All Forum Posts by: Quinton Slay

Oh WOW! Thanks, @Patrick Kelly ! That is a nice tax rate. We will see what I ultimately do. Right now, I am narrowing down to a few properties I want to look at in STL and make a final decision on. I am going to send you a direct message to get your take on the same situation but with a few extra details.

Thanks!

Hey @Ben Leybovich Thanks for the advice. That is actually really helpful! I will have to rethink my strategy from now on. I'll be sure to check out the podcast you were featured on! -I'm sure it will be very informational. 

Nathaniel,  Thank you for the insight. I will keep that in mind. I think I have determined Its time for me to just focus on buying in STL and using that money for a single family home in RI when I move up there. I'm not sure what area I'll be in. I'm a city guy and enjoy having things around me so Providence might be a place I look at!

@Steve K.

Thanks for the information! It has been really helpful and I think I can use this information to make a sound decision in the coming weeks as I close in on a property I would like to make an offer on.

@Ben Dao I see you're in St. Louis, Let's grab lunch soon! 

@Billie Miller I am going to send you a personal message in a minute. Apparently, my situation is a little bit different ( Like I said, this is unique) and if it actually is, I would appreciate your take on it!

Thanks for all the tips everybody! I'm all ears for any more info!

Excellent point @Ed Emmons

So you agree with my parent's suggestion of buying property here first then buying something up there for my personal living space? 

It does appear that investing in St. Louis makes more sense than trying to invest in Rhode Island- especially on the first deal.  

Just needed some outside opinions.

Thanks, Ed!

Hey @Billie Miller, Thanks for the response and very helpful comments!

It looks like my parents and a close friend would be a part of my team. This will only be my first deal but they'd still be my top picks.

Additional question: Would you still house hack if you were living with your parents for one more year or just capitalize off the tenant paying for that unit so the total is down faster?

Also, when you say finding the good deals should come before finding the money, how would a newbie go about that? Especially if they buy 1 or 2 investment properties in St Louis and then go up to Rhode Island and look for a single family to live in for personal use? At some point won't, the credit limit be stretched out pretty far or do banks take into account that the properties generate an income? - I ask because I am hungry and ready to jump on a deal very soon. like within a few weeks.

Thanks again!

Hi!

My situation is somewhat unique. I plan to Move to Rhode Island in about 10-12 months. My girlfriend and I plan to get married and live in her home state of Rhode Island. I want to start investing but I'm not sure how to start. 

My original plan was to house hack. Buy a 2-4 unit property in Rhode Island, keep a unit open and use that as my living space until my girlfriend and I can afford a single family house. I would also invest in St. Louis properties afterward because the property value is good- I can buy low and rent high.

My parents are suggesting I buy a property here in St. Louis and use that cash flow to buy a single-family home in Rhode Island. They would manage it once I move and I would still have an income from it so then the question becomes does it even make sense to think about investing in Rhode Island? Should I just focus on investing in St. Louis while I live in Rhode Island? Is it harder to buy property while you don't live in the location or is it better when you have a good team around you (my parents)?

My Parents know some people who can finance me for a St. Louis property (my current location) but the people might not finance for an out of state property. So that is another hangup that I would have to figure out soon. Thank you for your time!  

Hey Ryan, great show. It was very inspirational. I'm hoping you can give me a little advice on a situation I'm in. I want to start investing soon, I have about $3,000-4,000 in my back pocket and I am currently saving like crazy so I can move to to New England in about 10 months (I'll drive up to Maine and take you to lunch ). The tricky part is property cost so much more up there than it does in St. Louis (where I currently live). After talking to my parents, they're confident people they know will finance my purchase in St. Louis. They also agreed they would manage the property once I leave for New England. I was planning to buy something in NE and have my girlfriend manage it until I move up there a few months later and living in one of the units. The problem is, finding financing might be harder up there. My parents say if I buy in St. Louis first, I can use the income to go towards a single family home in NE after I refinance and get some cash. I will also have my W-2 income job to help go towards properties. I'm not sure if this is making sense or not- if not, I apologize. I'm just looking for some advice/ tips. Like what would you do in my situation? I'm 23 with a 739 credit score. Moving to New England to eventually marry my girlfriend. Thank you for your time and thank you for sharing your story on the BiggerPockets Podcast!

Hey Sam, 

I am looking to get into house hacking in Rhode Island. I want to buy a multi-unit building (3-4 units) and live in one of them. 

I see that mention "RI Housing" has a program where they are giving up to $7500 for down payment assistance. That would help a lot. I have pretty good credit (723) it's just with me trying to move Rhode Island and House hack,   and marry someone with a large sum of debt, I need assistance if it's there. Could you possibly go into further detail with me about this RI Housing program? 

What is RI House? What do they do? Etc.

Thank you for your time and consideration!