All Forum Posts by: Mohammed Saeed

Thank you Theresa for the quick response and advice.

What you mentioned is one of the reasons I’m thinking of pulling  out of this house and starting over with a cheaper property that can afford.

I haven’t been the best money manager in my past years, due to family obligations, but things are in a better place now.

I have about $196k on the property loan, had to takeout some funds out in the past for a family emergency.

I bought this house back in 2014 for $177k, It is now valued at $285k. I work a 9-5 and really don’t want to do it for the remaining years of my life.
I decided to look into real estate investments but with no funds except for the equity on my house, I thought it might be a good idea to sell this house and take whatever I get out of it and buy a smaller property to start my brrrr journey. During that time I will have to rent but it will be cheaper than what I pay today for a mortgage.

My thought is to try and find a duplex within the first year and live in half and rent the other.

My other option is to just rent the property and move into a cheaper rental but I’ll probably have to refinance the mortgage into 30 year to lower my monthly payments.

The only problem is I can’t afford to rent and pay a mortgage if the house is not rented out fast enough.

Any thoughts or suggestions for this newbie investor?