All Forum Posts by: Craig Curelop

@Casey Perkins - I'm not sure of your goals, but if you are looking to build wealth and get in at a low price point, I would suggest going multifamily. Here is why:

1. You can purchase a multifamily property (4 units or less) using an owner-occupied FHA loan to house hack. When applying for this loan, the lender will often times count ~70% of the income from the other units (the ones you are not living in) towards the income which can improve your debt to income ratio.

2. You will have tenants paying down your mortgage and you will have the ability to live for free (or extremely cheap). You can also do this in a single family home, but it is more difficult and more work to rent out per room than per unit. 

3. Economies of Scale - You can purchase more units with less money in multifamily properties. 

Hope this helps! 

Craig 

@Frankie Lotrec - A local lender will probably be better just because they will know your market a lot better. I'm sure there are plenty of lenders that you can choose from. 

If you know of a lender closer to where you are living now, get a quote from them too. It certainly doesn't hurt. 

I would go with the lender that seems the nicest to work with and has the cheapest rates. 

@Jesse Streett - Congratulations on saving over $100k! That's no small feat at your age. 

Although you have significant savings, this can sometimes be a dangerous trap to fall into. Spending needlessly can kill investors. I'd recommend using this money wisely to get the highest return possible. Pretend like you have no more than $30k to invest with. 

For your first property, I highly recommend you do a house hack. Purchase a multifamily property with a 3.5% down FHA loan. Live in one unit and rent the others out. This will allow you to eradicate your rent expense which I'm guessing one of your higher expenses on a monthly basis. Additionally, the tenants will be paying down your mortgage, you'll get huge tax benefits, and you'll gain property management experience.

Take a look at this blog post from Brandon Turner on how to House Hack. 

https://www.biggerpockets.com/renewsblog/2013/11/02/hack-housing-get-paid-live-free/

Hi @Frankie Lotrec - It does not matter where your lender is located. My suggestion would be to call at least 6 or 7 and see what they have to offer. If you're looking to get started the smaller credit unions typically have more flexible terms. I would recommend calling a few that are local to you, local to the property, and maybe some larger ones who can offer you a smaller rate. 

Michael Zack - Buy that first rental property and explain to her all of the advantages. Show how it is significantly increasing your net worth through rental income, mortgage pay down, and tax benefits. Also - have her read Rich Dad, Poor Dad. Best, Craig

Justin Evola - I highly recommend improving your credit score. This will likely take at least 6-12 months. In the process, I would educate yourself as much as possible. Listen to the podcast everyday. Read about real estate and personal finance every day. You'll be an expert before you know it! Scott Trench and the BiggerPockets team just came out with a book called, "Set for Life." It explains how anyone can go from an unfavorable financial position to financial freedom. In the bonus material, the book goes over how to repair your credit score. You should look at that as well. Hope this helps! Craig

Hi George, Before you jump in too quickly, I strongly advise that you educate yourself. My recommendation would be to listen to the BP podcast and start reading daily. There are great books referenced in the podcast and also at www.biggerpockets.com/books. Also, be active in the forums here. Setup a few keyword alerts and start reading what other people are talking about. Hope this helps! Craig

Hi Hillary Dandridge - I don't know too much about your current situation in terms of age, children, and financial position. I would strongly recommend looking into purchasing your property as a house hack. Live in one unit and rent out the others with low money down financing (i.e. FHA). If this is your first property, call around to different lenders. Many of them offer favorable terms for first time home buyers. Purchasing a property will have a tremendous amount of benefits that can grow your net worth significantly. Hope this helps, Craig

^^ sorry. I was trigger happy there. I was not in the military, but in a job I wasn't interested in when I happened upon BiggerPockets and Real Estate. My recommendation would be to listen to the podcasts every day. Start at #1 and work your way up. You'll learn a ton! At the end of each podcast, there is a final 4 where the co-hosts Josh and Brandon ask what the guests favorite real estate and business books are. Write these down as you hear them and start reading. Continue to interact in the forums and you'll have a wealth of knowledge in no time. Best of luck! Craig

Jeffrey White - welcome to BiggerPockets! I was in a similar position as you just about 6 months ago. Not in the military, but