All Forum Posts by: Danielle McMurphy

Hi there everyone!! I would so appreciate any advice or insight you guys can give on my situation.

So I'm looking to house hack a multifamily property in Boise using an FHA loan. Here's the tricky part (besides being in a hot market)- I work as an assistant horse trainer which brings in very minimal income for me but I've been able to scrape by because my monthly expenses and debt to income ratio is extremely low, and I've been able to save enougu for a down payment. However, I know I probably won't be able to qualify for a loan on the small income I receive so I was thinking I could get a second job waiting tables or something similar in order to increase my income enough to qualify for anything.

I guess one question I have is how long would I need to have worked this second job before I could start using it as proof of more income in order to get preapproved for a loan? Is there something I’m missing or not considering in all of this?

I am also just very curious if anyone has any further insight or suggestions as to how I could go about this whole process? I am very eager to learn and want to get started investing. My situation feels a bit complicated but I am determined to figure out some way to get into my first property. I’d be so appreciative to anyone who takes the time to weigh in on my situation. Thank you in advance!

Hi there everyone! So I’m looking to get into real estate investing, but I’m self employed and don’t make a lot of money. I’ve listened to podcasts about short term rental arbitrage and I have enough capital saved up to get my foot in the door and start that kind of business. My plan would be to build up more capital that I can then invest into acquiring my own properties. I’m curious if anyone has any advice or has done anything like this in the Treasure valley/Boise area (where I live) and if so, I’d love to buy you a coffee or something and ask you some questions about it. Thanks!!

Danielle

Quote from @Eric Giovannucci:

Hey Danielle! 

I totally get how hard it can be to start out in an expensive market, I started out in California about a decade ago, and am now an investor and agent here in the Boise market. Wholesaling/Finding deals will always bring money, if you have a deal, someone will buy it. 

House hacking has become even easier nowadays with low down conventional loans (3.5%), or IHFA, FHA, etc. If you want to come to a meetup or grab a coffee and chat and see if there is anything I can help you with id be more than happy to!

Thank you for your insight, Eric! I’d love to come to a meet up, as I haven’t been to one yet and would enjoy meeting and speaking with investors in the area. I’d also love to grab a coffee with you whenever you are available, it’d be helpful to speak to someone in person as I’ve been listening to a ton of podcasts but haven’t really had a discussion with anyone about investing here yet. 

 Thanks for all your help!

Danielle

Hi there everyone! I live in the Boise area and am looking to start my real estate/investment journey, but am trying to decide how to break into the market here. I am hoping you guys can give me some advice as to how a rookie investor with limited funds can get started in a hot market like Boise. I’d preferably love to purchase a multifamily property and house hack it, but won’t be able to afford one unless I can find an incredible deal. I’ve also considered pursuing wholesaling and putting off my investing dreams for now considering the drastic inflation we are having here. I guess I’m just trying to find my best plan of action, and would be so appreciative of any advice you guys can give me!