All Forum Posts by: Jonathan Perez

Hey everyone. I have a quick question. In November I plan on house hacking my first property, which will be a duplex. I'm currently living with mom and I plan on hacking it with her. I'll live in one unit and she'll stay in the other (because I desperately need my own space) We'll both go half on the mortgage. I'll save up another downpayment for my 2nd property, which will be another 2-4 unit, and when I buy that 2nd property, I plan on renting out the one I was living and moving into the new one. What are your guy's thoughts on this? Any tips would be appreciated.

Thank you both for helping me out here. I think I'll go ahead and get into a home this November. One that cash flows positively. 

And so since I will be using a 203k loan, I will be fixing it up prior to moving in and that should mean that any fixtures after would be minimal because everything will be sort of new, right? Then that would lead to me saving money for a downpayment on another home?

Am I missing something? 

Ok so I've finally picked a strategy that I'm 110% sure about. That strategy is in the buy and hold field and it's particularly in multi family homes. I have a question on starting this off though. 

I'm currently working a full time job at the post office putting away $500 a month. At this moment I have $3,000 in my savings for my first investment. I currently stay with my mom and we go half on a home that we're renting. Our lease is up in November. We are going to split our ways then. I was planning to have about $5,000 by November and was going to use that as a downpayment on a duplex using an FHA 203k loan. My question is:

Would it be wiser to keep renting while I save up a good $20,000? Or go ahead and use it as a downpayment on a home like I said using the FHA 203k loan on a duplex and get started in my investing?

(Or even a single family home, just for the sake of getting started and owning a property.)

I feel like if I keep renting I'm just throwing money away. So I might as well go ahead and use that downpayment in November on a home and then start up another savings then. I would appreciate some feedback on thoughts on this. Thanks in advance.

Thank you for the responses.

Hello everyone. So, I've been looking into giving wholesaling a try, I've been watching videos, reading and listening to the podcasts on wholesaling and I don't think it would hurt to just give it a try. I'm going to start by generating some leads through direct mail. But I have a quick question.

What routes should I have my letters sent to? How do you choose your market? Like, should I look on zillow for the area with the most homes for sale or recently sold or should I aim for the neighborhoods that have no activity? Please help.

Thanks in advance. 

@Rich Cee I was hoping to go through a program that covered closing costs and all that. But if not, that'd probably be another what, 2-3 thousand? 

Thank you, James.

Ok, so this is my situation:

I've got $2,000 in my savings account. I plan on saving $200 a month until November, which is 8 months from now. By then I will have another $1,600 and total I'll have $3,600 for my downpayment on an $80,000-$100,000 home. (Considering it would be 3-3.5% down) 

I plan on going through a first time home buyers program.

( also, note that in November, my lease will be up on my current residence in which I am renting. I want to move into my first property directly from the one I stay in now.)

My question is, when should I start searching for a home? And getting preapproved and all that?  I don't want to waste nobody's time by starting the process and have it be too early for whatever reason, but I know that I'll have my 3.5% by November. 

I have an agent I spoke to not that long ago, but I didn't want to start the process with her or any lenders until I had my downpayment together. What do you guys think? Should I start talking to my agent now? Should I get pre approved first? Should I save more? Or should I wait until 2-3 months before November, or what? Any advice would help. Thanks in advance.

Welcome to the site Byron. There's definitley a wealth of knowledge to be obtained from this site that'll help reduce some of the nervousness. Just explore it as much as you can. Good luck to you.

I agree with @jojoDiego. I'm working with Lexington Law and they've been a great help to me and my credit score in such short amount of time.