All Forum Posts by: Ryan Smith

Thanks! Appreciate it. 

Good Afternoon Bigger Pockets Member, 

I am looking to invest in my first rental property when I graduate at the end of December. When looking at possible financing options for the property, every book recommends FHA. However, I just became aware that on November 18th a new 5% down conventional loan will become available. I am having a tough time seeing the pros and cons of either method outside of the basics. I would assume the 5% conventional would be much better because it does not have FHA insurance payments every month hurting the cash flow. I have enough savings to cover either but would love to hear other opinions on what you think is the best plan moving forward. Thanks and have a great one!

Thank You! Huge help! I think this is definitely the way I am going to go. Just felt a little cautious entering the market at record-high prices and rates. 

Good afternoon! 

Hello there, My name's Ryan, and coming up this December I will be graduating from college. During this time I was able to save up a considerable amount of money for a down payment on a multifamily property to house hack. I consider myself by no means an expert and would appreciate any words of advice. I will be moving back to the Minneapolis area after college and have already begun looking at Multifamily properties in the area. While conducting research in the area I can see that many of these properties are not producing enough rent to cover the high housing prices in the area along with the high interest rates. I would have to offer at around 65%-70% asking price on most properties to receive a positive CoC. My question is simple but yet complex. Do I wait to House Hack and just rent for 6-12 months due to high mortgage rates and high property prices? Or should I begin lowballing these asking prices and hope something connects? Seems very hard to find a good deal in Minnesota right now and I will sincerely appreciate any help! Thank you and have a great rest of the week!