All Forum Posts by: Shemroy Mccarthy

@Derek Harris cash flow is my main goal. I love income.

As a newbie I've saved up 40 to 50 grand and now I have a choice to make. Do I start with a single family house or be patient, save more and go for the ultimate goal which is multifamily? With the market this hot I can afford to wait for a better/bigger entry point but I also see the merit of starting my practical learning now. What do you guys think?

@Mike Sullivan I'm from New York too. Hempstead. There is 0 deals out here for a newbie like me. I saved 40 grand myself but still researching and reading to figure out how to deploy. It's a bit scary since all the great markets are burning hot. Currently reading David Greens book to build up some confidence

@Craig Curelop thank you. I will not wait. I will just tread a little bit carefully

@Lawrence Gentry Thompson I'm in a similar situation. Just starting out. I got preapproved and found out how much I had to work with. I'm searching for a deal now. Doubt I can get a duplex with my puny preapproval but I'll try and if not then I'll take a sfr deal. Whichever comes my way first

@Aaron Amarant you have a similar plan to me! Why throw away money on rent? That's what I'm thinking

@Michael Carbonare thanks for replying to my newbie questions!

@Michael Carbonare I put in the offer in and around Davie near the university. Do you think house hacking can work? I dont need to profit much. Just not wasting the 36000 in rent is great for me. I was thinking buy a 150 000 or less condo. That's around 1200 in monthly expenses. Then After the 3 years I could leave it to my mom who has no place of her own and could take over that mortgage with some help.

@Aaron Amarant. Seems like a great place to live. Prices are up though. Do you invest down there?

@Michael Carbonare. That is so awesome that you invest out of state! I did the free steps, got prequalified and enlisted a real estate agent I hope I can trust. I found some houses that weren't great deals but were at least not bad. I put in 2 bids so far and no dice. The deals get snapped up fast. So I'm no longer hoping for a deal. My wife starts nova southeastern university in september. I will have to pay rent for 3 years. That's around 36 to 40 grand in just rent. I was thinking to use that as a downpayment and just pay a similar amount in mortgage as the rent would have been. She could also house hack. Think that's a good idea?