All Forum Posts by: Luis Becerra

@Scott Rowsick well first off congrats on making a decision on deciding to take action of getting out of debt and into real estate investing. @Dawn Young had the best advice imho so I can't really expand more on what she had to say, other than buying and living in a duplex is how I starting my investing career, and I'm a testament that the strategy she is proposing TRULY works. 

If I were you I would definitely pick up the book she recommended, The Millionaire Next Door, but also pick up two more books:

The Richest Man in Babylon 

&

Investing in Duplexes Triplexes and Quads by Larry B Loftis

Also consider buying Dave Ramsey's book too The Total Money Makeover. Excellent source in getting out of debt by the way. 

Most importantly though, once you decide to pull the trigger in this, that is if this is the route you decide to take, don't forget to come back here to BiggerPockets and ask for advice with each step that you take. 

Good luck! And don't forget 1-4 unit multi family homes have FHA financing available with as little as 3% down!!!

@Matthew Beavers  welcome!

I tend to lend over to the duplex as well.  I agree with all of @Andrew Syrios 's comments.  One important comment that he made was about vacancy.  When your tenant from the SF moves out, you have ZERO income, as when you have one of your two tenants move out of the duplex, at least you have one side producing income for you.

Welcome!

@Kyle M. The only repairs I've had tenants do on my appliances in my rentals have been filter changes, and light bulb changes on appliances (which really aren't repairs actually).  Other than that I've had a repair man do it.  My recommendation would be to look up the problem in a YouTube video and see if it seems overly complicated or not (YouTube is an AWESOME source for repair how-to's).  If in the video you see it's a simple fix, then go ahead let him do it, along with a warning that if he causes more damage that it would be his responsibility (have that put in writing).  If it seems something that you would have trouble with repairing yourself, then I would look up a repair man in your area in the BBB listings and go that route instead.  Repairs are a business expense as far as your taxes are concerned so you'll get some help on that end as well.

Also note @Stephen E. 's comment of possible flooding...it happens.

This will be my first time attending.  Can't wait to meet everyone!

congrats!

thanks. Is there actually in person meets?

To all Houstonians out there!  If there is such a thing as a BiggerPockets meet already in Houston, please refer me to the appropriate person(s) that can get me in!  If not, well heck I'll take the reins and start one myself!  I'm located in northern Houston in the Tomball / The Woodlands area and would love to attend a meeting with other local BiggerPockets members! 

Lets get this started if it hasn't already!

Welcome to BP Jeff!