All Forum Posts by: Cody Barnes

It might attract a more conscientious tenant, which sounds like a good thing imo.  Add some solar panels and a water barrel and just go all in eco?  Is that a thing? I don't know if that'd make a difference in Columbus.

@Aaron Cervasio thanks for the info! I was not aware of the no cash-out refi for FHA loans so that's good to know.

Hello BP, I have been trying to find an answer to this question so now I turn to the forums.  My question is this:

If I move out of a FHA financed property after the 12 month requirement, do I need to do anything with the loan as far as refinance or update the terms or the like? The short term plan is to purchase a SFR or Multifamily property that I can house hack to decrease my living expense and save money for the next property. I will be going into this with my fiancé, the first property we're doing under my name and the next will be under hers. We will rent out the first property once we moved into the 2nd property. From there we will continue to save and work on acquiring the next property and build from there. My 5 year goal from the start is to be in a position to step down to part time at my job (the benefits are great and the work is rewarding).

Thanks in advance!

@Derrick Locke are you trying to do a live-in flip and avoid the tax hit?

@Account Closed are you still working in the field in some capacity?  I'm about to move to a dayshift position with a saturday rotation once every two months, about as good a schedule as I will see in the clinical setting with my credentials.  The staff here is great and the work is rewarding (flow cytometry), but it will not provide me with much financial freedom, even if I were to advance in the field.  So I am leaning on sticking it out here, keep the income and the benefits while starting to build some real estate cash flow.  

@Ryan Evans love your post! The plan has been to purchase a house spring 2020, we are on a year lease that runs into april 2020 and management doesn't sublease.  Maybe we can make something happen and get someone to take over the lease, but that's how that timeline got set.  While I totally understand avoiding the analysis paralysis, it hasn't been too long yet, imo.  I was already planning on purchasing a home next year definitely makes this feel a whole lot more real than just day dreaming about what could be. I have started to look around online and just start running numbers real quick, like 2% rules and all that.  This coming weekend I am gonna start driving and looking.  The more I read and start to understand things, the more open I am becoming to starting sooner.  But it also gives me the advantage of being patient, while also knowing I have move out date on the current place.

@Tracy Uscinski I am actually working on getting the pre-approval documents together and uploaded right now! I used to shy away from this kind of thing, finding documents, taxes, etc but this doesn't phase me at all

@John Manner thanks for the book recommendation, i'll write it down! The plan is still coming together in my head.  Every time I learn something new (which is several times a day at this point, lol) it morphs a little bit.  

Hello BP! My name is Cody and I'm a total noob.  I found BP after getting the house hacking bug from a friend who is doing it in Georgia.  I'm a full time lab tech at THE Ohio State University and I've been searching for a side hustle for well over a year now.  I like my job but it does not have a very high ceiling in terms of income and growth, but it comes with great benefits.  My early plan is to start by house hacking a multifamily property, saving up and purchasing a second property when the time is right.  Right now I am just getting educated and taking in the fire hose of information that's out there.  I am reading Larry Loftis's book on Investing in Duplexes, Triplexes & Quads, and "Rich Dad, Poor Dad" is next on the list.  I am listening to BP podcasts in the car and watching youtube videos on the subject.  BP forums have been a great source for where to look for good information!  A BP user also mentioned "Impact Theory" on youtube and I have been enjoying that as well, which leads me to ask ya'll:

How do you stay motivated (positive, hyped, excited etc) about, well, life?  I have taken some good strides the past 2 years and gotten my mental health in a good place, but it is a never ending battle.  The RE bug is getting me hyped, but this is NOT a get rich quick scene (which I like, it doesn't feel like a fad).  Any tips for keeping the energy up over the coming months?

Hello Austin! I'm a super newbie, just started getting educated very recently.  We are looking at purchasing our first home early next year around columbus and would love to start off with a duplex, live in one side and rent out the other.  I decided to reply because your comment about starting a property management co. is something ive been curious about.  My coworker is moving in with her boyfriend in a few months and wants to sell her house.  I asked if she has thought about renting it out, but she doesnt want to because she doesn't want the hassle of landlording.  Do you have any experience with "private" property managers, or something like that?