All Forum Posts by: Branden Miletta

I currently own my own primary residence and am house hacking to help offset a little over half the mortgage. It is only a 2 bedroom so there is not much room to increase cashflow in that regard. I have owned it a little over a year and currently have an estimated 27k of equity built in. I am looking for ways to get into my next property, whether its a fix and flip, brrrr, or some sort of short-term rental. The issue i'm currently running into is with my first mortgage, when trying to get pre-approved I'm told I won't be able to afford to add an additional mortgage.  I'm currently in sales and am even pressure washing for additional income. Any advice or other strategies would be greatly appreciated!

I bought my first home as a primary residence as an easy fixer-upper. I have been house-hacking it the entire time I've owned the property as well. The Property value and loan paydown have resulted in 27k of equity built in. I currently only have about 12k saved up for my next investment property. My question is, should I be searching for a multifamily as I still have access to my FHA loan and could potentially utilize a 203k loan to remodel the property and continue to live at my current residence while it is being remodeled? The only issue I'm running into is my debt-to-income ratio is thrown off due to my current residence and usually disqualifies me even after using 75% of the projected income. Are there different strategies I should be looking at. Or do I simply need to wait and continue to build my nest egg? Any help would be appreciated.

Thanks  

Found a property in the Midwest just south of Indianapolis. Property is a quadplex selling for 200,000 and has been on the market for 87 days. Offered 160k from hard money loan and will refinance out. The property is currently appraised at 220000 so I would be buying into equity that i would be refinancing out of to pay off the hard money loan. Current rental income is 2470 a month with one long term tenet and 3 short terms.

Is this a good idea or what should i be weary of?