All Forum Posts by: Cassidy Burns

Your biggest obstacle is going to be getting financing.  Since Covid, banks are much more strict on their 2 year income verification, especially for primary residences.  

What is your plan in order to finance the property ?

Thank you sir! 

Welcome @Ati Ok , house hacking when you are new, whether that's a single family house with 3-4 bedrooms, or purchasing a 2 bedroom condo for you and your GF to live in and charge her rent, is going to be one of the best ways for you to get your feet wet and start your real estate investing career.  Don't get caught up on buying a homerun with your first purchase, get into something, know the numbers, mitigate risk (great locations), and then scale from there.

Good luck. 

Good luck @Michelle Oblena

I think the Arlington / Washington DC is a great option to house hack.  You will have trouble living for free in the DMV though unless you can find a 3-4 bedroom single family house.  I think you will have trouble finding the free house hack in a lot of metro areas.  I've personally house hacked 3 different houses in Washington DC, living anywhere from $650-$1,800 / month (The $1,800 is not because I now only want to live with one individual as I get older) .   

Best of luck. 

Thank you @Danny Lambert ! 

Hi @Michelle Oblena I ended up opening one up with Tower Federal and also was in contact with Arlington Community Federal Credit Union who had a 99% LTV Product for primary residesences and 80% for investment properties. I'd give both of them a call if you are interested in a quote.

Sorry, the LOC is a HELOC on an existing primary residence that I purchased and is tied to the homes equity., sorry for the confusion.

Hey @Rhonda Davis I always go back to my monthly NOI goals when the properties are all paid off. But again, that's what my goal is, to have a large percentage of my portfolio paid off so my NOI is high and can use the cash flow and open up LOCs on the properties for low % interest so if I do need the capital for an emergency or another opportunity to buy a good deal.

In your case I would say to sell the condo and 1031 exchange into an asset you really believe in (location , location, location ! ) 

Good luck! 

Hi @Sarah Kozlik welcome! 

Happy Investing 

Thank you @Dmitriy Fomichenko