First property, getting a roommate, saving 50%

[Jacob Humiston]

Hello,

I am closing on my first property March 20, I am currently paying 2k/month in rent! With this house I got a roommate (My GF) and they are splitting the mortgage to save me 1k/month from that I was paying in rent. Technically that is $Cashflow$. I took a pay cut with my company to keep it afloat, play the long-term game, and to stay with the company/help it grow, so I have been strapped with cash.

How should I responsibly handle this 1k/month once we move in? I would like to continually build my real estate portfolio, grow my emergency fund, and pay off debt. Looking for some free service, unprofessional opinions are fine!

I am 100% all for High risk decisions.

[Daniel Sager]

@Jacob Humiston

As long as it won't cause any issues in your relationship, would be a good idea to rent out the other bedroom as well which I can only assume would being in an additional $550-$650 per month depending on the area, amenities etc.

Definitely start stacking as much $ as you can, as fast as you can so you can go buy another spot soon; I'd recommend a triplex or a 4plex as the numbers typically work more in your favor for living rent free or very close to it.

Also, if you have the opportunity to add value to the current place you're buying, use the "income" to renovate and you can resell and throw your profit into the next place.

I'm not an expert by any means but Ive done two "slow flips" and now have a 4plex and looking to add more doors very soon.