All Forum Posts by: Zachary Beland

@John Teachout that is a very very good point and something i worried about a lot. I don’t want to have any emotional connections tied to any investment. If there is emotion then it probably isn’t a good investment.

@Alecia Loveless I believe the current homes value will go up a bit and it’s right by the Mall of New Hampshire so very convenient. I would also rehab the home a bit but only time will tell if it appreciates a lot. 

@Eric Janson I like where your head is at! We would probably live here for another year and then maybe get the duplex down the road if we did that. 

@Theresa Harris great point. I think buying the current home from the current owner could save us at least 50k on the purchase price. However, we would only be building value via appreciation and not monthly income. Which I would prefer monthly income.

@Ryan Thomson I think rent to own is a great idea! That would allow me to use the better first time home buyer loan for a more expensive property! Thank you!

@Eddie Brady I do think that is a great idea! It would probably be double the cost but the banks would look at the other half as income so it might not be too far out of my reach. 

Hey guys!

I have two directions I can take to get my foot in the door of real estate. My first is to buy the house I am renting from family right now. It is a 3 bedroom 1 bath single family house built in the 1940s worth about $260,000. I have done about $5000 in renovations to the home just to make it more comfortable to live in. It has inherently made the home more valuable. I know I could get a really good price to buy it and I already know some people who want to rent it really bad if we decide to move out. I would have immediate equity in the home $20k range but I would never sell it because of sentimental value. Also, I could probably make this transaction happen in the next few months.

Option 2 would be to continue to rent this place and buy a duplex. The issue with that is this crazy high market in NH right now. Also, I just started a new career and my debt to income ratio isn't ideal. So I would have to wait probably 6 months to a year to have healthy savings and lower my DTI.

Should I wait to buy a duplex or should I buy the home I live in currently? Also, my goal is to build a portfolio of multi family long term rental properties.

Thank you for the advice in advance fam!

@Justin Windham good to see a fellow Manch Vegas member! Yeah the idea of buying multi family first has been reinforced a lot in this thread so it sounds like that will be my best option! Thank you for the info! 

@Justin Windham thank you for the information! I will utilize the search feature and notifications heavily. 

@Wale Lawal looks like I got some reading to do! Thank you for the info and I will keep you in mind!