All Forum Posts by: Colby Todd

@Rob Sawyer good to know there is someone doing the same thing as me. I’m looking at it the same way, I’m not going to bring my family to an undesirable area for their sake, and I look at reducing expenses as a positive, as for at least a first investment moving my money positively is a step forward 

Hi,

I am getting ready to make my first investment, and scouring through a few markets in the area for a 2-4 unit house. I plan to occupy one unit with my family. I have been mainly coming up with homes that will reduce my current rent, but almost none that will produce a positive cash flow. 

I am not opposed to a reduced monthly expense, however would it be wise to stay patient and keep looking around for something that cash flows.

Thanks

Colby Todd

Thanks @Dawn Brenengen and @Jill DeWit! Advice noted.

Hey Everyone,

I am new to investing, having only done some extensive research, yet haven't yet made the jump. My goal was to know enough to invest within a year. Listening to the podcasts, and reading the forums and books etc., has changed my mindset and with each listen or read it only increases away from the way I used to understand money. 

I recently have been approved for a FHA loan which I want to use for a Multifamily Home. I live in the northeast, and it is quite expensive, which makes it hard for me to relate to the prices, but I do believe it is all relative to the area.

So, I am looking forward to this journey.

I am looking forward to networking, and growing. 

My first few  questions would be: Does anybody have tips or strategies when buying first owner occupied. Is there any expectations that nobody talks about?? I am wondering how to go about the period of time from the renovation period to having the units rented from a financial standpoint.

Thanks!

@Andrew Postell Hey I appreciate that feed back. So I basically am going to need to shop around for these loans that aren’t standard, but they exist.

Right now I’m gathering the funds for a down payment for my first investment.  I know I’ll need the loan for the rest. 

Hi everyone,

I am a vet and using post 9/11 gi bill which gives you non taxable housing allowance while attending school. In the area I am in ( 40 mins to Boston) and this allowance is enough to support my family. I have read that this is not seen as a source of income by banks because they see it as non long term, which is true. I am weighing my options about how to obtain a loan with technically no income (partnering with family or friend) for my first investment. Once I am over this hurdle and hopefully receiving some passive income, will any lenders see this passive income as a significant means of income enough to obtain a future loan? even if the monthly cash flow is relatively low (100-300) for an example?

Also, is there a way to get a loan while having a non taxable income like GI bill military housing allowance?

Thanks!

Hi everyone,

I am a vet and using post 9/11 gi bill which gives you non taxable housing allowance while attending school. In the area I am in ( 40 mins to Boston) and this allowance is enough to support my family. I have read that this is not seen as a source of income by banks because they see it as non long term, which is true. I am weighing my options about how to obtain a loan with technically no income (partnering with family or friend) for my first investment. Once I am over this hurdle and hopefully receiving some passive income, will any lenders see this passive income as a significant means of income enough to obtain a future  loan? even if the monthly cash flow is relatively low (100-300) for an example?

Also, is there a way to get a loan while having a non taxable income like  GI bill military housing allowance?

Thanks!