New Member Introduction

[Aaron K.]

Hey Everyone,

I’m Aaron Korson. I’m an immigration attorney based out of Chicago. I currently own one rental, but I’m looking to gain some knowledge to buy more homes and gain cash flowing properties.

I’m just starting out on the subject matter but I’m looking forward to learning.

[Aaron K.]

@Patricia Steiner, @Scott Hotchkiss, @George Blower thank you all for the warm welcome! That's very kind.

@Patricia Steiner, I kind of fell into owning a rental in a weird way. I wanted to sell the property since the value has gone up by almost $40,000 dollars over the last few years. I bought it in Metro Detroit, but recently Magic Johnson just partnered to do a development several blocks south of my rental. I have a small amount of cash flow from the property, but with the new developments going, we anticipate to gain another $50,000 in worth over the next few years.

My big question now is what I should do next. I have $20,000 to $30,000 dollars right now. My wife and I are tired of renting in Chicago so we were thinking of doing another FHA loan and doing a house hack by getting a roommate, but at the same time, I worry about missed opportunity in Detroit. (My wife also isn't a huge fan of having a renter living with us, but we would need it to save).

I kind of only get one option at the moment due to limited financing so I'm not sure where to go next. 

An FHA allows us some flexibility which is nice because we can lay down a lower down payment and keep some of the money in reserve in case of emergency, but the appreciation of a home in Detroit with a conventional loan is much higher.

One other option that we have explored is buying a rental for the purposes of Airbnb in a different state. There are so many options, we just don't know where to go. 

My wife is from Russia and apparently they do not "do mortgages" haha. So the notion or guidance is literally foreign to her. We have some hard choices, I just hope we make the right ones.