All Forum Posts by: Eddie Shumulinskiy

@Max Gradowitz @Moaaz Malik you can invest in a high cost area like CA. The best option in my opinion is HOUSE HACKING! You can put down %3.5 for an FHA loan. If you have $100k you can even buy a 4 unit for $2,000,000 with putting down $70,000 as the minimum of %3.5, the remains $30k you can use for closing costs and some minimal repairs or just as a nice cushion.

@Mindy Jensen, would've loved to go, won't be able to leave home then. Is there a virtual option, I didn't see it online.

Thanks! Love the show

@Charles H., I was looking in Phili last year, not anymore though. So I'm not as familiar anymore. But I would take a harder look into strawberry mansion. There are parts that are getting better for REI, and if you're willing to work a little harder and hold a little longer there could be great opportunity for buy and hold there. You can even get %1 there. Especially as other areas like W. Phili start to peak it might be a good bet. But again, I haven't been focusing there so @Dan Powers would have a much better idea.  

Thanks @Aaron W. that makes sense. I just started talking to a lender and going through the process for a loan and they were very focused on gross income. I guess the reasoning is the bank needs to make sure you can cover the monthly payment. So if your investing into your 401k you can always opt out and still be able to cover your monthly payment. 

@Aaron May, it also probably has to do with each lender. It sounds like you have things pretty set up if you're gearing up for a specific purchase in 2022. I assume you may have a lender already in mind so it might be worth it to speak to them and ask!

@Dan Powers you mentioned that its a fantastic market to get into, this makes sense to me in terms of selling and flipping. But for your buy and hold investor it seems that the numbers don't pencil out anymore. Even if the west Phili market stagnates in a bit more than a year as you mentioned, it will take a while for rents to catch up to where they need to be for buy and hold. 

I'm curious where rents go to with the inflation that we're seeing. 

@David C. I am pretty early on in my FI journey so as of now the plan is to build uppitiest enough passive income to cover the monthly mortgage payment. Once I've reached FI then I can focus on getting rid of the mortgage altogether. 

@David C. if it were me I would say it depends where I would be in the journey to financial freedom. I would make paying off my primary residence as kind of the last step of financial freedom. In terms of debt, it is the best debt to have, especially now where rates are so low. Then I can maximize my ROI on all the other cash, which will be kind of similar to paying off your house because all your other investments will be paying your mortgage. While I'm still building up to financial freedom, I would try to maximize each dollar. Only after I reach the level where I need to reach to finance a FI or FF lifestyle then I would begin tackling the primary residence debt.

Hi All, my business partner and I have been trying to network to invest in the Philly area. I see there's a lot of growth especially in neighborhoods like Fishtown, Point Breeze, Brewerytown...etc.. I've been in Philly quite a bit, but I haven't been finding good deals. I'm working on my deal funnel, but its been difficult because I've been having trouble meeting people during Carona, even as things are (hopefully) slowing down. Would love to speak to some people and connect virtually!