All Forum Posts by: Kolton Lynch

Hi, And good Morning all. 

I have a question, It might seem confusing, I know have a lot to learn but I am new to investing and I feel like I am in a sticky situation because I live with my mom and my wife and child. My mom said she wants to sell her house to purchase a bigger house with an inlaw suit, She wants to put the money up front while my wife and I pay the mortgage. Now I have Rsp that I want to invest into a rental that way I can keep building my profile. I know it might be hard to house hack because I have a family already but would I be able to work around the FHA loan by saying I live in the house and staying home for the year while I have a couple of tenants pay me ? Like I said I still have a lot to learn about real estate and I am starting to do my home work so I can learn more, but I feel like I want to take action sooner rather than later So I am not always waiting for things to happen, I want to go out and make things happen. Any Advice would be helpful. I also work full time making 55K a year. So I would be investing in real estate part time until I am able to have financial freedom.

Hi @Bryan Pham Thank you for responding, I have big goals, some goals I might have to slow down on and some goals I want to tackle while I am young, I am still learning and just purchased rental property investing. I am planning on investing my RSP in a house since I do not get taxed. I did want to try the house hacking method but again you are right and it could be hard since I do have a family. These next couple of months I will be reading and listening to podcasts to strategize the perfect way I can achieve financial freedom. Now if I do the FHA loan, and I say I live in it for a year Could I potentially stay home and have tenants pay me to stay there until the year is up. Again thank you for responding to my first question. I look forward to your response. Have a good day.

Hi All,

Hope to meet all of you !

Kolton from Canada here, I am new to bigger pockets and new to real estate investing. I am in the process with purchasing a house with an in law suit for my mother.  I will be with my wife and our son as well. Once we move I want to purchase a house to rent out, so I can build my profile and gain financial freedom. My question is. Would it be smart for my mother to sell her house for 350 - 400K and possibly put 200 - 250K towards the house we are all moving into? and how will I be able to purchase a house that I can rent out while living with my family ?  I am hoping by being on here I will learn a lot more then just listening to podcasts and ready.