Successful Purchase of Second Home...caught the investor bug

[Mario Mejia]

Hello Everyone,

I've been a listener to the BP podcasts for a few months now. At the beginning of this year my investment counselor mentioned it to me as I discussed interest in buying homes starting this year. BP has been an anchor in education, and experience, I otherwise wouldn't have. I felt more comfortable after doing my homework on the area of this new purchase, crunching the numbers, and identifying what I wanted. This was nothing like my first home purchase several years prior. I'm currently house hacking, renting out the other two rooms of three. However, after being introduces to strategies when considering a good deal, I concluded that this deal will produce positive cash flow if I weren't in it. The deal was about 1900 (mortgage, taxes, HOA, and insurance). I have two renters who pay 800 each and this area is in the 20147 zip code in VA. I have BP to thank for the process I used in selecting this property and now I cant wait to move out even though I just moved in.  If anyone would like to share their thoughts on anything they would do differently in this deal or provide constructive feedback, feel free.  I am new to this but very interested in chatting or meeting people of like mind.  I value building relationships as I learn more and experience more opportunities.  

Regards

Mario

[Chris Gibbs]

Congrats on the successful purchase!  One thing that jumped out at me when listening to your plans is the fact that you did not mention moving into or acquiring another house hack.  If you move out then you will have to live at another place and pay rent/mortgage on that one.  Just something to consider before moving out.  Living in your 3 unit building is probably the cheapest cost of living you will find any ware.  That will allow you to save more money for your next investment.

Just something to think about.  Keep hustling man!