All Forum Posts by: Patrick Dean

I’m in the process of selling my first home(under contract) and should clear around 20K after the sale and I pay off some old medical expenses.

I’m a police officer and have recently moved to an apartment that’s free to live in so I’ve cut my living expense out completely.

My plan is to put the money I used to pay on a mortgage to myself into a savings account each month while I scout out a future deal.

Of course I’d like to get the most money I can while it sits there. I’ve looked into doing a high interest savings account with Wealthfront at a 2.57% interest rate or should I do a Vangaurd Index Fund account?

Hello everyone, soon I’ll be planning to sell my primary residence and move into a “courtesy apartment”(free apartment for Police Officers). I’ll be able to live for free and hopefully have a nice profit from the house sale. I’ll be 20 minutes closer to work and I’ll also be closer to a better downtown area. The goal is to get to that $25,000 financial runway( from the book Set For Life). I know not having to pay that mortgage will accelerate my ability to save for future down payments on properties. I was encouraged to try to do a for sale by owner instead of contacting an agent. I live in the center of the city and have plenty of traffic passing my house daily. Homes and businesses around me have upgraded recently and a home up the street sold for a little over $140,000 in August of 2018. My house is a 4 bed 2.5 bath with new wood laminate and fresh paint throughout.(2400 sq ft total built in 1993). I owe $102,000 on my loan and it also apprised for $120,000 back in 2017. Any tips for selling the home faster or ways to present it better ? I know this time of year isn’t the best for selling a home but then again you never know who is looking ! Any advice is much appreciated

@Bradley LaBrie sadly the more I read and learn the more I realize this is no quick path lol, but 10 years from now these moves will have been well worth it, Louisiana definitely has its beautiful places, it’s not all alligators and swamps like we’re made out to be haha

@Bradley LaBrie something I haven’t thought of til just now, being a police officer in my city a lot of the places offer “courtesy apartments” in which we get to stay for free If I could see my house for a nice profit and move into a free apartment, I could save money for future down payments much faster , guess I’d be apartment Hacking lol

@Bradley LaBrie that’s awesome! Did you outright sell the first two homes you rehabbed or did you keep them? My challenge will be the down payment, but I figured if I keep my home I can use a HELOC possibly or just refinance it ? Thank you for the advice !

@Chris Szepessy probably could rent it for $900 a month, maybe I worded it wrong but I was thinking should I sell my home then buy a duplex and rent the other half out ?

@Bleu Turrell thank you so much! I’ve also thought about utilizing the equity to some extent , but not sure how much I’d be able to get at the current time, my credit score is about 740 right now

Has anyone had experience going from owning a single family home to doing a house hack? I bought my house back in February of 2017 for $105,000. At the time it appraised for $120,000 but the walls were bare white. Since then it’s been painted and a few upgrades(nothing major). I pay $725 a month which includes insurance and property tax. Not sure how long it would take to sell but the houses around me have sold for around $150,000 and up. I’d hope that it would appraise for around $130,000 now at the least. It’s a very large house (4 bed, 2.5 bath, 2400 sq ft) . I’m a single dad with one daughter so we obviously don’t need all of this room. I’d like the benefit of my rent or mortgage being paid by someone else with the house hack. Id assume my main option would be to put my house on the market , keep saving, and use the profit as a down payment towards a multi family. Just wanted to see if anyone has done this before and had any advice Thanks!