All Forum Posts by: Account Closed

@Elizabeth Colegrove Thanks for the input. I believe that is going to be the case, getting started. I feel like until I actually dive in to real estate and get started, it's all just speculation. I can't wait to get started because once the ball gets rolling it seems to not stop (at least for the successful people). All of these success stories on here don't talk about just one or two investments. People take existing houses and use that to move on and on and on. My goal is to have ten houses by age 30 (22 now). Hopefully the resources and community on BP helps me along the way to success!

@Cole A. Sounds great! I am graduating college this Spring and already have some bites on a career after graduating. I can't wait to actually start investing in real estate and not just talk about it. 

Was it hard to get a FHA loan? How many banks did you go to until you got offered a loan? Finally, what was your minimum cash flow you were aiming at when analyzing different multi families in your area?

Wow, that almost makes me want to not get in real estate! I guess it's a good thing to go through the rough times early because that is where you get the most experience. Thanks for the post! Hopefully I don't get into a crazy situation like yours to start with! 

@James Klafehn what issues did you have with the first house? Also, how long did you have to wait to cash out refinance? 

Thanks for the input everyone, I really appreciate the support. I think my ultimate goal is to lock down 2 multi families (owner occupy for 1 year on each) to get some good cash flow and than start looking at single family for long term buy and holds. I'm only 22 so one step at a time :-)

Hello all, 

I am not at the point where I am ready to pull any triggers but I am actively analyzing houses around my area. I decided I want to use an FHA loan and possibly house hack a duplex with it. My question is do most people use owner occupied FHA exclusively for duplexes or can you use it for single family properties (for investing purposes)? I am looking to get good cash flow because I am just starting out and need the cash flow to invest more in the future. Most say duplexes cash flow better, can anyone defend single families?

Thanks! 

How many units did you have in 2014 and what was your average cash flow on them? 

How many units are you shooting for in 2015? 

Also, are you saving the cash flow money for future investments or are you snow balling it into your mortgages. 

This is generally for people who have experience with both. Which do you like better and why? Which do you recommend for a beginner? This is for buy and hold purposes. 

So after you lived there a year and moved on did you refinance? I am not sure how that works.

Do you have to pay Pmi if you do the owner occupied FHA loan? I imagine you do but just checking.

Also that's crazy that Parma will do that. I wish there were some decent doubles in Parma. My brother and I are looking to buy a douplex and live in one side and rent the other. 

Hello all, 

I am a newer member of this site and have a few questions about starting off. Currently I am in my last year of school and will hopefully have a career starting next Summer. I want to get my loans paid off before I think about doing any investing (should only take six months to pay). After I get my debt paid off I was wondering if you think I should save for my own house or buy a double and rent the other half out. I know everyone will say buy and rent but I don't like the idea of living with a stranger. I have heard of the buy and live in for a year than you can rent it out. What are the specs on doing something like that (interest rate, pmi, down-payment min.) I was thinking about doing that with a single home and moving into another one after a year. Thoughts? 

Thanks, 

Dave