All Forum Posts by: Michael Ilizaliturri

@David M.

I guess my thought is I could own one property that is a house hack on my VALoan which I have set aside a separate 90k for if needed to reduce the monthly payment, Then I could own two properties outright that are about 300k each. The money has been growing in the stock market, and the cash value I quoted is after capital gains taxes would be paid. I know 300 isn’t a lot, for a property but I could also buy something more high end to own outright that could rent for quite a bit. My comps show 2.8k on the low end for one property worth 600k in my area (cool springs) I’m looking in like wolf ranch / banning Lewis / Hannah ridge. 

I know I have to account vacancy, repairs, etc. I’m just trying to see how close I am. To answer some off the other questions, I am set on healthcare etc, I only have to cover my personal expenses. I have zero debt currently. No car payment etc. I would still work but part time doing some thing I actually enjoy. And manage my rentals the other half of the time.

Thanks for all the replies. I am a single dude with zero debt, so I would only need about 3k monthly cash flow to justify going full time. I have not seen many duplex/triplex/quad in my area that are priced anything I could get with my VA loan. This was my initial plan and then moved to the idea of house hacking, since its what my friend is doing and working well for him. Yes, the loan goes up to 500K buying power technically.

I'm on the list for a bunch of new builds for my VA, but most of them have more people on the list than available total lots, so I'm just sitting here waiting...The house hack is for sure, should I buy another with cash and just refinance it to a conventional loan and repeat? Thanks for all the help.

I currently have no properties, but am waiting for the moment to where I can go full time property management / or have enough cash reserves saved up to go landlord / brrrr full time. I have saved approx. 590k in cash and am basically waiting to pull the trigger and/or am in analysis paralysis. Is there anywhere in the country I can go full time with this amount of cash.? As I have saved and saved and saved I have watched house prices rise almost as fast as my savings and am starting to worry I will not outpace this market and may never be able to go full time. I live in colorado springs, and prices here make impossible to go full time with the amount of cash I have. 

For full disclosure, I have access to VA loan, 590k cash, currently make about 75k per year. Idk what to do.... My original plan was to wait until prices drop out and get a VA Loan (house hack it) the primary residence and buy some with cash, but I think I'm screwed... Any ideas? I have no illusions to hard it will be managing properties, and I don't expect a handout, but any job is better then what I have now, haha.

I have been sitting on the sidelines for a few months now, and have never purchased a rental property. I have been waiting for a pull back, or for the markets to cool off. It seems to me at least, that price drops have started at least in this area. I know some areas are still strong, but I wasn't around during 2008-2009...

I assume the rust-belt and rural areas fall before the hotter markets do. How long did they stay depressed, or does anyone have any idea? Should I just keep stacking cash, and wait another 6 months? My only worry is that if I wait, and this turns out just to be small bump in the road by caused by Covid. 

I know no one can tell the future, but any insight would be helpful since this is my first time considering buying. Clarifying info, I don't have any debt, and my full time job is not at risk since I am a first-responder. Thank you for your hel