All Forum Posts by: Michael Bacile

@Stephanie Medellin sounds like a good idea. Thanks!

I have 11 months left on my rental agreement and I’ll need that time to save for my first purchase, would it be a bad idea to see how much I qualify for now or should I wait? (Just to give me a range to run number with until I can purchase)

Okay thanks for the guidance!

@Stephanie Medellin will getting pre approved hit my credit?

I’ve got a question about property analysis. When I’m trying to find potential rentals would it be fairly accurate to use the givin mortgage quote on realtor websites? I’ve been using the “mortgage payment calculator” on these sites to run my numbers. Or is there a calculation I should be forming on my own?

@Marlon Walls congrats man! Wishing you much success.

When you were looking at your first house hack can you give us some insight on the criteria you had in mind? Location, potential cash flow margins etc. 

I'm struggling with figuring out how to get into my first property doing a house hack with a lower down payment while setting up a good position for the second investment.

So how would one go about escapeing the rental cycle? I’ve been trying to get educated enough to invest by the end of 2019. It would take about 2.5 years from this point to save enough for 20% down And rehab costs. Is there a strategy out there for someone in my shoes?

Yeah I figured the first investment wouldn’t flow while I was living in it. That really sucks but I feel it’s better to be payingng off my own mortgage with the help of a tenant.

The goal is to somehow find the 20% in both my savings  after I’ve lived in the house hack for a year or two combined with maybe a heloc to cover the rest of my second deal? (Still not 100% educated on that method yet but I’m trying to get ideas going). To get the ball rolling. 

The cash flow question is just something to base my numbers off of, trying to get a sense of what the market is like.

Being stuck renting is really throwing me off trying to get into REI.

Hey BP, I’m still in my research phase and running numbers. I live in the central Florida area (DeLand-Orange City). I’ve been running numbers on houses trying to hit a 200-300/mo cash flow. Mostly multi family for a house hack on the first deal so I can escape blowing my money on rent. Is this realistic to those who are already in the market? I’ve been using an fha number for the down payment 3.5-10k, Accounting for prop manager and all other costs

@Michael Kistner That’s about what I was thinking myself, thanks for the input!

@Brandon Sturgill Great info, thank you. In reguard to the scaling comment, so are you opposed to the refi “Brrr” method? I definitely didn’t want to go all out on scaling ASAP but with my income I would need to bare some of the debt until I reach my goal. Planning on not using the cash flow for my own gain but to funnel it all back to each property in order to pay them down over time. Or am I missing something?