Updated about 7 years ago on . Most recent reply
Beginning in Houston, TX
Hey BP team,
My name is James Derrick and I am finally serious about beginning this real estate journey. I am most interested in B&H passive income (possibly multifamily house hack), but am also considering flipping as a means of income as that is built. I have a relatively high paying career that has allowed this single 29 y/o to save a decent nest egg. However, I would like to begin my exit from the lifestyle this career demands.
I currently own one property that I have lived at for two years, a one bedroom high rise just outside of the Texas Medical Center. Looking back, it was definitely an emotional based decision. I fell in love with the building and would be going from a 45-90 minute commute (one way) to a 6 minute commute. Purchased with a 3% down FHA loan and a handful of additional principal payments, I have only about $20k in equity of the property. The high monthly payment from the FHA loan + the high monthly HOA does not make this a good rental property as the two year ago me assumed I would end up doing. I am most likely looking to exit the property if I find a great house hack opportunity.
Thank you for reading and thanks in advance for any help provided!