All Forum Posts by: John Buffet

 Yea, true. It's a loosing battle trying to get him to throw anything out and change his ways, it's a psychological issue. It always turns into a never ending fight whenever I try to mention it. 

I don't have an IRA- but as a teacher I have (in addition to a pension) a TDA which is a Tax-Deferred-Annuity which pretty much is a retirement account that gives me fixed 7% return on my money. I'm allowed to take out for a first time home purchase under a certain condition.

I take 10% of my salary and put it into this fund. 

 Im making 84k currently- so keep working, save up, learn, try to buy a multi family and rinse and repeat? 

Thank you .

2 more questions - 


1) assuming I can’t qualify for 0 down payment, would it be a wise or unwise idea to take money from my retirement account (penalty free) for the down payment?

2) I’m fascinated by this and I really would like to make more money- though i don’t want to put the cart before the horse, I have been thinking of businesses to increase my income (and get out of teaching). And, since I’m having a difficult time thinking of businesses, if I get into real estate, could this be a potential means to having a new career and focus as a real estate investor?

OMG- I am overwhelmed with the incredible and fast responses! 

Thank you all so much- these are FANTASTIC ideas.

And as far as the FHA- I guess I just have to save up for that, there isn't a way to hack around that, right?

Hello all, 

I'm a 33 year old teacher from New York and I would love your help. I'm single with no kids at the moment. I currently live with my dad and I'd like to move out. My plan was to buy a 2 family home, live in one side and rent out the other. I am looking for places now, although I must continue to save the 3-5% down for the conventional or FHA loan.

I have a realtor friend who told me it's not good to live with your tenants but I really want to move out of my dad's house (he is a hoarder and the living conditions are stressing me out greatly). 

My question is, do I continue to look for the multi family home and go with my plan and live in one side of it and rent the other(s), or do I instead buy a cheapish co-op as my main place to live, and then save up for a multi family home a bit later on? OR, do I buy the multi family home and rent somewhere else? OR, do I buy the multi family, live there for a bit and try to save up for a co-op?

Any help would be appreciated!

Thank you