All Forum Posts by: Emil Pinlac

Hello @Andrea Weule! Thank you for the welcome, AND for the advice. I'll definitely keep that in mind, as I continue to learn and find my footing through reading everything this site has to offer. Cheers!

Hi @Twana Rasoul! 

Thanks for your reply, man. 

Yeah, the Self-Sufficiency test was/is my biggest concern as far as qualifying for an FHA loan in order to buy a small multi-property while house-hacking.

From my understanding, it just seems like saving for a conventional loan to buy a first property feels like the safest path to having better control over how much house (and potentially how much rehab costs) you can afford, vs. taking a risk with long-term debt on an FHA that continually eats up your cash flow with additional PMI payments and etc.

Do you think that is the right mindset to have with regard to approaching financing for my first multifamily? At this point in my career and income level, I make a median salary, and am almost debt free - paying off the last of a $5k car loan in the next few months, while my monthly expenses, sans the debt, are literally under $800 each month. I also finally attained a credit score of over 800. (whew!). 

It is my plan these next 5 years to save up for a strong down payment, and just learn as much as I can about this small multifamily/house-hacking niche that I want to invest in, and create a strong plan of action with regard to how to analyze good deals that come on the market, how to approach simple/cost-efficient rehab projects, and .... just read a ton of books. 

In your experience, how did you start out / what types of real estate deals do you primarily engage in? 

Hello All - 

Quick Question for the Forum: 

Should a NEW investor proceed in purchasing a property based exclusively on the merits of the DEAL (Cashflows 200-300 per month, good CACR) even WITHOUT 15-20% down and without a rehab budget on a property? (Assuming they have great credit, and can qualify for an FHA of 3.5-5% down/ or utilize private money loans?)

OR.

Should a NEW investor instead exercise caution in purchasing a property UNTIL they have at least 15-20% down and additional funds for a rehab budget, regardless of the merits of the deal (so long that the deal cash flows). 

Keep in mind, this scenario is for newbies.Let's assume this is for a small (2-4) multifamily property in a HCOL area, and the investor was willing to house-hack. (I guess he/she has to, in order to qualify for better financing, right?). 


What are everyone's thoughts? 

Hi Everyone!

My name is Jeremy ChristianEmil Oneal Manuel Ocampo Pinlac (don't worry, I just go by Emil) and I'm pretty excited to have finally made the jump and created an account here on BiggerPockets! I'm so incredibly grateful for the existence of this site as a resource for everything under the sun as it pertains to the real estate game, and I'm looking forward to getting to know a lot of really knowledgeable people through their writings, their responses, and through hopefully connecting on here in the years to come. 

I haven't yet had the chance to comb through all the topics, or the posts on the Forums, but I figured that a "New Member Introductions" post to start would be a great way to solidify my beginnings into this highly diverse profession/industry. 

My goal of achieving Financial Independence (FI) laid the groundwork that eventually led me to cultivate an interest in Real Estate. I listened to a lot of Financial Independence podcasts - namely Radical Personal Finance, The Money Guy Show, The Mad Fientist, but mostly, Jonathan Mendonsa and Brad Barrett's podcast, ChooseFi, and I was initially inspired to jump into Real Estate when I listened to their interview with Chad "Coach" Carson - who house-hacked and flipped his way to financial freedom and "early" retirement. 

Fast forward to today, two years later, and now I've begun taking actionable steps toward increasing my own knowledge-base, and investing in myself to be prepared as possible for my first deal, which I am targeting to be a modest multi-family home that I intend on rehabbing and house-hacking (my actual goals are in my profile, I don't want to be redundant and post it on here too, haha.) 

While I am still admittedly in the accumulation phase of my real estate career, it is my current goal to learn as much as I can about Real Estate in the meantime - through RE tips and tricks from Graham Stephan and Meet Kevin on YouTube, through the BiggerPockets Real Estate Podcast, and through all the knowledgeable contributors posting in the BiggerPockets Forums. 

I'll definitely get around to working my way through all the different articles and topic subcategories - but, for someone completely new, does anyone have any advice for what they wish they knew when they first started up an account on BiggerPockets? Would anyone be able to point me to any one resource, or article that they wish they had found earlier in their joining of BiggerPockets? 

Thank you so much for your time. Looking forward to learning a TON.