All Forum Posts by: Bill Regan

@Jason Little - Thats interesting.  Can you explain how this works please?

@Jaquetta T Ragland - This is what I'm thinking.  Thanks for commenting.

@Christopher Giannino - Will still have funds available for down payment and emergencies.

@Matt Faix - Low interest.  Only concern with the debt to income ratio is its my first year in my current role which pays base + commission.  I have six years of experience in the industry though...so not sure how they figure out annual income at that point.

Hi. I've got about $3,000 left to go on my student loan, with a payment of $156/month. I'm going to be applying for an FHA mortgage in July. Only other debt is a car loan of $200/month, credit over 750.

Wondering if its better to show more cash on hand, or to pay the loan off and reduce monthly debt amount?

I think you would be wise to take advantage of VA loan programs and find a small multi-family to house hack. This is a great first experience to get you used to dealing with real estate and tenants. Sounds like you will have a few days per week to work on sourcing new deals or networking. You'll be in good shape pretty soon!

@Nestaly Nin there sure are!  When I owned it I did a lot by my gut feeling, I was also younger :)

I had pretty good success that way, but would be a bit more cautious in retrospect.  I'd also verify employment and get prior landlord references.

Now, especially if I was looking to have multiple units, I'd look into some property management software and pull credit checks.

Welcome to BP!  I lived in Albany for 10 years and graduated from SUNY.  I owned a duplex off of Delaware Ave, near the Spectrum for a couple of years.  I think its a good market to invest in with a steady rental market with lots of students at all the different universities.  

Great knowledge on this site!  

Good info here! I'm looking at a house hack with an FHA loan in the near future too and was just researching this topic.

I used to live in Albany, NY and house hacked a duplex there.  

There is a strong student housing market from the State University, College of St. Rose, and a few other smaller schools including a med school and pharmacy college.  Several different parts of the city that appeal to different tenants.  

Here's a student housing example:

http://www.realtor.com/realestateandhomes-detail/4...

Not the most landlord friendly state...