All Forum Posts by: Ash Hegde

10 BRRRR properties in 6 years is an achievable goal! Work on getting your team together and you'll be able to make this happen.

Welcome to the board, this is a great place to ask questions and get help!  

I would wait as well, unless you really find a great deal that you want to move on. The debt will be lower since your card got paid down and your income sounds like it will be much higher. You'll have much better options at that point. 

Welcome and thanks for your service! 

Hi Arin, a couple of providers have responded already, but if you are looking to invest in turn key properties, they will be ones that have the team in place to help you. You'll be buying a property that's ready to go as soon as you buy it.

Agree with getting a CPA for the final calculations, but a couple of comments. If you are living in one of the rooms you will not be able to take the full depreciation deduction as some of it will be considered personal use. Same for taxes and interest, they will be split into personal deductions and rental deductions. The pieces that are considered rental deductions can be taken against rental income. The 12k personal deduction is separate and will be compared to your personal share of taxes and interest and you will get to take the higher of the two. 

It's pretty normal. Many people start out with small multifamily house hacks where they live in one unit for a year so they can get the lower down payment options like FHA in order to avoid this.

If you have the cash for renovations you will probably be better off using that and then doing a refinance with the after-repaired condition. That will give you the best and lowest cost options. It's not too good to be true, adding value to a property and forcing equity works. It's similar to a flip, but you're keeping it instead of selling. 

Agree with Greg that if you are not moving in, the 20% conventional is the best option for overall cost. If you do end up moving to Miami and can be an occupant for the first year you will have more low down payment options. 

Agree with 401k loan being better. Nice to have a HELOC backup though, if you ever separate from your job you can use that to pay the loan back so you don't get stuck with tax penalties.