All Forum Posts by: JooYung Choi

If you jump into the market now and interest rates continue to rise, then I would say you would have made a good decision! 

I would lean towards buying a distressed property that can be financed conventionally over a renovated one. Take on projects one at a time while you are living in the home and get the rooms rent ready ASAP so you can start house hacking. Force that equity and refinance when rates come down in the near future!

If you are getting a DSCR loan, it shouldn't matter as much that you are a new investor. As long as your rents coming in are > than your PITI, you should be able to obtain financing. I am sure the lenders on here can provide more insight for you.

Hey Brian,

The perfect BRRRR is much harder to come by these days. Especially on the refinance, since interest rates are where they are, the rents aren't keeping up with the mortgage payment (which leads to leaving more equity in the deal) (not the worst). That being said, there are still deals to be made. Having multiple exit strategies will help.

Let's connect and learn from each other!

Hey Joe!

Amazing that you are starting your real estate journey at 23! A MFH to househack is a great strategy to utilize for your first house. Happy to connect and chat about real estate strategies and goals. Let's keep each other accountable!

If you don't plan on moving into the property that you are purchasing, be prepared to pay at least 20% down + closing costs.

Connecting with your local market realtor will give you good insight!

The earlier you start in Real Estate, the better. Buy it and make the numbers work now and hold. Give it 10 years and see how much appreciation you get with rents increasing yearly / refinancing when rates are low. You won't regret it!

Depends on your risk level. Ranges from buying turnkey to full gut renovations. 

If you don't plan to move into the home that you are buying, be prepared to put at least 20% down!

I have access to a 5% down conventional loan on a multifamily property in my local market (property must fit their criteria). My advice is to call around as many lenders and community banks as you can to see if they offer special programs. There won't be many, but once you find one, your investing trajectory will change!

The first step into real estate I would always take a house hacking approach. You will get the best loan product with a low down payment / good rates. 

If you are open to renovating, you can get your home up to market standards while you are living there and force that equity.

From there, you can decide to sell it (after 2 years for tax break) or cash out refi / HELOC to get into your next property.

Leverage is the name of the game!

@Brett Grz 

Hey Brett! I am also in NJ and would love to connect and share investing strategies. 

We can keep each other accountable with our goals!