All Forum Posts by: Carlos Valencia

Hi Eric, 

Sorry to hear about your current situation. I myself have been in your situation before in the past. Good thing you saved some money. As for investing I would suggest to continue learning and look at markets where STR dont have so much restrictions. I would suggest attending Real Estate meetups in your area to network with more people in this space and learn from their experience. Good luck on your journey.

@Albert Bui @Matthew Kwan

Hi Anna, 

I agree with @Blake Peterson definitely a good idea to house hack as your first investment. Go with a duplex or a 3-4 unit if you can find a nice affordable one. This way you can have your own space and also have the landlord experience. You can also do a big single family but it wont be as private as living in a separate unit from your tenants. If it works out for you then you can rinse and repat the process and use the same strategy for your next property. Usually when its owner occupied property you dont have to put much money down. Much better than buying an investment property as most of them will require 25% down. Hope this helps. 

@Albert Bui @Matthew Kwan 

I would Rent it out especially if it will cash flow. This is a good test run to see experience the landlord life to see if its something you enjoy doing. If you do but eventually want more time for yourself you can hire a property management company to handle all your future rentals. Definitely try it out wait and see how your experience is and if you like it then start thinking about your next investment property to continue growing your Real Estate portfolio. 

@Albert Bui @Matthew Kwan

Hello Anna, 

Welcome to BP community. Congrats on your new journey. Theres definitely much to learn and can get overwhelming. Just take one piece of knowledge at a time. My team and I host Real Estate Socials in Orange County CA. If your local and would love to swing by feel free to reach out. Good luck on your journey. 

@Albert Bui @Matthew Kwan

Hello Mark, 

Usually to use your business income for conventional financing you need 2 years of income to be reported on your tax returns. 

@Albert Bui @Matthew Kwan

I would say to build passive income and create wealth so I can leave that to my kids. I would also would hope they continue the journey once they reach the age where they can start buying themselves. Biggest thing for me is to stop trading time for money. Currently in my infant stage on investing. Theres still much to learn before I get to that point. Hopefully sooner than later. 

@Albert Bui @Matthew Kwan

Hi Ronnie, 

It sounds like you might want to maybe start with something a little bit more your budget or save more money. You can also get a co-borrower to help you qualify for more and bring in some money for the down payment. If thats not an option then consider maybe starting with a single family home and house hack it. This way if you manage to rent out the rooms in the single family home where you pay very little to nothing at all you can continue saving and still have an investment property. Once you reached your goal you can simply lease out the whole single family home and buy another investment property. Hope this helps.

@Albert Bui @Matthew Kwan

Hi Obinna, 

Best way is to lease your current primary to help offset that mortgage payment with tax and insurance. Then figure out how much room you have to buy your next property. I would suggest to speak to a lender a get pre-approved to actually see where you stand in with your DTI and how much room you have to buy your next investment property. Hope this helps.

@Albert Bui @Matthew Kwan

Yes any investment property thats the standard 20-25%. Second homes range from 10-15 % down. Its definitely best strategy to buy as primary with FHA 3.5 % down. Then move out after 12 months rinse and repeat.

Hello Ro, 

Renting out your current home can add extra income which can help you increase your borrowing power. It will depend on how much you need for your next primary residence if what you currently have in savings enough for down payment and closing cost then you should be good. Once you buy your next primary home and you plan to live there and move out after a year to buy your next property then you need to make sure your potential lease will cover your future Mortgage payment with Tax and insurance. Then continue to do the same with your future investment properties. 

@Albert Bui @Matthew Kwan