All Forum Posts by: David Lowrimore

Alright thanks for all the responses, I'm glad I asked more experienced people before jumping to any conclusions. Its in the hands of another broker now to close, it just took me for suprise but you all are right there definitely could be extenuating circumstances people want to keep private.

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I'm wondering if anybody has experienced this or heard of this before and if this is normal or a red flag?

Our real estate agent has been great and found us a good house hack. We put in an offer and fast foward we close in 2 weeks. Without any warning we get an email from her stating she switched real estate brokerages and our escrow will remain in the company she left.

I was working on building a team for future investing and thought she was a great fit but this seems slightly unprofessional and rude for at least no warning. Am I wrong in thinking this or is this a big red flag not to do business with her again?

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Originally posted by @Shae Green:

@David Lowrimore

Hey David!

I'd obviously echo what everyone has said about taking full advantage of the VA loan, such a great way to get a multi-family with such low down. I feel you about being in an expensive market, where I invest has similar numbers to Bend. I'm married & house hacking but to get our expenses 100% paid for, we did also rent out the spare bedroom in our unit. Was weird at first but now it's just the new normal and I'm glad we're doing it!! I totally understand where you are coming from about having your own space though!!

As far as the $15k, I tend to be more conservative so I would potentially keep that entire $15k just for reserves on the property.

Thanks Shae!

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Originally posted by @Brian Cole:

Hi David,

Kody took the words out of my mouth, but I will add a few things. Don't rush into buying a property. Rent something you can comfortably afford and take some time to really get to know the market. Duplexes are still an eligible property type for the VA, I would think this would be your best bet on starting out given your wife's disapproval of roommates. Since 15k is your total savings I would be very slow to spend it. You will need an emergency fund for when things go wrong. As a younger man, I implore you to look up Dave Ramsey. His approach to personal finance will keep you safe in these transitioning times.

I do love to listen to Dave Ramsey as well. I definitely plan to keep as much of it as possible for a rainy day, thanks!

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Originally posted by @Kody Thompson:

David,

Since you were in the Military you have access to VA loans which will cover 100% of the mortgage. If you can find a House hacking situation where you can live in the basement and rent out the top that will cover 100% of your mortgage that would be the ideal situation.

I would also look at getting steady employment before doing so though as you will want cash coming in for not only your living expenses but also if any repairs are needed on the loan. In addition putting 5% down on a home with a VA loan waives a pretty big fee there.

Hope that helps!

I definitely like the idea of renting out the main and living in the smaller unit created to boost income. Not sure why I haven’t thought of that but I wrote it down, thanks! I’m sure I could pull out my inner Joanna Gaines to make it aesthetic enough that the Mrs. approves.

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Originally posted by @Lacy Green:

Hi David! I don't have anything insightful to add, but am excited to join in this journey with you! We are brand new to the scene and we are learning too! We have read the same books recently, and we are soaking in as much information as we can! Are you transitioning to the Guard or anything? I only ask because it is a nice secondary income without too much involvement (usually). Good luck!

Hey Andy, looks like we have quite a few similar interests. There is definitely a firehose of info to absorb. The Guard is a great opportunity and I’m still deciding! I wish you the best!

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Hi, I'm David, 25 years old and I'm scheduled to get out of the Military in about a month moving to Bend, OR (very expensive, few STR licenses)

I have $15,000 In savings and would like some advice for a first time home buyer starting out with investing.

I have a very long way to go in terms of learning but I have listened to the podcast for a couple years and just finished reading Rich Dad as well as ‘No and Low Money Down' and have some ideas such as: VA loan a house, use the $15k to add a bathroom and unit downstairs to rent out for a house hack. After a year move out and rent out main area. Rinse and repeat for a couple years for a yield of 2 units a year. Only problem is I'll be newly married and my wife won't want to move more than a couple times and absolutely no room mates in the same direct area.

Or I could use my savings to find the right deal to live in flip and house hack for 2 years to hopefully multiply the month put in?

I would really appreciate any advice on how you more experienced investors would go about managing $15,000 as a first time home buyer. I know there are similar posts but nothing on how someone could best utilize a VA loan option.

Thanks,

David

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All Forum Posts by: David Lowrimore

David Lowrimore has started 2 posts and replied 7 times.

Post: Real estate agent switches brokerage before escrow closes

Post: Real estate agent switches brokerage before escrow closes

Post: Advice to newly discharged Military member with $15k savings

Post: Advice to newly discharged Military member with $15k savings

Post: Advice to newly discharged Military member with $15k savings

Post: Advice to newly discharged Military member with $15k savings

Post: Advice to newly discharged Military member with $15k savings