All Forum Posts by: James Krahula

@Isaac Barnett, easiest example and one I'm going to personally be looking for is a duplex. Moving into one side of the duplex will allow me to qualify for a FHA loan and a smaller down payment because I am living in the property. You have to live in the house for at least a year by doing this method. But you are able to rent out the other side to offset your mortgage and other costs. I have a feeling that the rent from the other unit will not be enough to cover the full mortgage for each month, but it should make my personal living expenses very cheap, allowing me to save up for my next. Then after moving out I'll be able to rent out the unit I was living in and create cash flow finally.

If anyone sees any part of this that is incorrect please let me know, again I'm still learning.

Hello all. I'm new to this world and excited about learning more. I'm currently in the Dallas/Ft. Worth area and I'm looking at taking my first steps towards financial independence. I've made huge gains in paying down my debt over the last few years and only have student loans and a car loan left (both with great interest rates). 

I've started saving up for a down payment and I've been doing as much reading on the subject of rental properties and growing my knowledge on finances. I still have a few more years to go before I will be in a place where I have the financial stability and knowledge to purchase my first property, but I want to make sure that I am as prepared for that day as possible.

So far I've read "The Book On Rental Property Investing" and "The Book On Investing in Real Estate with No (and low) Money Down" which pointed me towards everyone here on this forum considering you only read BiggerPockets once or twice a page! I've also read some other suggested books like "Rich Dad Poor Dad" and "The 4-Hour Workweek" as well as many others are next on my list.

As of now I am planning to go the house hacking route considering I'm still young, single, and moving is still a very viable option for me at this stage of my life and using a FHA loan will be nice while I am still trying to build more cash flow and get my foot in the door.

Hopefully I'm still able to learn way more in the coming months to help make myself even more prepared, and I look forward to learning from everyone here as well.