All Forum Posts by: David White

I look on Zillow and Redfin and hardly see any multifamily houses in Baltimore and Harford Counties. Is house hacking mainly achieved by renting out rooms in a SFH or condo or am not looking hard enough?

@Matt Schelberg How do you find out if the association is well managed and what their rules are? 

@Russell Brazil Do you know how the market is in Harford and Baltimore County as far as purchasing a condo? 

@Steve Vaughan Thank you and congrats on you paying off your debt. Everything is coming along. I haven't missed a payment in over 2 years. I put everything on autopay and gave myself reminders on my phone's calendar that the payment was due. This year and hopefully from here on out I'm going on a vacation. Or should I say I'm going to start traveling. It can be in the next state for all I care. 

@Chris Szepessy Thank you. For me bankruptcy just wasn't an option. Had to make some sacrifices along the way but bankruptcy just wasn't an option for me. I would advise everyone to consider all options and simply do whats best for them. 

@Oleg Shalumov Thank you. Its funny that the more vocal I was about my situation the more others have opened up to me about their financial situation. Or, they ask for tips on how I did what I did. 

When does it make sense to purchase a condo over a SFH, rowhome/townhome, etc.? I would assume with a monthly variable condo fee that it would never make sense to make the purchase. In the past a realtor tried making a pitch to me that its in my best interest to purchase a condo due to me previously living in an apartment. His reasoning was due to the amount I was paying in rent.

Current FICO Scores

Experian 705 02/03/19

Equifax 707 01/22/19

Trans Union 700 02/11/19

 Ummmm...yeah if that's what its properly called. I'm sorry but where I'm from everyone says room home. 

My team lead at my job invests in room homes in Baltimore City. I'm sure everyone knows what I'm referring to but just in case the term "room home" isn't accurate then let me explain. Basically tenants will pay rent on a weekly basis. The houses normally have a common area, kitchen, and bedrooms all throughout the house. Not only does my team lead do this but my friend and someone else I know also does this. My question is does anyone invests in or know anyone who invests in room homes? If so what has your/their experience been with this strategy?

Happy Thanksgiving to everyone! Just a quick update, I paid my car off and I paid 1 credit card off. Hopefully I'll be able to pay another 1 off by the end of the year. From May to October I raised my FICO score 30 points from 634 to 664. All my cards are up to date and I still haven't used them. As I pay off a loan, I increase the amount I save into my savings account. I'm happy with the progress but still have a long way to go. 

 Is your control and roll method wholesaling? If not then what's the difference between the 2?

@Nicole A.Thank you for your kind words. I'm paying the highest interest rate first but, it wasn't intentional. I originally planned on paying the lowest balance first just so I could have a quick win for myself. When I lined up all 6 of my credit cards from lowest to highest balance, I then found out each of my cards interest rates. It worked out that my interest rates from highest to lowest was identical to my balances from lowest to highest. I hope to pay off my 1st credit card by the end of May/beginning of June. I have to take care of my taxes in April and May and I have another obligation I need to take care of. I'd like to be at least 30% debt to income ratio by the end of the year. There's a lot of over time at my job that appears to be going no where for a long time. So its possible but aggressive at the same time.