All Forum Posts by: Josh Mitchell

@Katrina Lane

Why not do both, and live in your home, while you rent out a room to limit your costs? May be a win-win scenario for you!

@Mike Nelson

Welcome to BP! I am out in the suburbs but may be looking at properties in the city in the near future!

@Ashley Lesieur

Welcome to BP nation!

@Tony Iaconelli

Welcome to the area! Are you over at AU getting your degree? This area is exspensive but some areas around can still be worked with, and Aurora provides alot of deals, just have to search them out! Good luck to you and see ya around!

@John Warren

I think you hinted at it in your post.... 2-4 unit properties come with very low interest rates right now, with relatively easy financing options. Also, it will allow you to build up and get to where you want to be. Have you read @Brandon Turner "seven years to seven figure wealth" yet? I would recommend you do if you haven't and follow the model, since that is the direction you seem to want to go. Best of luck!

@Dan Funk

When you filed your taxes, on the schedule E, it should show your "fair rental days". If you have the rental property showing on two seperate returns, you should be fine with most lenders, but they may take averages of the two years or not give you full credit for the rental income.

@Grant Veltman

I would recommend getting a job and saving everything you can. This will make it easier to get a loan (show W2 income), which will also help with the financial stability issue, and show a work history. I would make sure you only put the minimum amount into your 401k to get the company match. Click on the "Learn" tab on the top of the page, and also look up local REI clubs and meetings to attend so network and build some relationships. The more people you know, the more deals that will come across your desk.

Let me know if I can help with anything else! Good luck!

@Rafa Salazar

Welcome to BP! I'll echo @Michael Barbari and say that if you need help with anything, just let me know!

@Zach Hammel

 For a cash out refinance you typically can go up to 80% of the appraised value since this is your primary home. So if your home appraised at 209k*.80=167,200. Then you have to take what you owe from that 167,200-127,000 = 40,200 is what you could use. You would have to pay for closing costs as well, so you are probably looking about 37-38k in usable equity from your current home.

@David Rudaitis

Welcome to BP!