All Forum Posts by: Sage Fradley

@Eric James did you mean 170k? It was a SFH with two laundrys and two kitchens and each with their own front and back entrance. I lived in half and rented the other but now rent both sides out with new leases just started the new year.

@Ernesto Hernandez Do you have any suggestions on what lenders to go with? I did look into a home equity loan at a local credit union but was only told told I could get 50k. I need to try others. One reason I want to pay off my aunt is so I can borrow again in the future.

Hey guys, Im still at the beginning stages of establishing a path to financial freedom but I have started. I need advice about the best way to get the money out of my house to purchase my next one. Here are the numbers... I purchased a house for 169k. I put 49k of my own money and the other 120k was loaned to me by my aunt at 6% interest only. My loan with her is currently at 110k and I make a 550 payment each month. Additionally I put about 30k into it... new roof, new bath, and permitting issues ect. I currently have the house rented and take home around 340 after everything including capital exspensures. I was house hacking and just recently moved out. I am living with family now but I want to move out and do it all over again. But I have no capital. I want to get enough money to pay off my aunt and have enough left over for another house hack. Any advice is appreciated. house appraised at 205k when I 1st bought it two years ago. Im sure it's around 230 now. Sage

I never considered the risk for my lender. Now I feel like Im taking advantage... Of my own blood. Okay insurance is 1st priority. Yes both sides are rent ready. I paid 169k and put 49k down. The appraisal came in at 205k when purchased back in Aug 15'. I like the idea of charging myself rent. I will make a plan to implement this. Selling the house in Aug could bring me a decent profit. It took me 8 months to find this house. Then it took me a year to get one side rent ready. I work on road and have a very inconsistent schedule. I could work 3 days a week or 3 weeks straight. So I guess I am fearful about the time it will take me to get to the point of having passive income again. It is so nice and lifts a lot of stress. But maybe I thinking to emotionally and not practical enough. I did learn a lot and I could do it all again. But regardless I need to buckle down financially. Thank you for your feedback.

Correct, no home owners or flood. I guess what I meant to say was personal loan (via family). 

Hey guys,

I currently own my home on paper but I owe 110000 to a private lender. I am paying a 6% interest only loan. My current payback method is saving and throwing chunks at the principle. Which leaves me with little savings. I bought this house in Aug 2015 and I am currently house hacking. I am getting $1000 a month for the rented side and I could potentially get $1300-1500 for the side I live in. So I am trying to figure what are my best options to make my next move/Deal. Regardless I have minimal savings because I have been putting it back to into the house and loan. I do not carry insurance on my house. I was quoted 2200 for home and 1800 for flood. So is it worth it to take out a HELOC and have to pay $4000k annually? Just so I can have the funds to move on a good deal. I could probably get $200k-$250k. Or should I be saving everything to build up my nest egg to drop on a deal? which will take time. Any suggestions would be appreciated, Thank you.

Side note: Wild Idea, convert detached garage into a living space and move in there. 5k-15k for renovations.... I like this idea but it could make more difficult to sell down the road.

Hey I am Sage, brand new to site I apologise if this is in wrong location. I purchased my 1st home for 169000 in Aug 2015 with 49k down from inheritance and 120k though private financing. I am currently paying an interest only 6% loan. I paid 10k on principle so now my monthly house payment is 550. My home is a 5 bed 3 bath home. It is considered a single family but I currently have it functioning as a duplex. It has two front doors and two back doors and has a door connecting via laundry rooms back to back( which is always locked ). I (house hacking)currently rent out the 2 bd 1 bath side for 1000 flat no utilities, since there is only one meter I figured it would be simpler just to charge a little extra then to split it 60/40. So myself and girlfriend live in the 3 bd 2 bath side..... So I am confident I could move out, down and rent the 3bd 2 bath for 1500 and myself still paying the utilities​. I have minimal savings 3k. I have been improving since I moved in and saving to pay off principle. I pretty much break even monthly So here are my precieved options 1- move out and live with family not free but cheap. 2-convert my garage to a studio apartment and move in there. will take time to accumulate money 6 months give or take. 3- don't renew lease on smaller side and move in there so I could rent out bigger side. lease is up next month. I have no debt other than the 110k at 6% 4-I live in a good area where short term rental is possible lots of seasonal events and weddings. so having a large house which is kinda unique to the area seems like it would do very well. There are a few Airbnb's in my neighborhood but none larger than 3bd 2 bath. So move in garage or with family. Any advice or suggestions would be appreciated. I like my house, but I did buy it with an investment mindset. so I am not to emotionally attached. I want to become financially free. So what would bring me closest to that goal? My job blows but it pays decent. I work on the road but in state. summer is our slow time. Now is the time to hustle and build momentum in a direction. Thank you for your time.