All Forum Posts by: Eddie Aviles

Welcome! I am in a similar boat as you, looking for my first rental, a multi family. I am just a little north of you. In Mount Vernon.

Hi, I am on the learning track right now and in looking for my first deal. But here is how I understand it. Option one: Pay down your loan. You will have a much larger monthly cash flow. You will accumulate from your cash flow to make a down payment for your next deal. Minimal leverage. Option two: leverage the loan. Make a smaller down payment on the house. Instead of rolling the cash flow to pay off the property sooner as in option one, you will save that cash flow to buy your second property, sooner than it would take you to pay off the loan and save for the second property in option one. Now that you have multiple properties, each adding up to a small cash flow then if they were all paid off, but you let the tenants pay off the property over time. Many houses at smaller cash flows may take less time to snowball into few houses with the same house. Yes, more debt and leverage, but tenants pay that. Either way, you will build up the equity in the house sooner or later, creating your portfolio. Hope this makes sense. Hope I explained it well.

@Eric Hulstrand Thanks for that encouragement. Love that you are doing that as well. Yes I will do want to have an inspection when I find the property. I want to have as much in line as possible. 

@Jay Helms Thank you. That is a good read and a lot of that makes since. I am now starting to look to build a team as I find the property. (supply is limited here for small multi-family). Would you agree that if house hacking, property won't be cash flowing for the first year as you live in it, but will when you move out?

Thank you @Josh Engelhart. I will look cozy.com up for information about doing the credit check and background. Does it do an all inclusive background check?
I will look around for information on creating my lease. 
in my area, a 2/1 rents for about $1200/month. I am currently looking at a duplex around the $220,000 range where my total expenses would be around $1600. Live in it for the year, after the year rent both sides out. 

@Jay Helms thanks for asking, I want to invest to create the long term cash flow so that I can eventually quite my full time job and work on my passion. Having the monthly cash flow from several properties would allow this to happen. My desire is to be a full time Children's Pastor without being a burden on the church I go to, so having my own cash flow. I also  love traveling and have other hobbies. 

I am glad I found this thread. I am in a similar boat looking for my first duplex to house hack and of course it doesn’t cash flow if I live in it. But with comparable rents, if both units were rented out, then it would.

Hi, my dad owns Xtra-Therm Insulation and insulates houses for Adair Homes, Reality Homes, Encinas Construction and a few others. They are such a pleasure to work with. If you choose one of them let them know we referred you.

I am a new investor and have been on the education track. Just found a potential duplex on The market. I will Be house hacking this multifamily. Currently talking to an agent and have my pre-approval. What kind of checklists should I go though especially since I have never done this? What forms do I need for renters, leases, ect. How do I conduct the screening? What other tips do you have for me?

@Kevin Romines thank you so much for this info. Very helpful as I am new to real estate investing.  I want to see how much I qualify for so that I can get it into my first duplex.