All Forum Posts by: Malcolm Chelliah

We want to buy a house for $350,000 and the renovations to get it to a good state are coming in around $300,000. Other homes in the $650,000 also need some light cosmetic work so we figure it's best to just renovate to what we want. FHA and Homestyle loans are out of the question because of their limits. Any ideas for good lenders to work with?

Thanks!

If we are moving to Cleveland, would buying a MF unit in an area like Shaker Heights using an FHA loan be a good idea? Thinking of buying something around 80-120k and doing a small renovation (like updating kitchens and baths plus new windows if needed) and house hacking for a year to get our feet wet

Thank you all for the advice!! Of course we will keep learning and researching but it definitely seems like the best use of our time is to start saving aggressively so that we can invest along other real estate professionals who are able to devote more of their time into the business while we focus on earning. 

@Account Closed Thank you for the perspective on how it affects our taxes. Does going in on a syndication deal have the same tax benefits as buy and holding properties?

Hello there, new to this community. I have been listening to a lot of the BP podcasts and youtube videos for the last few weeks. My husband and I are both in medicine. Next year he will be an attending and I will be starting my residency and we are planning to get into real estate investing with the increased income we will have. When Im reading about many people doing real estate full time, its unclear if their income is growing to the level that will replace what our expected income will be once we are both finished with training. 

Our goal is to build financial wealth (and I have ethical issues with doing that through medicine exclusively) however my question is in our situation, does it make more sense to use our surplus income to invest along side investors who do this full time or is it still worth it to strike out on our own one day try to replace over 500k income annually that would eventually be passive