All Forum Posts by: Travis Provin

 Hey @Andrew Myers how exactly did you section off the upper and lower split? I am thinking of doing this exact thing with a split level that has a walk out basement. I'd like to live in the upper half and Airbnb the lower half but I'm curious on the best way to section off the two levels.

Digging up an old thread here. Is the consensus still "not good" on the Asheville market? What about the surroinding areas like Canton, Fletcher, Arden, and Hendersonville?

Congrats on the deal Will! As a rookie investor moving to the Asheville area in the next few months it's very motivating to hear about deals like yours. Thanks for sharing.

Welcome Chris. I am in the exact same boat as you being a rookie investor in the Asheville area. Glad to see there are other up and comers in the area!

 Thank you for pointing this out. I didn't realize that since my goal is to use my cash to diversify my investment portfolio then taking out a 15 year loan just ties up more of my cash each month, thus slowing the diversification! Makes total sense now that I re-read it.

Thanks Nate and Dan. I have not looked into DTI for the rental loan but I will.

I did have one other option kicking around and that's only putting $20,000 down on the primary residence and taking out a 30 year loan. It would mean paying PMI and paying more interest on a 30 year loan vs a 15 but it would mean I could take my remaining $55,000 that I had intended to use for a 20% down payment and immediatly purchase a rental property with 5% down. I'd also still have $1,000 extra per month to pay off the primary mortgage early.

I’m 31 and will be buying my first house in the next 6 months. Since the interest rate environment has changed dramatically over the last 6 months I’m torn with what to do.

I am hoping to be able to house hack to help with the mortgage. In the long run I’d like to purchase a rental property to diversify my investment portfolio. Right now I'm planning to purchase a $375,000 home with 20% down ($75,000)

The three options I am kicking around are:

1. Take out a 15 year mortgage at 6.2% and pay it off early. This leaves me with net income of $1,000 after maxing all retirement accounts and paying all expenses (maybe more if house hacking is an option). Putting an extra $1,000 towards the mortgage means paying it off in 9 years. Once the primary home is paid off  I would be able to save the mortgage plus the extra $1,000 for a down payment on a rental. This is the option I am leaning towards as it means a paid off primary home and then quickly saving for a rental. The downside is that it means not obtaining a rental for about 10 years but having plenty of cash to purchase and get it up and running once I do purchase it.

2. Take out a 15 year mortgage at 6.2% and do not pay it early. This is the middle ground approach. It means being able to save $1,000 per month for a rental down payment and obtaining a rental in 5 years. I would then put the $1,000 towards paying off the primary mortgage.

3. Take out a 30 year mortgage at 6.8%. The longer loan term leaves me with an extra $500 per month which means saving $1,500 per month for a rental down payment. It would mean obtaining a rental in about three years but it would also mean paying the most in interest and having a mortgage on the primary residence and the rental.

It's great to see some activity on what quite an old post. @Wendy Lavana did you end up finding anything in the Hendersonville area?

Hello everyone,

A few weeks ago I stumbled upon the Bigger Pockets Money podcast and since then I have been doing tons of research into personal finance, investing, house hacking, and real estate. I currently live in Denver Colorado but my fiance and I are moving to Hendersonville North Carolina, near Asheville, in a few months to buy our first home. The original plan was to move and purchase our own single family home to live in like good ol' working class Americans lapping up that W2 money. But now that I have been introduced to personal finance, investing, and real estate all of a sudden I am approaching this chapter of our life with a very different perspective!

I'm still not 100% sure what we are going to do when we move. Maybe house hacking a single family home with an Airbnb to get introduced to land lording or maybe something else. All I know is I want to eventually create more cash flow in my life!

Anyways, hello and thanks for hosting me here! I am blown away by the amount of information I have already learned but I have so, so much more to learn. If there are any investors or home hackers in the Asheville and Hendersonville area please reach out. I'd love to buy you drinks or dinner to pick your brain!