All Forum Posts by: Hac T.

Thanks for the feedback!! Can you clarify why someone told me that the bank would require 20% down? Is this simply not tru or only in specific situations?

 Isn't the general consensus right now that homes that meet the 1% rule are basically non-existent in the current market in California though?

I have enough money saved up to put 20% down on the average home where I live in San Diego. I am currently living with parents so it'd be nice to purchase a home and move out. Ideally, I would rent out all the other rooms while living in one to reduce mortgage expenses. I would be happy as long as I am not paying more than the comparable rents for where ever I may be living, or maybe just a little more. My brother is a homeowner who purchased his forever home around 2010 so he has been able to reap the benefits of appreciation. He suggested however that maybe I should consider renting for a year or so because home prices are so expensive and rates are also so high. I understand he also isn't a Real Estate Investor so I'm not sure if i should just take his suggestion with a grain of salt. Would his suggestion generally be speculating that the housing market is due for a price correction and can be very well wrong? If for any reason I were not able to find tenants I could still afford to pay the entire mortgage using my 1099 income but I would just have to be more frugal with my expenses which I wouldn't mind doing. Should I just take the plunge and jump in to the market now since I could actually afford to? The ultimate worse case scenario would obviously be if i purchased a home then the housing market crashes and I lose hundreds of thousands in equity value in a short period of time? Not likely?

Congrats @Gabriel H..! You are exactly where I hope to be soon! I myself am also from California looking to invest in a Texas property. Can I ask you what brought you to the specific area you eventually purchased from? Is it somewhere you've lived before and you knew it was in a good neighborhood? I ask because, frankly, I dont know where to start looking in Texas. Any suggestions?

Thanks all! Excited to be here. And a special thank you to @Justin R. for sharing that great advice I needed... my first and maybe one of the most important lessons on BP so far, especially pertaining to my phase in life right now. Hope to see you guys around!

Hello all! My name is Hac and I am from San Diego, California. I am 31 years old and have an Associate's Degree in Business. While studying for my associate's I also did some extra-curricular reading on business and real estate. Just to name a few books I've read: Buy it, Rent It, Profit... rich dad poor dad, the millionaire real estate investor, what every real estate investor needs to know about cash flow, fastlane millionaire, Emotional Intelligence, and many more. These books installed the belief in me that business was something that could be done without a degree. So about a year ago I set out a budget to save at least 1,000 dollars every month to go toward my first investment. And so far, I am doing awesome thanks to the support of my family and work (VERY cheap rent and I work at a restaurant so I get free meals)

I have never been so focused in my life; I use to blow my paychecks and live in the moment, neglecting what my future could have in store for me. Now, I find myself turning down beers with the fellas to stay home, in order to save money to bring me closer to my dream of financial freedom. Although I've read several books and got the gist of things, READing and DOing are two completely different things. With that said I am currently transitioning from reading about what i want to do, to actually DOING what I want to do. Joining this forum and introducing myself to you all is my actual first step in this journey. And I'd be lying if I said I wasn't intimidated by all the "big fish" I see contributing to this community.. but as of right now my plan is simple: keep saving and while saving, research my next and FIRST cash flow investment, so that when I have enough money saved up I will be ready to take action and become a DO-er for once! Which is where BP comes in.. I look forward to learning so much more about Real Estate Investing from you guys. Even more, I look forward to passing on whatever knowledge I acquire, and maybe even forming some partnerships and friendships along the way. Thank you all for your time and have a wonderful night!