All Forum Posts by: Vincent Herrera

@Jairo Ortega

I love this idea. Can I do a 1031 exchange and use an FHA loan for my next purchase?

Hi guys, I am a bit torn as to what to do here. Your opinions would be great! I have a sfr I am currently renting month to month. I do have a realtor and the property is for sale, and I was planning on using the profits to use an FHA loan to put money down on a multifamily and house hack it, but now I am thinking, "should I just try and refinance and invest that for a down payment on a multi family"? It's not really cash flowing very well right now, less than $100, but I was thinking refinancing would possibly lower my payment and it would be cash flowing more. I owe $111,000 and it is worth around $160,000. What would you guys do?

@Basit Siddiqi Ok so would my profit look like: Sell price, less re taxes, less realtor fees, less closing costs?

Hi there, I'm fixing to sell my single family rental soon. I bought it with an FHA loan, lived in it one year and rented it there next year. I know if you own the house at least 2 years and sell it you don't have to pay taxes but what if I had a tenant in it one year? Does that matter? Any help is appreciated. Thanks!

Hey guys im selling my rental to purchase my first multifamily. I will be living in one of the units for a year as i will be using an FHA loan and i have a couple questions. Any help is greatly appreciated.!

1. My SFR was bought with an FHA loan. If i lived in it 1 year and rented it out the 2nd year do i still have to pay taxes on it when i sell it?

2. I would like to buy a 4 plex but since this is my first multi family should i purchase something smaller like a duplex?

3. What numbers should i factor in when coming up with my offer? (ie. % for potential repairs, % for property management, 1 % of purchase price for rents, desired cashflow?)

I'm really green to this whole house hack process but i dont want to let fear keep me from diving in. Whatever you think i need to know before making the move is what i want to hear. Thank you!

Nice! Thanks for the reply. i normally put aside 30% of my paycheck once i get paid and once i pay off a bill ill also deposit that amount into my savings every month after the debt is paid off. what percentage do you put aside? @samuelvogt

Dang, it seems no one has read it lol. Its a new bigger pockets book from Scott Trench.

Hey guys, so im currently reading Set For Life and am wanting to implement phase 1 where you save 50% of your income or $25k over the year. How is that going for anyone working on this as well? what are the struggles you are facing and do you have any tips? Did you really save $25k before you bought your multifamily house hack? Thanks!

thank you guys for the great information

awesome stuff guys.thanks for the responses!