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All Forum Posts by: Paul Luna

Paul Luna has started 5 posts and replied 15 times.

@Tim Bee thanks I'll have to remember that going forward on deals. I just wasn't sure if this was even a base hit. If I'm on the right track , you know.

Just want to see if I am calculating correctly. Trying to practice for when time comes. Any advice would be helpful thanks!

View report

*This link comes directly from our calculators, based on information input by the member who posted.

@Will Fraser I'm a hard worker quick learner and people person, I don't have much skills when it comes to knowing a trade but will learn if need be.

If there is anyone who is in the Grand Haven Ottawa County area, or anywhere else close by, that is looking for some free labor I would be happy to help to just get some experience and knowledge from it. I work weekdays till about 3:30-4:00pm and can usually get Saturdays off with a little notice. Just putting myself out there to get in the game, thanks!

@Andrew Syrios Thank you I never thought about getting pre approved because I always thought I had to do something right afterwards.  I will look into this for sure!

@Mason Hickman Thank you so much, I think the stressful part about renting right now is rents going up. So I ithink if I can manage that I should be good. I appreciate you for your answer!

Quote from @Ben Rhodin:

Welcome, @Paul Luna! I think you are making the right choice starting to think about buying vs renting. Buying will almost always put you ahead in the long term over renting, even if it's more expensive in the short term. As you just mentioned, rent rates increase, and your mortgage never changes. Also, glad you are coming into our neck of the woods. I have a few clients that have come here from Michigan.

As for your question, the best way to get your answers is not to seek them out by yourself. I would speak to a lender ASAP and see what is possible. I would first find yourself a great agent (one that is an investor themselves if you want to house hack or otherwise) and they will be able to walk you through the whole process and get you connected to a lender that will help you learn about your situation and what you may be able to afford.

As for the timeline, it depends on your situation and what you want to do. I'm going to disagree with some of the others in here, and say purchasing in the short time frame even if you plan on moving can be a good thing.  If you are planning on moving at the end of the year, you could pick up a property in the Grand Rapids Area that would become a great rental, and once you move keep it instead of selling it and have it cash flow for you each month. The only reason I would stay away from purchasing in the short term is if you didn't have the capital reserves for purchasing now, and again when you move. If that's the case then I would stick to renting for the short term, save as much as you can and make sure you are in as good of a spot as you can be when you move out here. Get the process started early on out here and get connected to an agent (I am happy to jump on a call if you want), get introduced to a lender, and understand what it will take.

As for the BRRR strategy, that is a whole other item, but in short, you use short-term financing to purchase and repair the home to increase its value enough that you can refinance into long-term financing and pull out your invested capital. If you were selling in a short period you would more be in line with a live-in flip. But for your first properties, I would usually stick to something more straight forward.


 Thank you so much @Ben Rhodin for your input i really appreciate it. We had planned on going to some banks to see if we can get pre approved and start there as well as just looking on the mls. Its just a situation of i should have started thinking about this a while ago and now it seems like every year is passing by without me having even started anything. At the same time i dont want a homerun but i definitely don't want to mess anything up.

Our rental rates are going up significantly by the beginning of April so we have decided to move and find cheaper rentals. We are moving to Colorado at the end of the year. I brought up, to my girlfriend, the thought of buying instead of renting. Is this possible with the time frame I have? If so I'm completely confused on financing a property. How do you do it? Do people finance more than it's worth if they want to brrrr the property? Is what i am thinking even possible? If so how can i make it happen, or is it better to wait till we move. I'm worried though when we move we wont have 2 years of income. It is putting me in a state of analysis paralysis. Any thoughts and suggestions would be greatly appreciated! Thanks BP fam!

Thank you so much everyone for the helpful advice and for those of you who were generous in wanting to contact me I will definitely keep in contact with you!