Newbie Seeking Guidance!

[Anup Debideen]

Hello everyone! I’m new to the BiggerPockets world and I’m sure this question may have been asked previously but each situation is different and looking for some guidance. Please let me know your thoughts!

History: Active Duty E6 stationed in Virginia and purchased my first home in VA utilizing my VA Loan in February 2018. I currently have a roommate and collecting some rental income (also looking for possible guidance on shielding it from taxes) and looking to rent out the other spare bedroom for more rental income.

Goal: Here we are 6 months later and looking to purchase my first investment property in home state of Florida. Looking to purchase a condo for the 100-150k price range and meet the 20% down payment to create cash flow.

Problem: Unsure if I’ll get approved for another loan since I’ve recently purchased a home. Listing this as a problem because I don’t want to be over eager and lower my credit score unnecessarily.

Problem: Being that it's a condo, I will be paying a HOA, but if I'm calculating correctly, there will be a decent positive cash flow.


Thought Process: The lovely prices of single family or multi-family homes are a little out of reach right now, which is why I’m looking into a condo that I can afford. And after a few years, build some equity and utilize the 1031k option to upgrade to the single or multi-family home. Thinking of it as in the way Robert K mentioned that life is a game of Monopoly. Buying properties and upgrading.

I've also gotten into watching Kris Krohn videos, and not speaking into the hype of large upfront costs of becoming part of his team or network, but in the HELOC method that he discusses. I'm a little skeptical due to placing my primary residence on any kind of chopping block. I'm looking for risk and reward, but I'm looking for smart risk.

Thanks for reading and would love to hear what you guys think!