All Forum Posts by: James Matheny

@Clay SmithVery true, but I think I might work an area that I am very familiar with and can work some contacts where I grew up and with less competition but maybe in some time I will come play with the big boys. @Clay Smith 

I agree Kelly, house hacking is going to be my best bet to leverage OPM and get the experience to better manage and vet tenants.

@Cindi Boyer if you haven't started yet Cindi you should start listening to the pod casts, it is explained very well along with many more techniques to get started. But in a nutshell house hacking is buying a multi family, living in one unit, and renting the rest in order to not pay rent or even cash flow.

Thanksfor the input @Kyle Penland

@Kyle Penland

Hey @Michael Siekerka,

Thanks for the response, you are very correct, flipping and rentals are two different beasts and I should become an expert in one instead of just knowledgeable in many. I found a conventional loan that is only requiring 3% down and that is in underwriting at the moment, so fingers crossed. I see that you are in Louisville, do you recommend staying in Southern Indiana or should I focus more on somewhere like Highlands, Germantown, or St Matthews area? 

Hello BP world,

My name is James Matheny and I am currently living in New Albany, Indiana, directly across the river from Louisville, Kentucky. I am 29 years old and like most everyone on here it is time to stop reading and starting acting but I wanted to use BP's resources to get some input on the route I should take. 

So here is my situation at the moment, I have a steady good paying job that allows me to only work four days a week, I do not currently have any property but I am sitting on $20,000 dollars and a great credit score and want to make it "work for me" (guess what I have read). The options I am looking at are to hack a multifamily using my VA or FHA and live in it for a year and then move on to my next or buy one of the many $30,000-$40,000 homes that needs some TLC in neighborhoods where comps are selling for $120,000+ all day and flip to get 25% down in order to buy a nice multi-plex. If the latter is the best choice should I cash-out refi or sell to recover my money for the next flip? My goal is like most everyones on BP which is to become financially independent. I am aiming to do this through buy and hold rental cash flow but if I need to sell a couple flips in order to get into a position to buy and hold I will.

So glad I made the step to post, really feels good.

Thanks BP community.

James