All Forum Posts by: Austin Hawthorn

I'm committed to purchasing a duplex to househack within the next 6 months (ideally).

What would you do?

A: Buy a turnkey property to get your skin in the game start building equity asap

B: Buy a property in need of very minor renovations (interior cosmetic) to jump start the equity building with forced appreciation.

If A, I feel the return on investment and cash on cash return would be diminished due to buying an already repaired and appraised property.

If B, I would have to save a few extra months to budget for repair costs, Unless I can find a private lender to help me out.

I can see advantages and disadvantages to both A and B, but I would love to hear other investors opinions and/or experience!

Thank you for taking the time to educate me!

@Nicholas Rickman

This is advice I got from a local Mortgage broker. She told me for the best rates and quickest way I should build is to:

•Obviously use your credit card often and pay large amounts when you pay.

•Keep the debt on your CC no more than 40 percent of your CC Limit

•Raise your limit to 3k to show you are a moderate risk to lend to. 5k shows you are very low risk.

• "This idea might make you cringe but apply for a second credit card . Only use it like once a month, 15 dollars and pay it off." A lender will see you have more than one source of credit and that will embellish the risk factor.