All Forum Posts by: Kyle Spinale

I think that sounds like a smart decision @JD Martin. Sometimes (always) things don't go as planned and you need to be prepared for the worst. I think it makes sense that when you have more units you won't need as large of a cash reserve because if things go sour the cash flow from one property can cover another. Thank you for your advice 

For a turnkey property, or one that requires little fixing up like painting, what would be a safe amount of cash that you should have? 

This cash is strictly for the property, not personal living expenses.  

I'm not looking for a dollar amount; but rather a percentage of purchase price, or an amount of estimated monthly expenses (I.e. 6 months of expenses or 10% of purchase price).

I've heard about that tax break @Mindy Jensen. My parents used it on our home and it's very helpful. One great thing about real estate is that there are creative ways to work with taxes. Thank you for your help 

Thank you @Mindy Jensen, are you allowed to rent out the property too? For example, if I had a duplex and lived in one side for a year, could I rent out my half after I move out?

That's what I've been finding..

I also heard that you need a legitimate reason to leave? Such as having kids, getting married, or getting a new job. Do you  know if this is true?

At the moment I do not have any mortgages at all. I had a few questions about FHA loans because they seem appealing for beginner investors.

When someone gets an FHA loan, are they allowed to move out of the residence after a certain period of time?

And if someone moves with an FHA loan, can they keep that loan for the existing property or do they need to get a new one?

I wanted to know this because if I were to get one and then house hack for a year or so, could I move onto another property and do the same thing?

Thank you everybody for your opinion! This is a very tough situation to be in and I'm not going to make a final decision right away. I think everybody made valid points that I will take into consideration. This is such a great community, I appreciate it.

My girlfriend and I are getting ready to move out on our own this time next year. She just wants to move into an apartment because "it's easy and not stressful." By move in I mean, be tenants and not landlords.

However, I want to find a small multi-family (duplex, triplex, or quad) and house hack it but she is skeptical about it. What should I do?

I should also add: I'm a college student right now and I will be when we move out next year because I'm transferring schools. 

Thank you everybody for the advice. I've heard a few bad stories about landlords living with their tenants (in separate units) and I wanted to verify if the pros outweigh the cons.

Overall, from everybody's advice, it seems that the pros strongly outweigh the cons.

@Kim Meredith Hampton

I appreciate the input. It seems that there's more than one way to handle it.  Self managing and hired management both have their pros and cons and it just depends on what type of person you are and how you feel you should handle your investments