All Forum Posts by: Gabrielle E.

Hi @Matt D'Arco and congrats on your first BP post! It's great that you've thought through so many of your goals and done a lot of research on REI. I assume you'll be living with your parents while you work this first year? That will be the best way to save large sums of money while you pay off your debts.

I would suggest you read some books by Dave Ramsey. He has 7 Baby Steps to take control of your money one step at a time. You'll need a $1,000 emergency fund in case you get hit with any unexpected bills, then you can pay off your credit card debt, and make sure you have some cash reserves for any property incidents that may arise or paying for the furniture you'll need while you live there for a year or two.

Great work and good luck!

Great thanks for all the information @Eric Schultz @Kevin Fox

Great thanks for the feedback @Brent Coombs

Hello BPers, quick question. When estimating whether a rental property is a good deal or not, how should I account for closing fees and loan fees when I won't know these amounts in the analysis phase?

@John Heffren when I was new to the DC area, I made a BP forum post inquiring about the best REIA meet ups in the area. BP members pointed me towards meetings that weren't focused on sales but on investing strategies and partnership building. When you get to your first meeting in the area, ask people if they know a realtor who understands investing and multifamily house hacking. I'm' sure a couple will be present right at the meeting. Also, look for people who have house hacked and spark up a conversation about your plans. Ask someone to grab coffee or go to a realtor's open house to continue developing relationships. Get people's card and shoot them an email to keep the relationship going. Try to attend the REIA meetings every month so that people get to know who you are. Make sure you make connections with a realtor, broker, CPA, attorney, title company and more. Consolidate all these contacts in one place for your reference. By the time you're ready to purchase your first deal you'll have a good history built with a team who understands RE investing. This business is all about building relationships!

Hi Anthony, @alexander is correct. Run the numbers as though you were paying market rent so that the deal makes sense when a tenant later fills the unit you once occupied

Hey there! I would suggest you read "The Book on Investing in Real Estate with No and Low Money Down" by Brandon Turner. It breaks down strategies on how to obtain properties without much money out of your own pocket. Educate yourself on all the strategies to see what could work for you in the near future.

If I were you, I would meet other investors in the area. You could do some work for investors, get your experience up, and open doors for opportunities.

Excellent idea. I wish I was in the area to take you up on the offer. Best of luck to whoever get's the chance to take this on!

@Dave Wolcott I've worked with Liz Nourse of Customer Realty in Fairfax and she's definitely a good choice

I'm interested in buying my first owner-occupied rental property in 2016 using an FHA Plus loan as a way to house hack my way into real estate investing. For those who don't know, FHA Plus loans cover 94% of the home cost and a second mortgage covers the 5% down payment. Borrowers then pay 1% of the sales price at closing. This would allow me to use more of my own capital for renovations. I plan to live in the property with two roommates who help cover mortgage payments. Does this sound like a wise decision? I'm not sure I'm a fan of having a second mortgage on the home but I also want to use as much OPM (other people's money) as possible for my first purchase. Thoughts?