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All Forum Posts by: Dozie Nwankwoh

Dozie Nwankwoh has started 1 posts and replied 6 times.

Post: Asking for honest opinion about what I should do next?

Dozie NwankwohPosted
  • Houston, TX
  • Posts 6
  • Votes 3

@Geoffrey Tanudjaja

I've read about the 2 yr rule and it'd be interesting to know how much leeway the lender has. I'm sure the rule is in place to ensure the borrower will have constant income moving forward. Maybe they can work with you as a new graduate, maybe with a new career, with a good credit score. I'd also want to talk to a lender for more details about PMI & MIP.

It’d be interesting to hear from someone with more experience in this

Post: Asking for honest opinion about what I should do next?

Dozie NwankwohPosted
  • Houston, TX
  • Posts 6
  • Votes 3

Welcome @Geoffrey Tanudjaja!

I'm in similar shoes. Recently graduated and looking for a small MF in a new city. I think its a good strategy! Have you explored an FHA loan? That could possibly put you into a small MF for 3.5% down. Possibly could be a way to get you started in the game quicker.

Best of luck

Post: New graduate moving cities looking to start investing

Dozie NwankwohPosted
  • Houston, TX
  • Posts 6
  • Votes 3

@Chace Fraser Thanks for your feedback! 

Short answer to your question, I THINK I do. I imagine (depending on the condition of the property) my largest upfront expenses will likely be the down payment and rehab costs. Do you agree? I have a few grand to play with and I really believe I can find a small MF. 

Agents and lenders are a great place to start, thanks for that!

Post: New graduate moving cities looking to start investing

Dozie NwankwohPosted
  • Houston, TX
  • Posts 6
  • Votes 3

@Greg Montoya Sounds like you're taking money from your left pocket and putting it into your right. No better way to "spend"!

And great point with the ADU opportunities, something I have to definitely keep my eyes on.

Best of luck!

Post: New graduate moving cities looking to start investing

Dozie NwankwohPosted
  • Houston, TX
  • Posts 6
  • Votes 3

Hello BP Family!

I'm new to this site and very new to the world of investing. 

I've spent the last year or so researching different techniques of real estate investing and I believe I've settled in on the best strategy for me! I'm graduating college in mid December and will be starting a job in a different state in mid January.

I want to house hack a duplex using an FHA loan. I believe this will provide me valuable landlord experience as well as valuable experience in finding, rehabbing, and owning property.

The challenge is... I currently live in Atlanta, GA and the property will be in Houston, TX. I would prefer to have the duplex ready for me to move in by mid January. This would require me doing a lot of coordinating remotely. Is this smart for a novice investor? There are many challenges that I'm sure I'll run into and I'm really excited about the learning opportunity but worried about the feasibility. Another option would be for me to rent a living situation in Houston and begin finding a duplex once I get there.

If you've made it this far in my post, Thank you! I would love advice:

Is this a situation you've heard of before--what would be my first steps?

Which option would you pursue if in my shoes?

Thanks for reading and for ANY thoughts you can provide!