Question from a Newbie: Would you by your permanent residence 1st or an investment property?
Nia Garrett: Investment property first no question about it
Hayden Leonard: Id buy a duplex using a 203k loan. Rent out other side to cover the mortgage. Use this type of loan because it includes the cost of rehab in the loan. Build up equity, re-fi, and by another property.
Katelyn Rice: This is smart…
Holly Strickland: Ive been traveling for 10 years. Ive built up and manage 43 doors and have yet to buy a personal residence
Karter Alvarado: You own in multiple countries?
Holly Strickland: Karter Alvarado: mostly Colombia and Peru
August Mills: Would you recommend investing there? Has there capital growth increased a lot?
Holly Strickland: August Mills: colombia is going they a presidential election year, the end of the 50yr civil war and a peace agreement with socialist tendencies. If ur not familiar w the area I would advise against it. Also there is zero financing here for foreigners. Cash buys only. If ur here for the long term as I am, then yes. Otherwise approach with caution
Alexia Webster: Buy a duplex. Use FHA. – Covers both situations. You are probably paying a mortgage via rent so might as well let it go towards your own equity. Then buy another duplex. And repeat
Annabella Haynes: Investment, unless you dont plan on reaching your dream and are comfortable with just what you can get now.
Reagan Mcbride: Permanent residence that I later rent out…
King Mann: Investment. Buy a multi family
Allison Davis: Investment property. Buy assets (investment property) and rent liabilities (personal residence).
Maliyah Padilla: Tyler Drewry
Kali Garza: Investment
Amanda Rhodes: I was taught a great lesson once. Your business will buy you a house a house will not buy you a business. Investment property is a business.
James Norton: Im 20 now and bought my â€œpermanentâ€ house first. Have lived here for 7 months and plan on buying a second â€œpermanent homeâ€ and renting out my first home within the next few months. Plan on doing this over a few times
Isaac Dennis: Investment Property
Jax Parker: Great question!
Lane Barnett: Love this question. Im a total small timer over here but my husband and I have goals of a great rental portfolio in the future. When I bought my house at barely 19 I just got it because it was cheaper than renting. Its now a great rental for us. But if I knew my long term plan (10 years down the road) would be rentals I would have bought a duplex and lived in one side and rented the other.
Gael Jordan: I wish I had bought a duplex and let someone else pay my first mortgage.
Cameron Cortez: I buy houses , live in them, fix them, sell or rent, repeat
Zayden Wolfe: Who says you cant do both?
Georgia Morrison: Buy an investment property while living it…thats what I would do having to redo it…
Kamryn Montgomery: Do both by living in a duplex or multi-family unit
Selah Gibson: House hack. Duplex, triplex, quadplex.
Melanie Cruz: So I purchased my Permanent residence 1st because I have 4 kids. I really want to get an investment property. Did I mess up, is there a way I can still purchase an investment property?
Kaiden Baker: It can be done, but it might be more difficult, because of the responsibility of you home purchase investment Property falls under additional income, not expenses as your home and vehicles might be. Most likely it will fall under your bank.
Melanie Cruz: Kaiden Baker: makes sense! I thought about my DTI afterðŸ˜¶
Melanie Cruz: Jessica Wabbit you had the right idea
Kaiden Baker: Melanie Cruz: When you are approaching it, try showing how it going to be completely profitable, and show how much more you will be taking in by renting and leasing out all of the units, and have lawyers draw up the leasing agreement first. Especially when you are having your first meeting with the bank. It will show youre prepared and serious.
Melanie Cruz: Kaiden Baker: Thank you so much!!!
Kaiden Baker: Melanie Cruz: Also…. Check out if your City, or Town, as well State. See where they stand on Squatters Rights! Its going to save you alot of headaches, and besure its covered in the Lease Agreement
Kaiden Baker: Investment Property first!
Mia Parker: Bought my first and second personal houses before i knew any better. Highly recommend building your investment and house hacking with multi family while you can still do it. It will lead to a much better personal place in the end.
Melanie Cruz: I bought my first house already. (Lesson learned) after you bought yours, did you buy investment property?
Mia Parker: Melanie Cruz: i currently have my first house rented and live in my second. Plan to sell my first and buy more rentals locally.
Melanie Cruz: Mia Parker: great info, Thank you!
Amara Wolfe: Depends on what is available, and what kind of loan you are looking at.
Rory Butler: Both.. buy a multifamily and live in one unit
Nia Garrett: Since you have 4 kids a stable residence was a great idea, hopefully your payment is not overwhelming. For an investment property now you will need at least 15% down. Save your money and buy a duplex. You can get a decent one for $135-$170k that can profit $600/month. Then keep saving and keep repeating.
Melanie Cruz: Thank you!
Julian Graham: Buy your first house, fix it up with sweat equity, sell, repeat. Save your profits for your first investment property.
Bianca Mills: Live in a two family while renting one unit first.
Noah Rhodes: Im buying a multi family (duplex, tri, or 4plex) and planning on living in 1 unit. Im 26, no kids and not married. Why not? Sounds like the best plan to me lol.
Savannah Stanley: Investment as my permanent
Jake Francis: Investment
Levi Drake: Personal residence is a liability. Buy only if buying makes sense in your area, sometimes you are better off renting and using the extra cash flow to save for your first investment. If you have limited funds I will wholesale first before you are thinking in cash flowing or flipping. Bring your bank account to a level that you feel confortable taking a flip. Reserves are subjective but its normally 10 times your month expenses or a fix amount you feel ok. Leverage everything and keep your reserves high. Then build portafolio and experience. Repeat
Alayna Soto: I was living at my moms house when I bought my first property, which was an investment.