All Forum Posts by: Arthur Soto

I am actually starting out but it’s not even to achieve “financial freedom”. My goal at my current company is to never leave until retirement time(our retirement is different and much better than your normal one) I enjoy what I do, and plan to expand my knowledge to make a difference within. On the flip side, I don’t want to save money just to watch my bank account grow slowly... I feel in the end this is what I have to do to gain that 3rd check a month and raise my yearly income. And that is my “why”.

Welcome John, I am fresh off the boat as well and a newbie. Let’s start the journey! Wish you the best, it’s all about “ACTION” trying to preach that to myself to stay consistent.

May I ask which property management to stay away from just Incase I go that route? Since obliviously you aren’t satisfied with the current one

Originally posted by @Caleb Heimsoth:

@Michael Guzik are you calling me old lol?  I’m not even 25 yet haha.  

Glad to hear you did a deal.  Spill the beans, what were the details ?

Gary Vee is a joke...It is almost like he got his "motivational" stuff off an old tumblr post. He just screams and yells obvious things making him seem to be always right to his audience. Which is usually people that will only make him richer while he provides no true value to you in the end.

Can you even find a quality MFH for 40-100k? I am just curious. I am all new to this bud budgetin between 100-160ish for my first investment.

Good morning, giving this thread a quick bump as I am trying to engage in more feedback!

Thanks,

This is very motivating... I am 22, and just now gaining knowledge so I can invest somewhere within my city of KC. Thanks for posting

Originally posted by @Aaron Winters:

Dig into and set keyword alerts for “house hacking”. BP has a few podcasts about it, with this being the most recent: https://www.biggerpockets.com/renewsblog/biggerpockets-podcast-252-house-hacking-your-deal-life-hacking-craig-curelop/

Unable to use it now, but from what I understand an FHA loan can be used up to a 4-plex as long as you intend to live in it. Use the other units rent to pay for yours and get a feel to see if this is something you really want. When you're ready to invest again, you'll have a good idea of what you like/don't like and can apply an experienced strategy at that time.

I will for sure be digging deep into anything and everything with the word "house hacking" in it! Say worst case scenario its just not for me is much value lost when you decide to sell off? Or in general... If you want to move on from a property does it depreciate value since it was "rented". With an FHA I believe you just have to live in it for a year!(I think)

I am starting my journey as well and honestly I think I would be pretty comfortable using an FHA and living on the property the first year to build funds up and locate my next property and make upgrades.

I would go all in for a Multi-Family Home and rent out the other half to be living rent free for the year. Best of luck on your journey, keep me updated as I will be following you as I am a newbie as well looking to jump on my first property. 

Originally posted by @Jim K.:

@Arthur Soto

Hi Arthur, I have no experience in financing a first property. There are lots of investors on Bigger Pockets who can give you advice on that. I believe you can get an first-time homebuyer Federal Housing Administration loan with very little money as a down payment. Many BP pundits will tell you, however, that this is not always a good idea. I really know very little about financing, however.

As far as the ideal price for a duplex...that depends. The best-priced duplex is the one that makes the most money for you. It may not necessarily be the cheapest, and it will almost certainly not be the prettiest. There is a lot of information on BP about running the numbers on possible acquisitions.

My advice is to dive into the wealth of information in the Videos section of this website.

I am trying to gain more, and more knowledge and luckily my off-days just started so I will probably be on this site every second I am up for the next two days digging in deep and taking notes. Thanks for the response, I am comfortable putting a decent down payment down but I still want a good amount of cash to wiggle with for any unexpected things / upgrades before going on the market. 

Thanks again!