All Forum Posts by: Linzey Ledesma

Hello BP Family,

I am planning on purchasing my 1st property this coming year. My initial plan was to invest in a multiunit (duplex,triplex) and house hack.

However, I started a new job in June and would be filing my second year of taxes in 2021. This job is salary based and I make descent money, however my tax returns will only depict the earnings from june-December (which would not be alot). My thought is I would not qualify for a large amount needed to buy a multiunit property in my area (or neighboring counties)

I live in California and the market is fairly high in price for Multiunits in a descent area that would allow me to house hack.

Should I wait another year to file a full year of my salary based income and be able to qualify for a larger loan to purchase a Multiunit? Or should I just start with purchasing a SFR, live in it and build equity to later refinance and then be able to get a multiunit.

I am renting right now, and I would much rather purchase a small SFR to live in and be able to have something in my name to later refinance or draw a HELOC later, than to just wait another year (renting) to be able to buy a cash-flowing property like a duplex/triplex.

Any thoughts or advice?

Hello BP family,

I am planning on purchasing my first property next year(2021). My initial plan was to buy a multi family unit either a duplex or triplex and house hack.

However I started a new job six months ago that is salary based and this coming year I will be filing my second year of tax returns. My total income would not represent what I would make in a normal year with this current job (since i started in june and only have 6 months of income to report). Because of this I would most likely not have enough income to get approved for a larger loan needed to buy a multiunit.

I live in California, and multi-units within the area and neighboring counties are more than I could qualify for on a loan(4k plus). Should I wait another year to file taxes and purchase a Multiunit, or should I just start with a small SFR build equity and refinance later to then be able to get a multiunit property?

I am renting right now, and would much rather get a SFR to live in and be able to have something in my name to refinance or draw a HELOC later, than to just wait another year (renting) to be able to buy a Multiunit.

Any advice?

I do see a SFR as a liability rather than asset, however in this case I would at least be able to use the SFR to draw money from later rather than having no SFR and just renting while saving.

@Paul De Luca

Thank you Paul, I appreciate the feedback and tips.

@Nicholas L.

Thank you for the feedback. I am actually reading that book now. Very excited to learn from Mr.Turner

Hello BP Investors,

As a rookie I am seeking advice on what I should do or how to prepare to buy my first rental property. This will be my first ever property that I buy. Im interested in Multiunit Housing (duplex), I plan to live in one unit and rent out the other one. Other than saving for the down payment and reading books/listening to BP what else do you recommend I focus on?

Also, when is a goo time to start looking into lenders to know how much I would even qualify for?

Any advice is greatly appreciated!

Kindly,

Linzey

@James Gates

Hello James, how do you become a member?

@Aaron K.

Hello Aron,

Thank you for your comment. I am currently saving up for a down payment and I am also working on understanding the math involved with home hacking.

Im taking a course to understand REI, metrics ect. Meanwhile I also want to start learning from people who are already active in investing.

I would ideally like to buy in Riverside city, however prices are much higher here. So I am open to other areas within Riverside County.

Hello BP friends,

I am beginning my journey in Real Estate and am currently looking to build my network and real estate team. My goal is to own rental properties, specifically starting of with a multiunit complex (duplex,triplex) live in one unit and rent the other. My short-term goal is to acquire my 1 property by next year. I am looking into buying in Riverside county or areas within the inland empire.

If there are any brokers, lenders, or agents that you recommend who specialize in multiunit investments, I would very much appreciate the comments.

Thank you all!

@Jeffrey Isenberg

I look forward to attending this virtual meeting. Thanks for sharing.