All Forum Posts by: Gregory Halliday

@Ronan Donnelly @Chace Fraser 

Thanks guys! I will look into house hacking and read more up on it. Cheers!

I'm 21 and have 45k cash. I'd like to get into real estate with a rental. Only thing is I live on Long Island so local real estate is pretty much out of the picture. I can get approved for a 180k house. I like the Charlotte NC and Orlando FL areas so far. I am split between 2 plans. My first plan is to buy a home that doesn't need much reno out of state, rent it out for 5 years or so and then sell it after the 5 year appreciation. Then I would have the money saved during that 5 years, plus the equity from the house in cash and would be able to upgrade. My other plan is to find something in my area in Shirley NY that needs some reno (nothing crazy) that has a finished basement that I could live in while the tenant rents the top that way I could qualify for an FHA loan and use the rest of my cash for renovations. Which is a better plan? I feel like out of state, while it has more obstacles will be better in the end because of higher appreciation. Any opinions? I am open to other markets as well. The main thing holding me back from The out of state RE is not knowing the area as well and not knowing people. I am nervous about getting the right team. My main goal is to have a good portfolio of 10+ properties by the time I'm 30.

@James Deonarine
It is my first home, but for a 3.5% mm down FHA loan you need to live in it for the first year as far as I understand. Finding something with an apartment is almost impossible in my price range (around 200k total cost is where I want to be). My ideal situation would be finding a house with a finished basement I could live in while renting the top out but even then it's a stretch which is why I figured one of the prior options was better to start with due to the projected increase in home value. Buy, rent out for 5 years, save while I'm renting, sell at a higher price and with the equity in the house plus the savings I could have a lot more to spend on the island.

That’s the entire reason I’m hesitant, I know enough to know that venturing into those states I’m not familiar with I can be easily misled. I’m hoping to have a property by the summer! 

I’m 21, have managed to save a decent chunk of change ($45k) and build a 770 credit score. I’m looking to start investing. I’ve read many books on investing and have a general idea of what’s going on, I’m just nervous to execute it. I think LI is too expensive for me. I would like to invest in Charlotte NC or Orlando FL area. I’m looking for somebody who has done similar to help connect me with a good team that I can trust. Looking forward to learning!