All Forum Posts by: Ty Monroe

Hey! I quit reading about REI a while ago, but now I'm back and wanting to learn even more! I decided that multi family house hacking was my cup of tea, I would just like to know, what costs are involved in buying FHA loans? And how are those fees/costs handled? Are they built in the loan, or out of pocket? Let's say I get a loan at 100k (just throwing an easy number) will I pay 3.5k out of pocket and that's it, or is there more to it?

Brandt Smith I work in Lafayette, but I would love to house hack in west Lafayette, so I could enjoy the campus!

You guys are all making very valid points! I currently live with them now, and it works out well (even though we all live in a single family home) but I have considered, what happens when the tables are turned and it's my parents living under me (even In a multifamily), and that is probably a whole different situation, especially when there is paperwork involved, thanks for the quick feedback everyone!

I am wanting to get a multiplex and be a landlord and OO. My parents want to get a house closer to town. so my thought was, could I potentially just purchase a multifamily house in Lafayette Indiana using a low down payment financing, since I would plan on being there for a while myself, then rent the other side to them (under market value and less than the crazy high mortgage they pay now, but still high enough to fill an emergency fund into the house) I would be using my own low living expenses to build up capital for my next investment property. I would like to know if anyone thinks this is a bad idea. it will be my first investment, but I figure renting to my parents (and making all the necessary lease agreements, I know very well that their rent will always be there at the end of the month.

How do you go about your market research? Do you have a system you use to find out how well or how bad your market is doing? And how far back do you do your research? I want to know how to know when a marking is peaking or depressing.

Nathan Emmert thank you for the clarification!

Nathan Emmert thanks for the quick response! I'm still new to a lot of stuff, what does 00 mean in credit score?

What should I have in order (financially) before starting REI? I have just hit my 10k in savings milestone. (I am 20 years old). I believe I want to get into FHA house hacking, to build income instead of renting out an apartment wasting my money. I also want to be semi-passively invested, probably a little further down the road, so PM are something I'll go for eventually. I am really excited about money and I would like to live out my dreams, and maybe help other people achieve theirs while I am at it!

So I had a thought, my first investment I have wanted to do to get into REI is house hacking. I am only 20 so it kinda fits into my life right now. But is it possible to purchase a multiplex, maybe 4 units, maybe less, live in it, but also hire a property manager to take care of renting and tenant care. I feel like it could even promote me to never have to tell the tenants that I own the "plex" which I also like that idea.

I want to get into house hacking but I am concerned about one small thing I guess... what if I do something that upsets one of my tenants (like raise rent) and find a brick in my windshield the next morning, or something worse then than...