All Forum Posts by: Jeremiah Lewis

@Joe Villeneuve I don’t follow? If I have someone paying the mortgage to live in it even if it’s for a year or 2 that’s $12,000 - $24,000ish off the principle and then I sell It at its current appraised value aside from my half Of closing, how is that costing me money?

Sorry if this is in the wrong spot. Might have shot myself in the foot. I have a single family primary that I’m working to get rented out, I refinanced it on a 15 year a 2.375% because that dropped my total interest over $100,000.00 so it was kind of a no brainer to me. Ideally I was planning on just renting it for the mortgage cost which is doable easily in my area, letting it rent for as long as it pays for itself until I have $100,000 in equity and then sell it and distribute that into multiple doors. I’m kind of looking now though and wondering if maybe I should have done a 30 year at 3.000% so I could pocket a few hundred bucks per month? Have any of you went for strictly an equity position over cash flow? If I leave it on a 15 year, over $1,000 per month goes to principle whereas the 30 year only a few hundred bucks, I guess I just figured gaining equity faster was more important to me that a few extra hundred bucks per month.

Hey everyone, first post! Anyway, I feel pretty knowledgeable in this as starting out as I have read the books and had mentors etc. for a few years gearing up, BUT, I have ran into a problem I have not found a good solution to and my mentor is now deceased. Scenario - I own a home and also own 10 acres, I use the term OWN loosely. I am trying to figure out how I can get my current primary residence rented and buy another house or multifamily home and not go under during the process. I was going to build on the property out of pocket and move to that but lumber price's have stalled that for now. I considered a 5th wheel but I am also married and have 2 kids, 3 dogs, 2 cats so its not exactly feasible and do not want to take on another liability in the form of an RV. Have any of you done this before? The options I have thought up is to set aside 6 months of mortgage payments for the house, buy another house and hope that the other rents before I exhaust the 6 months of vacancy. Other option, put it up for rent and when someone signs a contract, I'll move us into a cheap rental while I find another house to buy. What are your thoughts?