All Forum Posts by: John Hemphill

Hey everyone hows it going? I'm a college student and new to investing (this is my 3rd day of using biggerpockets). On zillow I found a triplex for 120k in New Brunswick NJ near my school. I want to house off-campus and I was wondering it if would be possible for me to buy this place using FHA and then renting out the other two rooms. Zillow says the morgage would be 650. I have two more years left of school and accordng to FHA 'd only have to live there a year (right?) after a year I could rent out my room and find another place to house at for my last year in college. I would have to figure out other expenses and the site says that the tax amount is 5086. Whats that mean? Is that for a year? I don't know much about real estate but using 3.5 FHA for a multifamily triplex seems like a smart idea. Any advice would help because like I said i'm a noobie :) thanks!

Hey everyone hows it going? My names Jack and I'm a college student. My friend recently got me into the idea of real estate and I am beyond excited to get started. The idea of passive income is a great feeling and I'm hoping to buy and rent out my first property by the end of the summer. Thats my goal! I was looking at some cheap apartments which seem in good condition. Would they be a good start and could I use the FHA 3.5% law for that? I have much to learn so i'd love some tips. Also Any crucial advice that a newbie like myself should know? Thanks, -Jack

hey all,

This is my first getting into real estate; i'm 21 and ambitious. The idea of making profit from this area seems theoretically quite simple. Theres a house selling for 70k near my hometown. I was doing some research and theres a law where buyers only need to put down a 3.5% downpayment which would be about $2500. Zillow says that the mortgage would be about 300. If I rent the place out for lets say, 800 a month. Thats 500 in profit every month. Do that process for multiple houses and its money and i'll be started!! Then with a financial basis I could flip houses. I dont have much cash now but with some financial support from family as well as working I think I could make this work. Please let me know what you all think. There must be more to it. I dont have any experience so I want to learn. Thank you