Blog Archives

Nii’s accidental landlord nightmare! (With pictures…)

rentsale

In the last post, I described how I bought a sinking house in Atlanta despite having six-figure debt, a small salary, and no plans to stay in the house past five years. By the time I realized I needed to sell my house, the housing market crash was in full effect and my house was worth 60% of my current mortgage. My biggest problem was that I was leaving for Miami for one more year of training. Paying rent in a place as expensive as Miami and paying my mortgage would have easily eaten up over 98% of my paycheck each month. Read the rest of this entry

Nii bought a house and it sank!

housing_crash

Frontpage Mag image

It was 2006 and anyone, I mean ANYONE, could get just about any house they wanted.  No money down, bad credit. You made $30K a year and you wanted a $450K house; you got it! Subprime lending was at it’s prime! After med school I was off to Atlanta, GA, to start my general surgery residency program. After all of those years in school, I felt like the late Johnny Kemp. “Just got paid! Friday night!”  Not a whole lot of money, but I was getting paid and not living on my student loan checks anymore. Maybe it was the feeling of “I have finally arrived” or maybe I just needed to feel like a full fledged adult… Whatever the reason, I was ready to cash in those delayed gratification checks. And I had the perfect timing! I found myself smack dab in the center of the housing boom. Read the rest of this entry

How we accrued over $800K in debt in 8 years!

student debt marriage

“…’til student loan debt do us part.”


“GOOD DEBT” TRAP

Ever heard of “good debt”? You know… good debt! Student loans, mortgage, car… that good debt. The kind that “builds up your credit.”  As the great Bob Marley said, “Don’t let them fool ya! Or even try to school ya!” There is no such thing as good debt. What is so good about owing anybody money? Nothing! Debt is bad. Period! Read the rest of this entry