All Forum Posts by: Michael Key

Asking to be provided proof of recent vaccinations of the pet will also help ensure you have a responsible pet owner.

And as @Steve Vaughan stated above, small dogs tend to do the most physical damage. People think of big dogs chewing things up and digging holes, but they're more likely to eat the couch, where a small dog is more likely to piddle everywhere and scratch up doors.

Just some food for thought. Cheers.

If you can't handle your money and have no self-control. Dave Ramsey might be able to help you. But he'll never help anyone build any real wealth with his ideas on ignoring credit and leverage.

Warm fuzzies won't generate wealth.

Congratulations and welcome. I'm going to jump right into the questions:

1.) I'm going with NO on this question. However I don't know what you were told exactly and it does sound a bit odd.

A single-family home, duplex or triplex could cash flow if the math is correct. And that would by definition be income. That's why the statement sounds a bit odd. Spend some time around here listening to the podcasts and attend some of the free webinars. This site has been a wealth of information for us.

2.) So we just investigated this ourselves as an option. And yes, if you use an FHA loan to utilize the 3.5% down, they require you to occupy it for 12 months.

3.) It's not that there aren't deals on the MLS, it's just that the pickings are a lot smaller. I wouldn't discount not looking on the MLS.

4.) You won't be able to get another FHA loan, and the time frame will depend on a few factors, DTI, income and ability to come up with down payment. Some investors are closing on more than one house at a time. Starting out, there is usually a bit more time involved between deals.

@Tyler Ellis - I'm an introvert myself. And that can make networking difficult. You'll discover in this game, or anything really with regards to success, that the biggest obstacle is always mental. The biggest thing you have to overcome is yourself. 

And if you want to grow, you're going to have to get outside your comfort zone. And just remember, most people are too busy worrying about what you think about them. We're really simple creatures.

A few things that have helped me over the years have been a few of the classics, "How to Win Friends and Influence People" And finding and connecting with a toast masters group. This is a group to help people develop the skill of public speaking. Talk about getting WAY outside your comfort zone. But luckily, you can fake it till you make it with a lot of easily learned skills. You can find a group on Meetup.com usually. And they cater to helping people develop these skills.

People love to talk about themselves. You don't need to be really out going to network. Just need to know some basic skills and how to ask proper questions to get people to do the talking for you. Confidence goes a long way in human relationships and so does a first impression.

I really wish I could put this into better context, but I'm kind of at a loss on how to type it out. But this is certainly something I can relate to, and I'm sure many others too. We've all been there.

So, why can't you do 15-20% down? Income doesn't seem to be a problem. Just trying to understand the hindrance.

Credit shouldn't be a problem with the stated income, a bank should be able to see that. Are you working with the bank you have your checking with? Or just trying to go straight to private and portfolio lenders?

Wow, what a transformation. Great work and congrulations. 

Even with 0% APR, the problem is that revolving credit is a bigger drag on your score than installment credit. I experienced the same thing as Todd. Had excellent credit, but briefly utilized about 50% of my revolving and the score dropped a significant amount over the time I carried it. From 820 to 705.

I swapped that out to an installment loan, same amount and like magic (it's not though) it went back up. 

Lenders tend to really care about the credit utilization ratio. An installment loan is a fixed payment, credit cards could change and vary and look riskier in their minds. Even if you have a 0 APR for 12 months card.

On another note, I haven't seen any cards with 0 APR longer than an introduction period of 12-14 months lately. Last offer was from Chase on balance transfers over 5K for one year.

Any possibly of earning additional income or seeking new employment?  In your situation, I would be looking to increase my income. Lenders want to know you have the ability to repay your loan. The greater your income, the more confident they'll be. Stock trading doesn't generate confidence overnight. It's an indicator of risk.

I would take others advice here about continuing your education here with BP and looking at solid ways to raise your income level. Be it another job or a new side hustle such as becoming a realtor.

Welcome! That's a geat plan and vision you've set. And one that is totally doable with some hustle.

We are getting started in Boise, ID ourselves, so maybe sometime in the future we'll connect. 

Thank you for the warm welcome everyone. I apologize for not adding more specificity to my initial posting.

We've settled on first trying to find a multi-family that we can rehab and make work as a house hack. Our oldest has some needs that will require us to stay put for awhile. And Boise is a great match, both now and it seems long term. My goal for our family longer term is to buy and hold, and diversify as we learn more. But 2016 is basically "Find and purchase a multi-family" - I'm really interested in both triplex's and duplex's. 

We're actually in Sandpoint, ID right now with some friends who just closed on a house here. We will make it priority to get to the next meetup. Our first action item however is get to the area and start driving around.