All Forum Posts by: Alex Winder

So following legalities you could legally buy a new unit as a primary residence every couple years to save money on initial investment of lower down payments and lower interest rates. All while building your RE empire? What price range are you considering is a good entry level for a multi unit? I don't want to commit to a 500k unit building for a first rental property. I have seen decent looking properties as 2 units with 6 bedrooms for around 200k give or take. PMI? Is that different than regular mortgage insurance?

Very true, how does it work if I were to move out of a residence like that and then use it 100% as a rental property after a couple years? Interest rates couldn't change if i had a set rate. Or is there a set time I would have to live in it before moving out to use it for a rental property?

@Thomas S.

Yeah this is what I have been thinking is the best bang for your buck and is something that I have read all over the forums. Buying a multi unit and house hacking seems like the best starting out idea, I like that if you live there you get so many more benefits as far as financing and better interest rates go. As far as taxes are concerned, is that considered income if you rent out the additional unit if your primary use for the property is personal residence?

Hello fellow REI just asking opinions of members regarding the pluses and minuses for a first rental property. I have been able to save around 25k cash in the bank with no debt to my name and minimal life expenses (living with my parents saving money hand over fist). I live in the Minneapolis Minnesota market and have been looking at different properties for a while now. Something I have found in the suburbs is that most town homes have rather expensive association fees required when purchasing town homes and that sometimes don't allow rental properties in certain associations. Plus town homes don't generally appreciate as much as single family homes. Single family homes in the suburbs are normally more expensive than in the minneapolis st paul area. And minneapolis st paul area commonly have more duplexes or multi family homes. Just wondering pluses and minuses of each and what would be a smart beginning type of property for my first rental property. Also any advice you would recommend for someone looking to get into the REI market.

@John Newhall

Thanks for those names, I will keep those in mind for future endeavors.

@Amy Ranae

Yes I would love to talk with you and figure out what kinds of opportunities there are for investments in the twin cities market. I think that information would come best from a real estate agent in the current market.

 I believe wholeheartedly that there is more here on bigger pockets regarding networking and knowledge than I could ever dream. In the coming weeks and months I will be seeing what bigger pockets offers and what kinds of forums will be best suited to my situation and to networking the best. Even from one simple post for my introduction I feel more encouraged and motivated to continue on this path than I ever thought possible. It does help to get advice from people who have years of experience and that can be realistic in giving advice to a newbie like me who wants to grow and seek their knowledge. I am excited to see where this takes me in life, but I know it is only the beginning.

@Sean Wait

I am extremely encouraged with the amount of support and knowledge that bigger pockets offers to someone like me in my position. I have been wanting to work and get together with someone who has experience in this field and could possibly help me get started or be a business partner with possibly more capital who is looking for someone like me who isn't afraid to work hard and get his hands dirty in order to get started investing in real estate. I feel that knowledge is one of the most valuable items you can have in this day and age, and the more books I read, and the more podcasts I listen to, and the more people I speak with, the more I have a desire to gain more knowledge from people who know more than me. 2017 will be a good year, I have made the goal to buy my first rental property this year and to get started in the large world of real estate investing.

@Aaron Abraham

Thank you for the encouragement and the advice, I feel as though bigger pockets is going to change my life and change my way as to how I conduct my mindset regarding buying assets in the real estate asset class. Are there any requirements to attend these Pine Financials REI meet ups? They sound like something that I could really get excited about to grow my knowledge and to network with people and investors in my area that have lots of experience and knowledge that I could learn from and hopefully do business with. I am looking to network and meet with as many people as possible to grow my network, experience, and desire to invest into real estate. So I hope I run into you and others at these meet ups to do just that.

@Mark Nolan

Thanks for the suggestion, I will have to check out the blogs. I am still quite overwhelmed with all the information and members on bigger pockets but I do know that it is a step in the right direction.