All Forum Posts by: Patrick Crehan

@Account Closed

I do not want to throw anymore than 5k on the down deposit, but it's very important for me to try to have the seller pay my closing costs.. I want to have some cash reserve  

@Andrew Cornstubble

This is a great reply. Great confidence booster and I will take that into consideration. Thanks Andrew 

@Keith Nelson

How do I know what a good deal is (in terms of work that needs to be done to prop, market rate, etc) as this would be my first prop? I did my homework, read plenty of books and listened to many bp podcasts.. but when time comes.. should I trust my realtor? Scan the prop myself and run the numbers? Trust the seller? All the things that run through my head as a first time buyer

@Tanner Marsey

I am confident I will now.. And yes my plan was to stay in there for a couple years.. renovate the place overtime, leave and refinance . Should give me a little better cash flow when I move out. 

@Keith N.@Account Closed

I am 24 years old and I am in my second year of college... I have scrounged every penny I could to eventually buy a property... I live with my girlfriend, and she is with me every step of the way with this, even though I am putting myself in a "Great savings, but broke living" situation ... And I do believe 11k is enough..  Thanks to you both for your posts! I knew there were other people out there in my situation. Really good confidence booster replies  

@Henry Kaldenbaugh

I am in Cincinnati. 11k can be a down deposit for a B property here I believe

@Michael Weaver

My friend was in a similar situation. He just closed on a 300k duplex that the lender initially stated that he needed 2 year landlord experience to implement rental income for his finance.. but somehow he got by that.. I should ask him how he did it. Could just be the lender?

@Aziz Wali

I believe in Ohio, FHA allows you to move out after a year to be able to get another FHA loan if you want to house hack another prop.. but I'm sure there is a limit on FHA loans you can have. Might only cut out at 2 loans until you have to throw the 20% investment on your third prop

@Brit Hale

I am in Cincinnati.. the market here is fairly forgiving. An average property (let’s a duplex -triplex where I live) will run between 110,000–150,000.. that’s not hard to afford... I have also heard of people buying single families and turning them into duplexes?

I have 11k saved for my first investment property. I am going to house hack this prop for a couple years (with an FHA loan). I can save up a little more while on my journey of searching but I need a little confidence boost. Has anyone started out in this situation before? Was it worth it? Does anyone have stories, suggestions or ideas that can give me the boost I need before I pull the trigger on a prop? If you do.. PLEASE SHARE. It would be much appreciated.

(Don't try to scare me out of buying a property.. this is a confidence booster post!)