All Forum Posts by: Michele Z.

@Troy Pletcher - maybe rent out 2 rooms instead of one, get your mortgage paid for completely and start earning cash for your next purchase?

@Ricardo S. A 6/3 + 4/2 duplex?? I would love to see pictures, that seems like a unicorn property. Is Philly known for massive duplexes meant for multi-generational families or something?

@Troy Pletcher - this does not sound like a solid plan. I think you're probably forgetting about all the additional fees that come along with buying and selling property and the increased funding fee for using your VA loan again. Can you house hack your current home instead? This would allow you to reduce your expenses and increase your savings while you learn more about real estate investing and learn more about your current market. How long before your next PCS? Maybe you spend the time between now and then preparing to make a smart choice on your next move.

Also, look for and connect with the ADPI (active duty passive income) people here and on FB. 

@Jake Doub First, I'd start by adding a picture here, so that people can see who they're dealing with. Also, spend some time crafting your profile. Definitely sign up for every single free webinar you can and read everything you can get your hands on.

Next, I'd start checking around to see where meetups are happening near you. Maybe Annapolis? Or maybe you do some serious driving and head out to some in DC or Baltimore. It sounds like you don't have custody, so maybe there's one happening on nights you don't have family commitments. 

Rebuilding after a divorce is not fun, but it will happen with time. Same with your credit score. Definitely check out the personal finance boards here.

If you boil it all down you're in the same boat as a lot of people here in that they don't have the capital to start immediately. But you have experience. So learn how to analyze deals, find great ones, take them to your local REI groups - or to people you met here while participating on the boards and find the people who have money but no experience or no time. Be someone that brings value to every interaction you have.

Since you're rebuilding anyway, now might be a great time to house hack to help reduce your own housing expenditures and allow you to get back on track with your own mortgage. Best wishes.

@Brandon Johnson Any holiday sale at Lowes or Home Depot is a good bet.  Check reviews carefully if you're doing a used appliance shop, you'd want to make sure they really back up their sales.

The only place I've ever been where a fridge is *not* standard is Los Angeles. For a W/D - the only place I've ever rented a place with hook-ups only is LA, but I've seen listings all over the country for hook-ups only.  That said, if you do get them and you choose a "fancy" front loader washing machine I would post some rules about leaving the washer door open, physically drying excess water off the door and drum, and any other instructions to prevent mildew because those units are evil and you will get mildew stains when your tenants leave, especially if they're used to normal washers.

@Joshua Norwood Maybe, with 3 kids, an in-law suite or ADU rental would go over more smoothly than all of you squeezing into a multi? Maybe a luxury house hack so that she's getting more, not letting go of what she currently perceives she has? Maybe a giant house with a master suite and guest bedroom on the main floor and a couple of bedrooms on the second floor that you rent out. Or a tricked out basement suite with multiple bedrooms while you rent out the upstairs so that your family still maintains some privacy? Maybe this house is in a better school district so that your kids are benefitting too? Maybe the kids bunk up together so that they're learning how to share space which will be a valuable skill once they go to university or head out into the world to house hack on their own to achieve their own financial freedom when they're still in their 20s?

I was initially against it too, we just had to find the right house hack plan *for us*.

@Robert Tucker Why not keep renting out the bottom portion and then rent out a portion of the top as well? If you're on FB, look for a group called ADPI and join ASAP. It's all military folks and they're big on using zero down VA loans and house hacking. Also, might be more worth reposting this in the military section here on BP.

@Will Clift Also good to think in terms of what your local ordinances will allow. Don't forget to check your local municipal codes.

@Vincent Pirrone - can you house hack a room in your side of your duplex to get that $200/mo + utilities back and put that toward your consumer debt? Do you have a garage you can rent out? I don't think you screwed yourself, you're in the middle of a growth period. Things can't always be up and up and up. :) Best wishes!