents told him to leave their house when he bought the $25K car, definitely.

@Julius Chinn Chicken Not the type of property that results in a 1300/m mortgage.

@@legony1 definitely a kick the kid out event.

@Julius Chinn Chicken Oh goodness no I left and I'm never going back. That said, for a favorable rate and at below market value, probably. The pandemic will get worse again before it gets better but the long-term outlook is improving. I don't anticipate any major crash that wouldn't see a rapid recovery.

@@yamamancha Yes, but he is a student. Will he stay in New York? Can he end up upside down in 2 years?

If u make it at home. LoL

Yes, becuase of burritos I just paid off my car loan

Yes, if you buy from Taco Smell. If you make at home, it has real beef in it...

Yes

That tortilla is going to cost you... no way you'll get out debt now.

Or he wanted validation to step out of the deal.

Thats what I notice with most of the calls. I personally wanted to call and ask but I honestly don't know what I would ask that he would tell me different. I read his books and am currently tackling student debt. Had 32k and now I have 15k left to pay so im on a somewhat good path. Now its more just keep doing what I'm doing.

The future of America you should check out high school and colleges filled with this

🤣

@Mr602 For the average American it is

@@Simon-oy7kf because most americans are suckered from society and american culture about how to live life, having a debt is not normal in any way

$100k in student loan debt, the condo is probably another $250k debt, as well as an auto loan. So probably $370k in debt.

@@saulgoodman2018 he said he takes home around 3k a month. 70k salary is before taxes. 1300 is a little over one third of his take home pay of 3000/month. Again not great but pretty standard for today

@Mr602 care to explain?

Living with his parents rent-free is my guess... and then he bought a 25K car and has 25K in the bank. He’s not contributing to the household.

@@legony1 You’re probably right.

Lego DC probably, which is disrespectful. I sold my home and lived with my parents while my new home was being built and I paid my parents utilities, groceries, cut the grass, and fix things around their house.

Yeah, I think there's more to the story there than he's admitting...

Yeah...You gotta love Democrat run cities.

Yikes! His take home is only 45%?!?!

He never said "a month ".

Could be 19k of retirement contributions as well...

3200 week

Really. This guy sounds like he's half asleep. What is he getting his degree in?

They'd end up like one of my doctors who over prescribes and schedules needless visits.

A lot of these people have never talked about these problems and its the first time they are putting it into words. So some are dumb others just ignorant

It is a sellers market right now and will be for 24 to 36 months at least..

In NYC that's not an issue. If your credit is not bad, your mortgage could be way less than an apartment at half the size of the house. Garden upkeep is cheap if you do it yourself. Spend the afternoon working in the yard and you don't have to hit the gym. But he's talking about a condo. That probably means no garden. Except garden tools, which have a long life, I don't remember spending money on garden upkeep.

@@sblijheid absolutely

@@sblijheid Like I said, generally speaking.

@@larrybud Okay.

he's still a full time student

He works full time and student full time. Doesnt have time for side job.

@@TheLordBeast you would be surprised...

He had time to look for a house & complete paperwork he can use that time for a side hustle....working from home or driving etc... discipline is the 🔑

I mean to rent in NYC is extremely hard because of how much they charge for 1bedroom

If you want to be mathematically technical... it is when you factor in value. Yes, you are responsible for maintenance costs. But you own so it means the property actually has value. Now you should budget for more than the mortgage due to repairs, that much is true

Alex Gosser you own nothing until the debt is paid.

MCRC : so you can’t sell the house until all the debt is paid? That’s not right. Also - I was using the broad definition of “own”.

@@Runco990 You can put a nail in the wall with rentals too. You just have to pay a $500 damage fee.

Sounds like a good idea! He don't need a car though

that's what I thought

Good point

Daves a smart guy but I dont think everything he says is backed with logic.

What?

My renting a house was 1700 vs renting a townhouse 800

@@justinc2633 Dave logics is about building from the bottom up.

Heard a similar call as you describe, but with a woman caller. I thought it was interesting/cool that he framed it as "well, you made a promise..." and seemed to therefore not even consider her walking away from the deal because of that.

Right?! And its yours. All the "rent" money would be having a purpose and a home. He can pay minimum on house, pay down student loans, then come back to the house afterwards and pay it off in under a decade. I hope he closed.

never to young to start the younger you start the richer you end up.

💯

Start one for your gen ;-)

True!

That's what the earnest money was for, they are picking up 5K. They can try and force the closure, but it is almost certainly not worth it

You don't know what you're talking about, so don't speak on it. He can back out before closing for whatever reason he choses, he just loses the earnest money because it's beyond the atty and inspection review period. You can't force someone to buy anything off of you. It's not closed until it closes. that's why they call it a CLOSING!

​@@darthsiddious7469 I'm outside the US, but it's no different here. As long as those final signatures ain't on paper & the deal ain't completely done ... you can always back out. HOWEVER ... once the 'first document' (the agreement to buy) is signed you're on the hook for at least a severence fine if you somehow still decide to back out (after all, you've already legally agreed to buy it from them and are generally just waiting for the notary and stuff to get all the other legalities sorted out). You still CAN back out, for whatever reason, but usually it's 5-10% of the full sale value of the home that you're on the hook for to do so. And euuugh @Betty Smith You ain't screwing the sellers in any way, shape or form. Or at least, not necessarily. If anything, you're doing them a favor, giving them free money. The property remains yours and you put it back on the market AND you put 5-10% in your pocket. It CAN be a problem if you're using the €€€ of that sale to fund another project of course. Then you'd have to engage in a loan to bridge the time until an actual sale or something. So it can go both ways, depending on the situation.

No, he didn´t, the car is paid off.

@@TRenai3 he was joking, saying he was thinking a car but it was much worse

Get off every video

I believe that's the point of the $5,000 "earnest money". If he decides not to follow through on the closing, the seller keeps that money.

20 percent down, 15 yr mortgage, no more than 1/4 your take home pay.

I don’t think you’d be doing all of that on a condo

@@cjmor6590 ever had a water heater break toilet come up in bathtub ever had broken window? My family owned condos & homes & even some mobile homes r you old enough to remember b4 condos???

NancySue Smith condos have been around forever.

NancySue Smith where I live u pay hoa fees every month so the building takes care of those issues for u

Well a condo hoa you pay every month and it only covers exterior. Things “wall in” is your responsibility. The air conditioner, water heater, appliances isn’t covered by hoa. I know because I used to own one. Condos are good if you don’t like to do yard work.

I agree..

I agree

My exact thoughts. Like girl, why are you laughing? This guy is obviously feeling lost and is seeking genuine help and advice.

She's probably nervous.

Why

Harry K, I remember that call like it was 5 minutes ago. I can’t believe Dave just flipped flopped like that.

Why