Hello all!
My name is Marco and I just joined bigger pockets in search of greater knowledge and help.
I live in Raleigh NC with my wife . We'll be 1 year married on the 19th of this month.. but together for almost 10 years now. I work in the food industry and was unfortunately laid off due to COVID-19. Having PLENTY of time at home, I started digging deeper into real estate investing since its something that has been in my mind but my financial ignorance made me believe I could never do it. I have been watching countless videos on youtube about real estate, investing and managing money.. trying to raise my financial IQ. I have listened to 5 audio books in the last week and half and I will continue to do so. I started with Rich Dad Poor Dad, Increase your financial IQ, Millionaire next door, etc etc. I'm completely hooked. My way of thinking about money has dramatically changed. I want to keep learning and not stop. All these terms I have always heard (FHA, hard loans, holding costs, etc etc etc) are now making sense to me.
I will be 30 years old soon so I'm already a few years "behind" where I'd like to be but better late than never.
My wife is a state employee so we are thinking of the SECU first time home buyers program. No money down but that must be our primary residence (not sure for how long). We might look into FHA loan as well, depending on what works best. Just because its no down doesn't mean its the best deal for us.. right?
We've talked to our landlord and she will sell in 12 months.. exactly the time we need to ready ourselves for our first purchase. We want to fix up the house we're in now (if we do acquire it) and rent it out/refinance and use the gains from that for another downpayment and eventually flip and/or rent and grow our portfolio. The area we are in is in the up and coming (Historic Oakwood). There are so many flips happening around us, its kinda crazy.
Just a couple of questions:
After we get our first loan.. how long do we wait to go back for a second mortgage ? Do we let the bank know that its a commercial loan(the second one)?
Will the bank trust you more and make it easier for more loans if you're in good standing with them?
Greetings!
- Never stop learning -
