All Forum Posts by: Brian DeLuca

Quote from @Steve Vaughan:

Quote from @Thomas Hall:

My wife and I achieved our goal of buying our first duplex and house hacking half. I’m only 6 months in, but am trying to figure out what is the next move. I would like to rent it all out and finance another duplex, but im not sure how to best make that work. What are some other creative ideas for moving from your first house hack to your next investment? Thanks to anyone who responds.

Beans and rice beater driving scorched earth budget to save as much as you can while you satisfy your 1 year occupancy requirement.
Then buy another low down househack. Start searching at about month 10. 
Rinse and repeat as long as you can stand it.  

You dont have to stay in it for a 12 months.  Yes they say this a requirement but you can make up an excuse to get around it such as. My neighbor just threatened my other neighbor with a loaded gun and you dont feel safe now. You need to move closer to your parents to help them out. You need to move closer to work. You need more space due to expanding the family 

@Brian DeLuca Yes, it is a private student loan. Its the only one I have and was taken out in preparation for studying abroad a few years ago. I completely agree with your mindset on federal student loans and have no intention of paying them back any sooner than I have to or it becomes an issue with DTI for getting loans on investment property.

Yeah, I almost had it become and issue for me with my first loan. They tried to say I have to pay 600 a month when I have to repay them.. I'm like no the hell not. I will not be paying that much ever

was that a private student loan?

If it was a government loan, then you should never pay the interest when you're not in repayment. They will try to tell you that you should pay the interest if you're going to make payments before your actual start date but this flat out the worst advice they can give.  You are always better off placing that money onto the principal balance (by law you have the right to do this) there for reducing the interest that will accumulate. If you pay the interest, then you will stay the same each month causing you to pay more money over time because you are not reducing the principle. Let the interest balance accumulate because it will accumulate a lot slower and almost to nothing when the principle is attacked first when not in repayment. This is just one example of very bad spread of information that the student loan servicers employ. 

Hey, Im from Dallas, if you ever want to meet up and talk real estate, I am down! Also you definitely need a tax professional that deals with real estate because somebody that does like you found out will not know nor want to figure out and care about your situation. If you are looking for rental properties, there are more loans out there that will not use your taxes as a form of approval.   If you have rentals, then you should have very very little tax liability.