All Forum Posts by: David Tardy

Also! As of now, I am only "home" 1 week every few months, however I have the option to work from home 1 week per month.

Hey y'all! I am in a unique predicament. First of all, I love my job and do not want to quit anytime soon. I work for a tech startup based in NYC that is creating a new point of interest database of the country. Basically, we make maps. I am the one who gets to travel the country, live in a new city every two weeks and walk down every street of each city making a map of the country. This is my dream job! However, I know it is not going to make me wealthy. I want to be in a great situation financially when I decide to settle down in a few years and Real Estate is how I plan to do that! So here's the problem. The REI strategy that I'm most interested in is big multi family. I am going to start with a 4 Plex in the DFW area that is a value add opportunity, that can be purchased for 200-250k. I don't have 40k cash to put towards the DP though. I want to use a FHA 203k loan to fund this project so I can get into it sooner than later. My question is, how could this work for me if I am living out of my suitcase on the road? Do I have to be physically in the unit for a period of time or can it just be "vacant" as my primary address? All advice is appreciated even if it is not directly related to my specific questions! Thanks (: (P.S. ideally I'd like to use "my" unit as a STR as I travel and put long term tenants in the other 3 units.)

Congrats! This is super inspiring!

Hey @Jon Crosby Thanks so much! Getting the right number now! Still not sure what was wrong but its working!

So I am creating a comprehensive spreadsheet that I can easily plug basic numbers into, (Will share once complete) including all STR specific expenses, but I have ran into some trouble when putting an equation together to churn out a reliable P&I number.

From my basic calculations so far I am getting almost half of what an actual mortgage calculator tells me. I take the Price - Down Payment * 1.05 (or whatever the interest rate is) to get my loan amount. Then divide the loan amount by the number of months to pay the loan, so 360. 

Why am I so far off from other calculators? 

@Account Closed that sounds like a good idea, might as well ask 

@Christopher Phillips No I do not, have had zero debt ever. 

These are all great ideas that I have not thought of! Thanks for the incite guys!

Hey @Christopher Phillips Thank for the incite! 

What kind of options are out there for trade lines?

I don't really trust myself yet with a credit card to use at my whim. Is there a way to set it up so it automatically pays for something and then afterwards the card is automatically paid for? 

What do you mean by under 30%? 

I will have my job for two years in Feb. of next year! 

@Jonathan R. So I currently have nothing negative or positive on my credit yet but I will keep that in mind just in case! 

Hey guys, so I currently have zero credit. Have yet to start building it. I am going to go on the loan with a partner later this year for my first property and want to have good enough credit to do my own deals sometime next year. 

So my question is, will going on a mortgage loan be enough to build my credit or should I take other actions to build my credit as well? 

And how much credit can I expect to build in lets say one year?