All Forum Posts by: Joshua Filkill

@Trenton VandeGuchte Try reading 30 Day Stay, I listened to the audiobook and found it very helpful as I'm thinking about doing the same thing you are.

Are you planning to rent a room or is this a multifamily building where you'd rent a unit? I know Craig Curelop Airbnb'd his room while house hacking and lived in the living room

@Adriese Williams Congrats! On to the next one...

@William Smith Columbus and Cleveland are both great options right now. Check out this article that show's where rents are rising and falling: https://www.biggerpockets.com/...

Cleveland has risen ~15% while Columbus has risen ~9%. With good entry price points these are good cities to look at for cash flow

@Luke Westmoreland This very much depends on what you want to do long term. I didn't use my degree at all for work purposes when I graduated but it did get me an IT job that paid very well and allowed me to start saving money and investing. That job also helped with getting my first loan.

If you really don't want to go to college you can try convincing your parents to use the money that you would have used for college to invest in properties. 

@Mark Jaskowski Check for local meetups on FB, eventbrite, Meetup.com and here on BP. You'll find some very helpful people there.

1. I was a doordasher to make more money as a side gig, you can make pretty good money.

2. I usually don't recommend starting with a large rehab unless you have someone else on board with experience in this.

 Always recommend investing locally and with a house hack to start off since you need to live somewhere and there's a ton of benefits to it. If you're breaking even when doing a house hack right now then you're doing an incredible job. After this you can start networking and looking for other opportunities, possibly out of state, where price to entry is lower than your area. If you have any questions feel free to reach out!

Agree with @Esta Ryder. I believe Craig Curelop talks about making the most of your house in his book, which seems to apply here. Force some appreciation with a remodel and add another bedroom like you mentioned to increase rent. This could give you a chance to refi and help your cause. 

It sounds like you're already thinking right on this, make the most out of the house you have now and get creative with financing with future purchases. Your best bet would be talking to a good lender and establishing a relationship so they know what your plan is.

Continuing off of @Gerald Knott I usually include management fees in my calculation for when. don't want to manage it on my own in the future when I move out, unless you plan on managing it yourself for awhile. Also, what type of loan are you planning to use? May want to budget for PMI if using FHA or another low down payment loan that requires PMI.

May want to also check on who pays utilities for that place.

@Allen Bannister There are loans that could be around 5% down and no PMI so check with local lenders. There may be area and income restrictions on those loans.