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Updated over 2 years ago on . Most recent reply

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Noyessie Hubert
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Is my way to get in real estate could work ?

Noyessie Hubert
Posted

I have some questions and need advice from someone expert. I want to get into real estate but here is my stuation.

I'm currently renting and my rent is around 1400 and I don't have too much saved up for a down payment ( < 10k ). I get to the conclusion that I'm losing this money since when I moved from there I will have nothing. No equity build-up! Nothing. So I decided to look for a condo/townhouse to buy where my mortgage payment will be around the same as my rent.

By doing that, I hope to be continuing saving for a down payment for my first investment property and with the equity, I will have build up on my condo ( the one i want to buy ), I can take an HELOC loan and add to my saving giving me more leverage for the property.

What did you think about the idea? Could someone suggest me a better plan? 

Thanks

  • Noyessie Hubert
  • Most Popular Reply

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    Travis Timmons
    • Rental Property Investor
    • Ellsworth, ME
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    Travis Timmons
    • Rental Property Investor
    • Ellsworth, ME
    Replied

    House hack! Get a 2 BR condo and rent the 2nd room to a friend. Better yet, but harder given the price point, find a duplex or single family home with a finished basement/separate entrance that you could rent out. I'd stay away from a condo purchase unless you don't have any other options. They don't appreciate like SFHs and HOAs kill cash flow and can be a real hindrance to your creative plans to maximize rents (rent by the room, short term rental, etc.). 

    As mentioned above, you need a cash reserve if you own property. Things break all of the time. If you don't have at least a few months of expenses sitting in a checking or savings account, you can get wiped out by a single maintenance problem. Slow and steady still wins the race. I'd suggest finding a side hustle to make more money before jumping into a purchase when you have less than $10k cash. Work your a$$ off, live off of nothing, and be patient.

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