All Forum Posts by: Phillip Gonzales

Yes I am now thinking that my original plan to go with a 30 year loan would more sense. 

@Neil Aggarwal

 @Kyle J.

thank you for your responses. 

@Jerry W.

 awesome advice! I was thinking of properties under a certain dollar amount to do a 15 year loan. For instance This first property that I am going to be purchasing is around 225k I am planning on doing a 30 year. I want to pursue a few more properties in the coming 2-3 years under 120k and go for 15 years loans. Myself just turned 26 so I can get a few properties under 120k and do 15 year loans and fig have them all paid by my early 40s.

@Logan Hassinger

 thats what I have been seeing now that I looked up the 15 vs 30 keywords, but thanks for the comment and links greatly appreciated 

Hello I just want to see if they would chime in on doing a 15 year loan vs 30 year loan. My original plan would be to do a 15 year loan with goals to pay off within 10 years, but from a few threads I been reading online I get the feeling a lot of investors hold for cashflow and appreciation and then sell before the loans are paid off. I do not sure if I am analizying this correctly. 

Thanks I figure since I will not be paying my mortgage I will save what the mortgage would be for the first 6 months and just have that saved. For example mortgage is $1450 x 6 = $8700

I myself do 401k max per year since my company does match! Plus its pre-taxed and I believe like many diversification is where you want to be. I would say 15% of your income should go to investments such as 401k and Roth IRA+ RE investing!

Something doesn't sound right with the #s 

Happy Saturday y'all So I been getting my #s in order as I was just approved for my first FHA loan for a 4 plex. I am wanting to know do you put money away right off the bat for reserves ? All units are currently occupied, but by the time I move in 1 unit will be free for me to live in. I want to have 6 months saved, but are there other expenses I need to be aware of?

@Jerry Padilla

 thank you I still need to contact you, but just been extremely busy. 

@Michael Delpier

 I have been thinking the same I asked on another post, but most told me just state you are the owner

Hello my fellow BP members I am so EXCITED to announce that I was approved for my loan today!! I am going FHA and pursuing a 4 plex. I wanted to ask some basic questions, so I will be owner occupying 1 of the units and renting the other 3, but wanted to see if anyone else started this way and had any advice for me? Since I am a Realtor I get to put my 3% commission down towards the down payment and closing costs. I must say that I am pretty excited to begin my real estate investing, but feel nervous well. I have educated myself as much up to this point, but any insight would be much appreciated !