All Forum Posts by: Harrison Glaude

Good morning! This is my very first contribution to BiggerPockets, and I am excited to be a part of this community. 

I recently purchased a 5 acre off-grid tract of land in Hoenwald, TN (1:45 outside of Nashville). I have been clearing land and getting ready for well, septic, solar setup, and build. I am at the part where I am looking at financing options but I am at a bit of a crossroads. 

1. I am building this cabin myself

2. On top of my living expenses I have roughly $1k/month extra I can put towards a monthly payment in a loan. I have been trying to figure out if it is possible to refinance a completed off-grid cabin that has a high-interest hard money loan of sorts into a 30 year mortgage to drop monthly payment and increase cash flow once rented out. 

Any advice from someone that has gone through this or knows about the topic would be GREATLY appreciated! Thanks in advance!

-Harrison

My name is Harrison Glaude and I am a senior in college out of Beverly, MA. I have been doing a lot of reading and research recently in the area of real estate, and using this as a vehicle to achieve Financial Independence. It started with reading Rich Dad Poor Dad, and then Chad Carson's book on How to Retire Early With Real Estate. I found out about BiggerPockets through the podcast The Millennial Real Estate Investor. Through all of this education I have become passionate about implementing real estate tactics to begin my journey to financial independence. 

Where I Stand: I just finished an internship estimating with a large Construction Management Company. In addition to learning a little bit more about the real estate industry, I was getting paid. I was saving the majority of my money (even though I had no idea what I was saving for), so I figured I would keep working towards a down payment for my first property. I am faced with a dilemma: Do I spend all my time and efforts looking for a job right out of college or would it be possible to jump right into real estate investing? Ideally, the faster I can spend 100% of my time within real estate investing the better, but I do realize that I may need some sort of income stream to qualify for fixed low-rate loans. Would it be justifiable to pursue a job while looking for a duplex/triplex/quadplex to live in and renovate while I work? Would love to know peoples thoughts!

I'm excited to be a part of the BiggerPockets community!

Thanks,

Harrison G.