All Forum Posts by: Kevin Andre

@Damian Bialonczyk

Appreciate the reply, but why/how would it be difficult to rent 3 or 4 other bedrooms while I live in the SFH?

After, let’s say, a year or two of living there while renting out the bedrooms, I build up over 20% equity I would be looking to refi, move out, and rent the house completely rather than per bedroom.

@Brenden Mitchum

I appreciate the info! What would you suggest me to do if I can’t count the rent as income if I work a minimum wage job part-time while being in college full time?

Hey I have a couple questions about FHA loans in general, I'm a 19 year old and have been doing extensive research on real estate and wanting to get my feet wet;

When applying for an FHA loan, for say a SFH, would rent from each room of the SFH count as income to pay for the mortgage?

I was also wondering if I would be able to rent out each bedroom as soon as I close a deal and move in, considering there is no HOA restrictions.

I appreciate any advice/feedback

Hello fellow investors, I currently reside in Phoenix, AZ, and I am a full time college student/part time worker looking for some advice and/or feedback.

I am 19 years old and I am looking to save up capital 12-14 months from now (around 10-15k) while also working on my credit score to qualify for an FHA Mortgage.

I have a couple questions, and any advice or feedback is very well appreciated;

SFH in Phoenix, from what I've researched, run around 200-300k assuming they're 3+ bedrooms and 1400-1800 sq ft, which is quite expensive considering my current financial situation. I have been doing an extensive amount of research these past 2 months and I think the way for me to get my feet wet is to build up enough capital to pursue my first purchase with an FHA mortgage as I've stated above. I am not sure if I am running the numbers wrong or if I'm missing out on other major expenses, but these are the deals I am looking forward to next year;

Buy a 5 bedroom SFH in a B class neighborhood and rent out 4 other bedrooms while I live in one. Assuming this SFH cost 260-275k, (I know very unlikely, but I have seen a couple) and renting out each room at 500$ a month, would I be breaking even, or going negative? I've been looking at the numbers and I'm assuming I would be breaking even considering my monthly cost would be around 2k a month (including insurance, mortgage insurance, taxes, and monthly principal)

I currently pay around 660-675 a month in rent for student apartments, but I wouldn’t mind using my own money if it means I would be building equity rather than wasting my money.