Questions before i dive in

[Charles Tyler]

Hello all,

Let's make this brief 

Recently pre-approved for 300, teamed up with my realtor and went on the hunt for my ideal starter home, white picket fence all that good stuff. Two Weeks in and i'm slowly realizing 300 in Silver Spring is laughable. I then asked myself do I really NEED to pull the trigger right now. Yes interest rates are low and i'm currently renting a 1br in Bethesda, but can I hold off until i'm able to afford what I truly desire. Of course I want to tell all my loved ones and friends I just purchased a home, but as of 30 minutes ago I've decided to hold off, and use my funds and pre approval to invest in Baltimore (which i've been interested in for some time now). Biggest problem I'm having right now is figuring out how to tell my realtor i've decided to take my talents to investment properties lol... Anyways, I'm fairly knowledgeable on the financing side of things due to my day job, but when it comes to locating properties for maximizing cash flow and finding qualified tenants I have tons of questions. 

Can I maximize cash flow with a conventional mortgage? or will I need to use hard & rehab? BRRRR? Baltimore County? Investment Realtor? Rental Permits? Seasoning ? Finding tenants? Umbrella Policy?

Would love to connect with like minded investors before I take the next step. 

Thanks for listening!

[Corby Goade]

My two cents- it's always better to buy and wait than to wait to buy. A small uptick in interest rates can have a big impact on your numbers and it's not as if interest rates are ever going to be significantly lower. 

Why do you need to buy what you "truly desire" as your first purchase? Your first few properties, especially as house hacks, should strictly be viewed as a means to an end. If you successfully house hack a house every year for the next ten years, you can buy and do whatever you want for the rest of your life- that's WAY better than having a property that you truly desire today and being tied to a day job for the rest of your life so you can pay for it. 

Be patient and build a foundation for the rest of your life!