All Forum Posts by: Paul De Luca

Sorry to hear that'd Stessa is giving you trouble, I had not heard of the software before. I've used Mint for personal finance and only recently started using QuickBooks Self-Employed as an agent for $12/mo. It sounds like the QuickBooks Simple Start package ($12.50/mo) is probably the best fit for you. I'm just a fan of the Intuit softwares like Mint, TurboTax, Turbo, QuickBooks, etc.

I'd say the most important qualities of an agent are:

• Be a good communicator 
• Conscientious
• Attentive (active listener)
• Proactive
• Connector of people (contractors, lenders, inspectors, etc).

Different clients demand different skillsets, but I think buyers & sellers will be well-served if their agent has the above qualities.

Exactly what Forrest said. It's smart to build relationships with many banks, particularly local banks because of their flexibility. Even if they don't ask, it may be a good idea to open an account with the bank to show that you're serious about doing business with them.

Since you're a first-time home buyer, I would suggest investing the $25k in something relatively liquid so you can access your money easily if a major expense came up. An index fund, for example. 

 If you want to be more aggressive, find a partner that will house hack a multi-family property and go in 50/50 while your partner lives in & manages the property. That way you'll have some rent money coming in.

What you can do with $25k largely depends on your market and level of risk you are willing to accept.

Check out the Tenant Screening Ultimate Guide under the Education tab > Guides. That will help you avoid placing a bad tenant in your rental. Also, start planning for the future and setting goals with where you want to go with your real estate investing. Start with the end in mind. A good lender will be able to offer strategies for you to acquire more rental properties with different loan options.

Hey Andrew,

If you haven't already, you should read The Book on Flipping Houses and The Book on Estimating Rehab Costs by J Scott to answer some of your questions. 

It depends on the loan you will be getting. Borrowers that get FHA loans are required to use their home as a primary residence for at least one full year. Be sure to discuss with your lender.

By definition, you should only be able to purchase your first property as a first time home buyer.

Before screening your potential renters, I recommend downloading and reviewing the Tenant Screening: Ultimate Guide here on BiggerPockets under the Education Tab > Guides. As far as software goes I would suggest using Cozy.co which is a free property management software that allows you to do a variety of things such as credit and background checks.

Good luck!

Hi Fedor,

Just sent you a PM.

I would keep the duplex you have, buy another one and move into it, rent out the unit you would be vacating. It sounds like you don't have that much equity in your current duplex, right? Unless you'd be getting a windfall of cash by selling and you're seeing many cheaper properties that cashflow better, I'd stick with the latter option.