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Updated over 9 years ago on . Most recent reply

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8
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Archie Seals
  • Dolton, IL
0
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8
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My First Property!

Archie Seals
  • Dolton, IL
Posted
Hello BP nation! I've been working diligently all year to clean up bad credit and I've finally been approved for a loan. Not sure if I'm using the correct strategical term, but I planned to "house hack" a duplex for my first investment property using a 203k loan. I have a full time rat race to attend so my intentions were to save for my next investment while my tenant from section 8 pays my mortgage (200k-225k 30yr) at roughly $1200 a month for 1 year. I know that I have to live there for 1 year but I guess my question is do I double down on the mortgage once I'm removed or do I take the cashflow from the second tenant to purchase more investments? (If this is a logical strategy and possible, please feel free to offer your advise, is this a dream strategy? )

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