All Forum Posts by: Michael Hanks

does anyone know how to see what a resale value for central air would be for a SFH? We are in MA so we get peak summers. The house already has duct work installed.

Hi everyone! My fiancé and I want to do the same steadies just mentioned above. We moved into home after 214 and got a SFH WIH VA. We have just finished one year in the home and want to find the details of how we can refinance and move into a 3/4plex and rent out this home so we can get closer to that sweet financial freedoms we hear about. Does anyone have a step by step what we should be doing next?

From what I’ve read:

1. Talk to VA rep to find more about my loan limits and fee for moving

2. Refinance VA to another loan so we free up VA loan to use on multi family.

3. Rent out this house

4. Buy move into multi family

Does anyone know where/ how we should be running “numbers” so we know we will not be making major rookie mistakes?

@ Frank Wong - To your point of back-end D/I ratio, where we are now with our SFH with no rental we are at 29% back-end with front end 18%. (I think I did that right?)

Would you be able to guide me how I would calculate the D/I ratio with a four-plex? (still new at this)

Combined Income after taxes, before mortgage - 10,500

Mortgage - (2,320)

Loans (student/car etc) - (3,850)

Student Loans for Me: 6% or less (Veteran Caps applied) 

Student Loans fiance: 7%

Thanks everyone else for comments! It was great hearing your thoughts as they align with what I've read and heard regarding investing first then re-evaluate!

Mike

Hi everyone!

So My fiance and I bought a SFH in an A class neighborhood with a VA loan and little down last year when the market was "hot". Needless to say, almost immediately we realized what just happened.

We then read RDPD and the BP recommended books. Additionally, we often listen to Dave Ramsey. While we are not eating on beans and rice now, we are curious what people's thoughts are on "Starting Out" while having student debt.

We currently have a plan in place that we are following to get out of SFH and into four-plex to house hack then do our debt snowball.

Would love to hear if anyone else had similar stories or their PO.

Mike

Hi Bigger Pockets World! 

My name is Mike and I am completely new to this 'world' and very excited to have found. Like many others, I am starting out with the stereotypical path: Have a Fiance, Bought a Personal Home (and a Cool Dog) then Life was fantastic! 

Until... I read Rich Dad Poor Dad and woke up from my day dream! Now I want to learn as much as I can and get my hands into this game. Owning a home is fun but it isn't as fun when I am paying my own rent. 

So, Does anyone here have any place for a VERY new, rookie real estate guy to start? Living in MA but traveling to all New England and New York (Upstate) areas often for work; figured to may be a way to know these markets? But honestly I am not sure what I am looking at to evaluate the market/neighborhoods. 

Anyways happy to be here and excited to sponge up some knowledge!