All Forum Posts by: Jordan Shay

They say if you find a deal the $ will follow.

The big question: Should I rent my primary residence, or should I sell it after a few years and use the money to then purchase investment properties?

Here is my situation: Just built my primary residence (3bed, 2bath) in 2016 in Noblesville, Indiana. The area is growing rapidly, I would consider it a B+ neighborhood with around 7-8% appreciation annually the past few years. I owe 151k on the loan, and the home is valued at 162k. This is the only property I own.  Its also important to know that I just had a bankruptcy discharge in December 2017 which is going to make it more difficult for me to get financing moving forward. Im not sure what the best strategy is and I am very open to all suggestions. 

Thought is to rent out the current property but I would only cash flow about $85/month. I could potentially get a HELOC 2-3 years from now and use that to purchase the next property but thats if I could get approved.

I appreciate any suggestions or opinions here. 

I bought my house last year, I was 22. Let me tell you right now, ditch the truck. I had to pay credit cards down to get my DTI under control. And my car payment was and still is $173/mo. Having lower monthly obligations allowed me to save a decent down payment quicker & helped my DTI ratio. Sure, I didn't always have clothes as nice as my friends, i definitely didn't have the coolest car, but Im the only person my age that owns a house in my peer group i associate with. I already have $8000 in equity in my home. I was approved for $157,000. My next step will be to purchase an investment property using a HELOC/401k.

You're in a good spot having just that 1 monthly obligation, so imagine this. You drop the car payment, get something cheaper, save $18000 in 9-10 months and you have your 20% on the conventional loan of $90,000. Now you're not paying Mortgage insurance either using FHA if you were to occupy one side. I dont know, i'd kill to have an opportunity like that. Dont blow it.

Email [email protected]

Does it make sense to use private money for buy and holds? I want to invest in buy and holds and I don't want to use having no money as an excuse not to invest, but does it make sense to use private money for these? Would it need to be a fixer upper that could later be refinanced? I'm just trying to think of the exit strategy. Any feedback would be appreciated.

What locations do you focus on?

Any properties that offer seller financing?

Great job, hope to be in your shoes soon!

@Scott Steffek do you have Andy's contact information? Very interested. 

Looking to buy SF & MF in Indianapolis area but willing to explore north west indy & other cities as well. What are the best parts of Indiana to invest in? What are your experiences in those areas?