All Forum Posts by: Steven Schuster

@Walter Key, I am single. House hacking a multi-family is sounding like the way to go...

@Laci J.

Thanks for the advice, I'm going to look at a duplex on Sunday!

Hey BP Family,

This is one of my first posts, but first for a long time. I've been interested in investing for a long time, and have read a couple books but haven't yet taken the plunge of actually purchasing a property. I currently have a full time job (50-58 hrs/ wk). I make a good salary for my age and plan on staying there fulltime, at least in the short term. So I'm wondering if anyone has experience/ advice about working a full time job while also investing in RE..? I'm paying rent in an apartment now, so I plan on owner occupying whichever property I purchase. Right now, I'm torn between a 3/2.5 2300sqft townhouse without any HOAs, or a 1600sqft 3/2.5 SFH that needs a little cosmetic work. Both properties are in B-B+ neighborhoods. I'd live in the property for around a year, allowing me to put only 3.5% down. I would make a goal to have saved at lease a 20% down payment in year one for my next property to rent out completely. Does anyone have any advice for me? Is this a good strategy for someone that's still learning, but would like to get started with a home to live in? Any guidance would be greatly appreciated!

Hey BP Family,

This is one of my first posts, but first for a long time. I've been interested in investing for a long time, and have read a couple books but haven't yet taken the plunge of actually purchasing a property. I currently have a full time job (50-58 hrs/ wk). I make a good salary for my age and plan on staying there fulltime, at least in the short term. So I'm wondering if anyone has experience/ advice about working a full time job while also investing in RE..? I'm paying rent in an apartment now, so I plan on owner occupying whichever property I purchase. Right now, I'm torn between a 3/2.5 2300sqft townhouse without any HOAs, or a 1600sqft 3/2.5 SFH that needs a little cosmetic work. Both properties are in B-B+ neighborhoods. I'd live in the property for around a year, allowing me to put only 3.5% down. I would make a goal to have saved at lease a 20% down payment on my next property to rent out completely. Does anyone have any advice for me? Is this a good strategy for someone that's still learning, but would like to get started with a home to live in? Any guidance would be greatly appreciated!

Hi,

Please add me to your list. Thanks!

@Scott Dixon

Thanks for the advice Scott! That makes total sense

Hello,

I've been reading forum posts on BP for several months now, but this is my first post. I was wondering what to expect as far as typical terms and conditions of "cash out" refinancing. For instance, if I were to get a HML for a property, than rehabbed the property to increase value, are there terms or conditions that are typical of most traditional lenders for obtaining a mortgage to pay off the original HML? Another similar question I had was, at what point would someone typically be able to tap into the equity of a property to use as a down payment on a new property? Are there time guidelines, or do you have to be below a certain LTV percentage? I'm currently looking to find my first deal, these are just a couple general questions that I keep coming up with. Any advice would be appreciated!

I also recently moved to el paso. I'm not yet a real estate investor, but I'm trying to learn as much as I can and am very interested in finding my first deal!