All Forum Posts by: Austin Bull

@Andrew Postell

Thanks for the reply and the info! I'm just trying to hash out the details. My neighbors currently are snow birds...They're gone half or more of the year. They split time between two properties in two different states. Could either of their properties(here or out of state) be considered "primary" residences? Because either property is vaccant for months at a time depending on where they live..

thanks!

Hey all,

I'm planning on using a primary residence loan on my first SFH or small multi-family house-hack; most likely an FHA loan. BUT..I am wondering what constitutes a primary residence?

-Can I live there part time and short-term rent(Air bnb) the room/unit that I was just living in while I'm gone? How long do I technically have to be in the house throughout the year for it to be my "primary residence"?

I don't want to have mortgage fraud, but I want to know the limits of what I can and can't do.

Thanks!

Have any of you taken any of the boot camps offered by BP? As a brand new REI I want to invest in my education and am wondering if you all have had good experiences with the Boot camps...?

Specifically I'm interested in the "newbie" boot camp starting in June.

Thanks for any input!

Quote from @Andrew Rodgers:

@Austin Bull Thanks for posting the question, I'm learning a ton from the others commenting.

There is a shortage, the rates are high, home pricing are "bouncing back" - but home prices historically rise going into summer and deflate as we approach Christmas and the holidays. How you want to use this info to decide on what to purchase is completely up to you, but keep that in mind if you are feeling pressured to purchase something this summer.

An investor I talked to today said the same exact thing about purchasing in the summer vs the winter. I'm hoping that regardless of that fluctuation, that the market in Phoenix will appreciate a lot in the long term, regardless if I buy in summer or winter this year.

Quote from @Blake Novotney:

Lots of fantastic recommendations in here already, I'd say as far as directly related to REI, The Book on Investing in Real Estate With No (and Low) Money Down by Brandon Turner is a must for getting started.

Other personal development books I love-

The Power of One More by Ed Mylett

Atomic Habits by James Clear

The Slight Edge by Jeff Olson

Thanks for the recommendations. I will check them out. That book by Brandon Turner I've heard was a really good one.

Quote from @Michael A.:

@Austin Bull Love your energy - keep it up. But don’t fall into the never-ending prep phase like I did. I spent a long time reading in isolation when I should have been asking local investors out to lunch so I could talk to them, calling realtors I saw on listing pages to start relationships, or working a bit more to sock away some extra money for a down payment. But if you want this, you’ll find success regardless so don’t let me bring you down. All that being said, “Hold” (yellow cover) was all I needed to get started. Loved it. Good luck!

I'll definitely check out "hold". And I promise I won't wait too long to get in the game.

@Doug McVinua

Ok makes sense. Prices fluctuate based on demand. From your experience why is the demand rising right now? 

Quote from @Sean Bozigian:

@Austin Bull Welcome to BP and congrats on taking the steps to get your first property under your belt! 

In regard to timing the market, I''ll use this most recent correction as an example as to why it is so difficult to do. When the market started reversing last summer, many were excited for a chance to finally "time the market" and find a deal. Don't get me wrong, some were able to do so, but by means of luck more than anything else. Many passed up on a window of low buyer competition and more motivated sellers because they were waiting for the "perfect" time. Fast forward to today and prices and competition are back on the rise. In hindsight, November would have been the best time to close on a home. However, we didn't know that until just a couple of months ago. Real estate is so difficult to time because data lags months behind what we are seeing in real time. 

Life can change fast - if you are in a position now to take the steps to start building wealth, I would personally take full advantage. Hope this helps!

 Thanks for the comment. When you say "a window of low buyer competition and motivated sellers" was that when the market prices were higher? And then when you say "competition is back on the rise" do you mean because prices have lowered a tad? is that correct?

@Ty Ash

Thanks for the rundown on that. From listening to the bp podcast and books ect, the dream is to have cash flow with the house hack. But as you mentioned sometimes the best I'm going to get is just a way lower housing expense. I might have to pay a little still. Especially in the Phoenix are in AZ right now, I've heard that cash flow is not really a huge thing right now.

Also yes, my goal is to pull the trigger on a property in the next couple months. I'll check out that resource. 

@Chad McMahan

Thanks Chad for the input. That seems to be the consensus.