All Forum Posts by: Quinton Slay

@Donald S. where is it? I didn’t know we had one!

@PJ Kolnik sounds like exciting times !

@Victoria C. congrats on your marriage. I hope you two have many years of success. I’m glad her and her mom acted out against now rather than later on. I have no time for games. If I wanted to play something, I’d  play my Xbox lol. 

St. Louis is interesting. You definitely have to pick the right location here. That's something I learned at a young age from my parents who tend to just buy without looking. I know of a few SFR in the area that I'd be glad to share with you. I'd get them, but they don't really fit my personal criteria.

Rich dad poor dad is a great book. I’m glad you were able to find this thread helpful. 

That is great to read, @PJ Kolnik ! Congrats! I am really happy for you guys.

I wish I had a similar ending but her and her mom ganged up on me, refused to help in any way, and if you ask me or anyone on here, you need a solid team to get an out of state property especially your first one.

Are you house hacking, or strictly renting it out? This is exciting!

OMG @PJ Kolnik Are you serious???

I had no idea it was this big of an issue for some people. I am really glad I posted the original question. It seems like its more than just myself who is/ has struggled with this. 

Mind if I ask what the two sides are? I might be able to give you a little help if you'd like! 

It is all good. I wish you the best!

Thanks, @Kay Mays

This has been eye-opening. I thought most people would want and appreciate financial freedom not a life of debt and constantly working to pay loans... Sounds like slavery to me but you're right. You can not change people.

Do you have any pointers on Condos?

Hey everyone. I know this thread is just about dead but, if anyone cares, I have a quick update.

1. I can not believe I am saying this but @Jason Chen was right. I have to give him his props. He was right. My relationship ended and since then, I have been more productive and the journey of buying my first investment property has been enjoyable again. Everything Jason said was accurate and I apologize for not accepting your warning/advice/words of wisdom.  

2.I even started ACTUALLY touring houses! I put in an offer on a beautiful 2 family and sadly the seller picked another offer but, I am not too discouraged. The numbers I went in with, worked for me and I hope the buyer has success with that property. I am currently looking at a condo in a great area. I never considered buying a condo but, it's in such a great area, I believe I can list it on Airbnb and get a great return on it and still live there part-time.

3. I will invest in my hometown of St. Louis instead of Rhode Island.

I sincerely appreciate everyone's advice and encouragement but it just could not come together. I will not let that stop me from pursuing financial freedom and investment properties.

Thank you.

Hi @Jack Barkow

This is similar to my situation. I plan to move to Rhode Island in a few months and I plan to be there long term so I am trying to figure out if it is smarter to buy a multi-family house or if I am better off just renting.

This is why I believe buying the house is the smarter plan: The Owner Occupied rates a great and you only have to put down 3.5%! That's amazing compared to the 20% you need to put down to buy a non-owner occupied property.  If you do not have a ton of Capital (like me) this is your best bet. If you happen to have the 20%, I'd just do some math like you seem to have done and see if the property will cash flow to help assist your rent payment. 

If you break even with you living in a unit, you're golden and you can live for free! This is exactly what I am working towards. So I totally agree with @Llewelyn A.

It all comes down to YOUR goal though. While I am looking to cut my living expenses and possibly live in something for free, your goal might be totally different. So please keep your goal in mind as you receive more responses, study more, and analyze deals. Keeping the goal in mind will save you from a lot of headaches!

Thanks @Account Closed This has been very insightful. 

We have made strides and appear to be on the same page at the moment. I drew up a to-do list for her and a list of task that needs to be completed before the end of each week.

I think it helped her see I am not asking for much. We met with an agent a few weeks ago and I think he also opened her eyes and made her see that I am on track with everything I have been talking about. 

Thanks for the advice and I will keep you updated as well! 

Thanks @Brandon Ingegneri

This is possibly the most helpful comment so far. 

I've been told by my agent that I need to be a current resident of Rhode Island to receive their assistance. Would you still suggest I reach out and see what they can do or even open the door to a job so that I can qualify for a loan? Also, am I starting too early? I don't plan to move until July 2018 and when I spoke with a lender yesterday, he was questioning me as to why I'm doing this now and wasn't very nice about the situation at all so I kind of stepped back today and just practiced analyzing deals. 

Thanks for your time!