All Forum Posts by: Ryan Ness

 Thanks for your reply Dominick. By this are you meaning $300/mo per unit?

Thank you very much for reaching out Gloria. I have already sent an email to Matt and am eager to hear back. Thank you also for recommending that I connect with Damon. That home possible loan opportunity does sound like a good alternative to FHA.

@Mohammed Rahman Thanks for the tip on the local meetups. Right now most REI meetups near me don't work with my work schedule as I work 4 PM-3 AM while all of them are on weekdays around or after 5 PM. This is definitely a goal for me in the future though and it may be that I just need to be the one to start some on the weekends so that they are even more accessible. My next property will also very likely be less than 5 units, so that shouldn't be an issue when it comes to lenders and their requirements.

@Dave Skow thanks for the tip on comparing mortgages. Right now the RE market for me is still tight with little inventory. I am seriously just deciding between 2 triplexes since that's all that's on the MLS near me right now. I would like to go conventional and if it takes long enough to find the next property, I just may end up doing that. I did learn from this 1st househack that it can definitely be good to have extra cash on hand, especially as reserves, which is why I more heavily consider an FHA for this next one. All of these points that you have made are helpful though!

@James Albrecht Thanks for the tip! As the property I have now has only been rented since last September, I wouldn't have 2 years of Schedule E Rental Income history, but at least this gives me something to look forward to! The notes about prospective income are definitely beneficial though!

I have successfully acquired my first househack in Lafayette, Indiana and it's been stabilized and rented since September of 2022. While living in one unit, and with the other unit rented out, this will produce ~$14,000/yr in gross rent. This home was purchased with a conventional loan at 15% down. I also have around $20k in cash that is ready to use in the next investment. I would likely do a low downpayment loan option such as FHA or the Freddie Mac product - Home Possible, as interest rates have doubled since I acquired this first property and I am more focused on having cash reserves on hand right now to ensure solid cashflow than rather than a lower rate. Are there any lenders that take this rental income into consideration in a loan? I also have a W-2 income that helps but from what my local lender has told me so far, the most they can lend based on my W-2 income right now is $155k. This loan amount may be feasible for some opportunities that are currently available. 

Thanks!

Hey Scott, I actually just finished reading your book, "Set For Life"! Your insights were an absolute game-changer for me! Your view on investing in the stock market through individual stocks vs index funds really challenged the view I've had for the past years as well! That long-term mindset of whether it's really worth the potential gain when only working with a few 10s of thousands of dollars vs the long term of those funds held safely in an index and the other portion being working hard through real estate investments has stuck with me and helped to push me even harder! Thank you for the assignment of reading both "Sold" and "Skill" - will do! Your reply was just as good of a roadmap as your book has been...maybe even better, as it was even more focused on a specific goal, like becoming an agent! Thank you so much!

I am 21 years old and have been Realtor for a few years now having successfully completed 2 transactions so far. One of them being the purchase my primary residence (a duplex househack) and the other being a family moving from many states away and assisting them in remotely viewing a home and writing offers. I am currently nearing completion on getting my rental unit ready to advertise as I just have minimal landscaping and carpets left to do (waiting on carpet contractor bids to decide who to go with), but I am having a hard time with focus. I have been working diligently on the rental property since this past December but I am having a hard time when it comes to the agent side of things. I don't have any formal training in sales, but every job i've ever worked has been a service based job which has provided me with great social skills. My goal would be to transition to being a Realtor full time as right now my 4PM-1AM job is somewhat demanding, and makes it extremely difficult to serve clients,  but it does offer 5 weeks PTO and premium-free insurance benefits. The only reason I was able to close the transaction for the family I helped was because I was writing the offer while at my job, which is not often possible! For those who have worked a 2nd shift schedule and have followed a similar track to that which I am on do you have any advice to provide? I do not mind my 2nd shift job, but I know that the growth potential that being an agent offers could put me miles ahead in my investing journey! I am an avid saver so getting 6-12 months expenses is not a problem, but it's making the leap without formal training and knowing I can stick the landing that is giving me a hard time figuring out what to focus on. I am currently an agent on a small team (my mom and an assistant). Also, being that i'm 21, I still have insurance benefits until I turn 26, which is a nice option too. Thanks!

@Elise Marquette I appreciate you reaching out. I just spoke to a lender the other day about the opportunities offered by an FHA vs Conventional when it comes to down payment requirements, PMI, and risk. It was a very eye-opening discussion.

@Dan Weber I appreciate all of the great insight! I have grown up always knowing that more debt is a really bad thing so just the consideration of borrowing money for a house is a difficult subject for me to talk with my parents about as I always have to follow everything with my added consideration that I still am opposed to taking on debt. FHA seems to be one of the best routes for my to take, especially with the added ability to Re-Fi later on to get rid of the added insurance cost.