All Forum Posts by: Justin Flournoy

Hello BiggerPockets,

Before I get to my question, here's my current background.

- 30M/27F (Me and my wife)

- No kids

- No debt (besides vehicles and house)

- I make 90k, wife makes 70k

- Combined income: 160k

- House value: 250k (when purchased, now worth 270k)

- Mortgage: 150k

- Equity: 105k

So with that, we are looking at selling our home and buying a 350k house and plan on having 2 kids within the next 5 years.

My question is this. Assuming I sell my house and break even, we will have $105k cash. Trying to decide if we put it all down on our 350k house, and have a lower mortgage payment -OR- put down 70k (20%) and then use the remaining 35k for a down payment on a 175k-200k home and rent that out?

If it helps, I have ~50k in my 401k and wife has ~15k (she just graduated last year so this is her first job).

We have 30k in our emergency fund.

I'm not wanting to dissect too much into retirement accounts, emergency funds, etc. We have those under control and are going to use each promotion to increase contributions until we can max them out. I'm more looking for advice on our housing situation.

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-TLDR-

Purchase 350k house with 105k down payment OR Purchase 350k house with 70k down payment and use the remaining ~35k-40k as a down payment on a rental property?

Hello BP,

First post here, so bare with me. I'm in my late 20's and looking for groups to join near me so I can meet people who are into REI.

I am interested in house flipping and/or rentals. But definitely open to hearing about other investing strategies. 

I've read some articles and listened to some podcasts and have really wanted to just dive into something for years now but not sure how/where to get started. 

I have lots of questions and really looking for individuals who can help me grow. In return I could provide whatever service I could to help them, as well. Whether it be labor services or Technology installations (that is my current profession), or simply just asking questions to get you thinking about things from different angles.

I have some understanding of real estate deals but very little to none experience. I am a quick learner and have exceptional soft skills that include, but not limited to, communication, time management, and critical thinking. 

If there's any questions for me, then great! I'd love to answer them. 

Thanks and hope to get some positive feedback!

Hello BP,

First post here, so bare with me. I'm in my late 20's and looking for groups to join near me so I can meet people who are into REI.

I am interested in house flipping and/or rentals. 

I've read some articles and listened to some podcasts and I really want to just dive into something. I have lots of questions and really looking for individuals who can help me grow. In return I would provide whatever service I could to help them, as well. Whether it be labor services or Technology installations (that is my current profession). 

Also, sorry if this is the incorrect place to post this. If so, please point me to the correct forum. 

Thanks and hope to get some positive feedback!