All Forum Posts by: Lauren Baker

I'm new to REI and I'm curious what is a section 8 tenant? Also, what are the options for having tenants move out when there is a new owner? Are there any good reasons for keeping the existing tenants in small multifamily homes?

@Tye Brooks

Everyone that posted has given some awesome suggestions for connecting with people in your area. If you haven't already, I would recommend listening to the BP Podcast #142: 22 1/2 actionable tips for beginners. I think the advice in there will really give you some ideas on how to take the leap.

Best of luck!

Congratulations @Joe Rohrhoff on taking the steps to start educating yourself. As a teacher I'm sure you know education is the most important tool in life. I love your idea of working a full time job and using REI to support your income. My goal for 2016 is also to buy my first investment property!

Best of luck

@Anton Ermolaev, I am missing why you say you don't have the money to pay a down payment for a loan if you have $30k in your savings. If you get an FHA loan like the others say, and you buy a fairly cheap property then you should still have a very nice cushion in your savings. a $50k property with 3.5% down would be $17,500 down leaving you with $12,500 in savings.

Now, if multifamily properties in your area aren't selling cheaply enough for you to get a deal like this then maybe I would say look at a different route. However, hacking a multifamily is in my opinion the lowest risk you can get if the units you rent out will pay for the bills. 

It all comes down to your personal finances as well as your tolerance for risk. My best advice would be to do a lot of research about your market to figure out what's the best option.

Best of luck!

Welcome to BP,@Kelly Choate. Are you interested in single or multifamily? 

As long as you work hard, and continually learn I'm sure you'll do alright. Bigger Pockets has a lot to offer. I'm currently looking into buying my first multifamily, and I am so much more confident in my decision already. 

Best of luck,

Lauren

@Matthew Brill, I think @Greg Myroth is saying that the cost of the house is $30,000 not the value. I listened to a podcast with Ben Leybovich the other night, and he is saying that houses only worth $30,000 should be looked at with caution. 

Greg, I would suggest looking into what houses like the one you are looking at are worth in your area. Then you can figure out with all the updates if it will be worth your time. I'm in a similar situation trying to figure out what my market is like. 

Best of luck!

Lauren

@Account Closed that was great advice! I'm very new to REI and am scared to know if something is a good deal just by ballparking it. Those calculations should come in handy, although I may have to review them a few times.

Lauren

I'm currently looking into hacking a duplex home (also my first investment), and I have a good estimate of what the cost and monthly expenses will be on the particular property I'm looking at. However, I'm not sure how to estime how much it will be worth in the end considering the updates I make, and what the market is for multifamily homes in my area. Does anyone have any suggestions about how to estimate the worth, or how to do research on my local market?

Thanks!

Lauren

Welcome to BP @David Alter. I am new here as well and am looking into flipping my first rental property. I am located farther north, but my mom and her s/o live in DeWitt.

Best of luck!

Lauren

@Mitchell Van Overloop I am planning to do the same thing with the duplex I am living in. My boyfriend and I are renting the lower unit, and our landlord reimburses us for most of the changes we make. We are looking into buying the place and flipping it. Best of luck to you, and welcome to BP!