All Forum Posts by: Mike Staehle

@Jim K. I don’t have any other bills besides electric and internet. And yes my income in around $3000 a month. I’m single with no kids so living in a single family house is just a waste of space and money for me. I bought the house when I was 23 and thought I was being financially responsible until I found this website.

I’m looking to buy a duplex to house hack to save more money to put towards real estate investing. I own the home I live in now, I bought it for $142k, I owe $136k principal balance. When I bought the house it appraised at $169k I’ve since put about $10k into it and a real estate agent I talked to said it’s probably worth about $180k now. I bought this house with a USDA no money down loan and my total mortgage payment with everything included in it is just a hair over $1100 a month, I can rent it for somewhere between $1400-$1600 a month in my area. My question is should I use a heloc to pull the equity in my house to put down on a duplex to live in and rent out the house? Or what other options do I have? I don’t have enough in savings to cover a down payment right now and my current income level doesn’t really allow me to save much of anything. Any help or thoughts about how to move forward would be greatly appreciated.

I’m looking to end a month to month lease I have in Connecticut. From what I’ve read it says I need to give a written 3 notice to the tenant. Is that all that’s required of me? It seems way to easy

Thank you all for your input. I’m glad to hear that I didn’t completely derail myself. Thomas S. I like your idea a lot! Something I’m totally willing to do if it helps me out. I actually tried to buy a duplex when I was in the market for the house that I live in now but most of them were super run down and gross neighborhoods. Hopefully by time I’m ready to sell there will be some nicer homes in my area (can’t move more than 20 miles away from work)

So I have been following biggerpockets (forum,podcast,youtube, everything) for about two years now and I've always had the goal in mind to start investing in real estate. I bought a single family house as a permanent residence in CT not even thinking about the long term goal but to solve a short term problem (living with my parents at age 24 and needed out). I bought this house with a USDA loan which is 0% down, it was a HUD home that I paid 142k for and it appraised at 162k. I've put about 10k or so into it so far and i have a roommate moving in with me in november who will be renting the downstairs (bedroom, den, bathroom) for $750 a month. Thinking about the long term goal I really would like to buy a rental property whether it be a duplex, tri, quad. I'm not up to par 100% with everything I've learned because i haven't actually put it to use yet but what would be my best way to buy another property? I don't have a ton in savings anymore from buying my first house because of all the inspections and work i put into it. Any help is greatly appreciated!

Melissa Gittens the link to nolo.com that Rick S. Posted was a very good start. It had most of what I was looking for

thanks everyone for the quick replies, now that I am on my laptop i can open some of the links that wouldn't load on my phone

I did a quick google search to try and find the Connecticut landlord/tenant laws but every where i was directed wasn't anything near what I was looking for.  Just wondering if anyone had a link or could help me out finding this information.

Hi everyone, my name is Mike and I'm from southeast Connecticut.  I am 23 years old and looking to start investing in real estate.  I'm looking to start by buying a multi family home and living in one unit for the time being.  I currently live at home with my parents and work full time for the state D.O.T. so I have a decent amount saved up (for a 23 year old at least LOL).  My goal in real estate is to be able to support myself once I retire from the state (25 years) and live comfortably.  I'm really looking forward to meeting new people and learning a lot here!