All Forum Posts by: Mastewal Gezahegn

Indeed, that might put a damper in my immediate plan. Maybe I could pick a city, move there for a month and apply for an FHA as a resident. I'm sure many people have moved out of their home state and bought FHA loaned homes in the same year.

Just thinking out loud. I will indeed research this more. 

Thanks for the heads up.

Yes, I Plan on house hacking and moving to Indy.

 Didn't even enter my mind being from the drought-stricken valley of Northern California. Water outside of the ocean is far from my mind.

 The few properties I liked based on numbers and going through the neighborhood via google earth are very close to white river by the zoo. 

Will definitely have to add that in my spreadsheet.

Congratulations and thank you for the motivation. Please keep us updated.

 Interesting, has this always been the case? If so how do people go around it?

 Yes, I plan on living in one of the units. In the case of some of the properties, I'm looking at they are 2 bed 1 bath duplexes. I plan to rent one unit completely and live in one room while also renting the other room in my unit.

Hey Hush

I am currently in your position. I have around 10k to invest like you but I live in the SF Bay Area so investing in this area here is out of the question for me. As of now at least.

I am a new investor so I offer no real advice but to share my own strategies I plan to take.

With the amount, I have to invest I am going the route of Buy/Hold because I am playing the long haul game of having my investments replace my monthly wages. 

With the 10k I plan on buying a duplex or triplex outside of my state using an FHA loan. So my down payment will be 3.5% which I would be able to do for a house up to 100k and still have nearly 6k left for emergency repair funds etc.

I plan on house hacking(living in one unit renting out the other as well as renting out a room if its a 2 bed 1 bath unit). I will continue to live there for a year and then move to my next investment property and repeat the process till goal met.

Here as an article that might interest you. Not exactly like my idea but it is close and I think somewhat solid one.

http://www.lifestylesunlimited.com/how_15_rent_houses_can_retire_you_faster_than_a_million_dollar_401k_original/

Anyways hope I helped a little.

Happy studying and investing 

Hello BP

I am an aspiring investor. I have recently been looking at Indianapolis, more specifically the west side of Indy zip Code 46221. I have created an excel spreadsheet to analyze the many properties in that area I can afford. So I can x out ones with Cash On Cash ROI below 10%.

I plan on using the house hack method(as my job allows me to work from home) with an FHA Loan as this is my first investment.

Any advice BP members can give me on this area of Indianapolis or ideas on investing would be greatly appreciated.   

Please feel free to ask me more questions. 

P.S Ignore my ignorance. I'm as fresh as a new born baby in the real estate world.

Thank you

 Thank you. 

Jay and Diane G make good points on low-income home investing and tenant issues and how renters who pay $600 dollars for rent are one flat tire away from not paying rent so extreme vetting of tenants is a must. However, they fail to understand that almost 50% of Americans including those who pay in the $1200 and up for rent don't have more than a couple thousands of dollars saved up.

https://www.forbes.com/sites/maggiemcgrath/2016/01/06/63-of-americans-dont-have-enough-savings-to-cover-a-500-emergency/#14af5aba4e0d

Also, it is not sound advice at least in my opinion to tell one to lose money on cash flow for years based on speculation. Not to mention $150 dollar per the door might seem like chump change but lose your job that can go a long way in at least feeding yourself and light grooming as you look for another job. I know many of you are balling out of control as they say but let us remember pennies make dollars.  

To conclude it seems the strategy of the OP is to buy many of these types of units to supplement his income until they grow to replace his wages. 

 Why not find a turnkey in Tennesse maybe a couple of hours drive. You could do that on the weekends.