All Forum Posts by: Joshua Badour

Hey all! I'm planning on taking the dive (kind of) into my first real estate property, and I just had a question regarding general mortgage rules. In short I acquired my primary residence in 2015 and have been living there for 5 years. Wife and I are looking to upgrade, and I figured instead of selling my house we would rent it out (good location, good price points). My question is with the mortgage. I understand that when acquiring properties you need to obtain an "investment" loan, but as I won't be obtaining a new loan and have been living there for some time I was wondering if there were any requirements I needed to follow? Do I need to inform my lender? Do I have to refinance if I want to use this place as a rental property? I just want to make sure I'm not doing anything wrong by simply moving out and throwing it up as a rental. Any help greatly appreciated! I live in Michigan, by the way, if that makes any difference. Thanks!

@Craig Jeppesen what makes you say that? Asides from the work you have to put in with BRRRR do the returns from apartments overshadow returns from BRRRR?

Hey all!

First time poster, long-time lurker. I wanted to pick the brains of people on here much smarter than I about my situation. I'm looking to invest in real estate and am fortunate enough to have a fairly good job with a pretty good income. I have read books, blogs, and listened to podcasts on different investment strategies in RE, but so many of these are tailored to "how to get into real estate with little or no money." I'm not interested in hard money, owner carry, etc., as I plan on using my own money for my investments.

A little about myself: I'm 30 years old, and up until this point, have been going through school and paying off my student loans. As of this month I will no longer have school loans, and I will have about $25k a month to do what I please. My wife and I are both DINKs, live far below our means, and the only debt obligations are a $500 car loan (thanks, pre-marriage wifey) and a $1k mortgage. My job is such that I also have a lot of free time to devote to real estate.

With that said- as someone who wants to buy-and-hold, only selling when opportunity arises, what asset class would you recommend for someone in a position like mine pursue? I've studied a ton of different vehicles, and my current thought is to start in small multi-families (duplex, triplex, etc.) and build up from there to learn the fundamentals as I have no background in RE aside from the studying I've done. I'm currently reading the BRRRR book and this is also something I'm closely considering. I guess my question is- if you had $25k a month of disposable income to invest in RE where would you put your dollars?

I apologize if this post comes across as ignorant or naive, and please forgive any flawed misconceptions I may have. I appreciate any and all advice!