All Forum Posts by: Bradley Dosch

Depends on your REI goals. Having a W2 job gives you access to incredible financing. But if you can't stand working for someone else and working for yourself really excites you, follow the fire. If you take a job and use it to qualify for financing, you're not stuck in the job forever. Good luck John-Michael!

I vote keep it as a rental. Those are solid cash flow numbers you gave, you have a healthy amount of equity in it and the home will continue to appreciate. One mistake I made when I did this same thing was that I didn't open up a HELOC when it was my primary residence. A HELOC on your primary residence will give you access to more capital bc of the higher LTV. I didn't do this and the LTV on an investment HELOC is much lower and much harder to find. Having a HELOC on a primary residence ready to deploy is pretty powerful

I think house hacking is the best way to start. You'll lower your living expenses and start building wealth through equity. It's much easier to get into than a standard investment property. The list goes on. Buy that first house hack and you'll learn as you go!

Bigger pockets is a great way. Get on all those social media apps. Join local facebook groups. Find local meetups. Help people and don't expect anything in return. Those are my ideas!

I believe you can explore commercial lending. They typically approve the asset rather than the borrower. It will be slightly higher rate and down payment but you can always refi once you have income/work history to show the bank. 

That's awesome to hear you want to get started and super smart idea to use the VA loan! I think real estate agent is almost always the way to go for house hacking. Just find an agent who knows (and preferably does) house hacking, explain your goals/current situation, and keep them informed. You can create a game plan that is specific to your situation with this agent.

Duplexes can be tough to find in some markets. They're often highly sought over and thus, the price is dramatically increased. I personally look for SFHs with separate living areas/kitchens/entrances. This can be a challenge but they're usually more affordable than small multi family. I would set your criteria to be more numbers focused and not so much the type of property.

It sounds like you know what you're doing! Just keep learning as much as you can. Get in touch with a skilled agent and lender early on and they can help you out a ton with your specific situation!

Hey Brenden, haha darn Dave Ramsey got you paying off your mortgage in 2 years lol. That's too bad that your current house won't make a good rental. Holding on to real estate is super powerful if you're able to. If you're able to hold on to it, renting it out and using a HELOC on your current place would be an awesome move. With an owner occupant HELOC, you can access 90-95% of the equity I've heard. Just make sure you open the HELOC before you move out. Otherwise, it would be considered an investment property which is less favorable to lenders.

If you're unable to hold onto it, selling and moving into a house hack is another great option. If you've lived the house for 2 of the last 5 years, you don't have to pay capital gains up to $250k if you're single and $500k married. Sounds like you're probably a few months away from the 2 year mark but that's a pretty powerful strategy. Otherwise, a 1031 exchange could be very useful here. Just remember, I'm not a tax professional :)

Keep us posted on what you decide!

Hey Wyatt, that's awesome that you want to get started so soon! I think the most powerful thing young people like us can do is to buy a primary residence and rent out the extra space (aka house hacking). Not having a full time job certainly makes financing tricky but find a good lender who knows investing/house hacking and they can really help you out and find strategies you may not have thought of. The strategy that pops to mind for me is to have a parent or other trusted peer with reliable income cosign on the loan for you. Of course, this is a privilege and not an option for everyone. Skilled lenders and agents in your area can help you out with your specific situation very well. 

My girlfriend was super supportive during our first rehab. I think the main crux is clear communication. If either side feels forced, there will be resentment. Make sure both sides have understanding and empathy for the other's. It's all about creating a win win environment!

Always happy to connect and meet new people! Feel free to reach out to me however you'd like