All Forum Posts by: Nicolaas W.

@Chris Ruud, I am born and raised in the bay area, so I feel you on the real estate prices.
My father invested in turnkey properties in the Dallas area because CA prices are wild

Thanks for the info @Account Closed, I am not in the military anymore, so deploying is not an issue. I do plan to live on the property regardless of it being a SFR, or an "plex". But honestly, I need to see how long you have to be on the property with the FHA, I thought I heard something about 2 years, so having a duplex sounds more and more appealing.

@Tony Le Claire Well as I said, I should have around 26K from this internship that can go to either a down payment or rehabbing the place. If we are talking strictly down payment, on a 3.5% down loan, 10 grand could get a really nice place in college station. And the only way that would make sense is for a multi unit place that was a bargin (I am speaking based off light research, as I am focusing more on learning vs. digging into deals right now, especially since i am currently out of state).
I have not talked super specifics with my father, but he was saying was that he would be contributing as well, not just co-signing the loan. I am treating him as an investor so as I learn more (and I still have many books to read), I will be able to understand the figures more. I fully intend to live in the house, and yes most multi unit places especially over 2 units, are usually in not nice areas, if they are anything I could afford as a first time place. I am thinking a duplex is probably what would happen if I ended up getting a "plex" of some kind. From what I am reading, that is more ideal from a growth standpoint than a single family. 

@Tony Le Claire Semper Fi Devil Dog, and thank you for your service as well, I have close friends that were Marines.

Are FHA loans available to me if I do not have a W-2 but my father is there to qualify with his income? I understand people have used them to get nice interest rates and low down payments, while living in the house.

I have thought about renting out to fellow students and friends yes, and I am not against it, because it would be nice to have extra income in the place, I would just need to screen very well, per the reasons stated in the original post. 

I have also seen the suggestions from others about house hacking with a du, tri, or quad-plex. Those sound interesting, I just will need to be humble and remind myself that I am making an investment for the future and if I can find a good deal on a plex of some sorts, its a worthwhile sacrifice for not having a garage (as most do not have garages in my area). Again this is all about numbers right?!

Thanks for the suggestions

 Yes that is my understanding as well, that's why I am hoping my father being in on it will help.

I have seen people speaking about it, I will look into that.

Thank you

Hello all,

I am a Veteran and college student attending Texas A&M in College Station, Texas. I originally moved to Austin upon leaving the military, and wish I would of purchased a house when I did, but no sense rushing things.

I want to start investing and a college town seems like a great start. I have bounced a couple ideas around; single family renting out rooms, multi family, as well as a live-in-flip.

I have no problems getting dirty, as I spend my free time building things with friends, welding, fabricating etc.

I am looking for guidance as to some key articles I should read, books etc, as well as some avenues to explore regarding the ideas listed above. I am currently listening to and taking notes on the BP podcast, Cardone Zone, and Flipping Junkie.

My situation is that I have the convenience of receiving $1700 a month for living expenses when school is in session thanks to the GI Bill, so paying a $600 mortgage is very achievable. I will also be finishing up this year, with atleast $25k in my pocket from a long internship. I have already spoken with my father about assisting me in getting a loan, since I will not have a "steady source of income" in the banks eyes, and per advice from others, using the VA home loan would be difficult (He would essentially be my investor?).

I do like the idea of a live-in-flip as I could have weekly projects to accomplish (which I enjoy), and I would be needing a place to stay regardless, as well as the fact that I have had a string of difficult roommates, and would not mind having my space be my own.

I have read some threads with mixed reviews on live-in-flips regarding money lost, dust etc, and of course this is a numbers game, but being a tinkerer, I am intrigued by the process. Additionally, being able to experience the repairs hands on, I feel it would allow me to be a true judge of the cost and length of different activities if I do contract them out in the future. 

Thank you in advance for any and all advice/guidance.

-Nico

haha good one @Dan C. I am actually a Californian at birth, but Texas will be my new home in a month.

Honestly though, Hardwood is awesome, and even through all the terror I caused in my parents home growing up, even through all the chair scratches, I personally think it looks a lot better than carpet.

Good luck with your decision.

Oh, but then again, if you have before and after images, if the tenant scrapes the floors, that could come out of their security deposit I am assuming.

Welcome @Eddie Martinez, California prices are nuts! I grew up there and now that I have moved allover the country, it amazes me when people pay for back home!

but then again, the few of those sweet santa cruz mountains, make it understandable, I guess you can have your cake and eat it too, you just better have $3.5 Million +.

great that you are giving yourself a deadline to make your goals happen.

"follow your dreams, but dont let your life become one"

I have zero properties @Dan C. but I can tell you this, Nice wood floors, beat a nice carpet any time I have ever seen it. You never hear someone say, "hey man, sweet carpet!!"

plus, I would think that If you did have a messy tenant, hardwood would be a lot easier to clean up, compared to a stained carpet. Also, you have lessened dust allergies by removing carpet, possible marketing strategy?

also you can throw some contrast with a nice rug, but I assume that would be up to the tenant.