All Forum Posts by: Lynelle Livesay

Hi all. My husband and I are newbies, and we need some help prioritizing goals according to where we're at in our REI journey. We want to buy and hold.

Quick version:

-We currently have one property in Denver we rent out.

-We recently moved to the Nashville area. We’re renting an apartment ourselves - didn’t want to buy when we knew absolutely nothing about the cities or market out here. Our contract is up in September.

-We have some credit card debt from the move.

-We want to buy as soon as we can to reap the rewards of investing, cash flow and equity buildup.

So… what should we tackle first?

My initial thought is we need to get our credit card debt paid off ASAP.

If so, should we then first buy a place for ourselves, followed by a rental? Or do we buy a rental first, potentially renew our apartment contract for a few more months, and then buy our own place?

I hate the idea of renewing when we could have our own home for the same, if not less, cost/month.

If we bought for ourselves first, we could do low money down if we live there for a year, then move on and rent it out, correct? And hypothetically, could we do that multiple times until we are getting enough cash flow each month to make more substantial down-payments?

Also, should we set up a corporation to deal with our real estate immediately, or is that something we should wait on until we have a larger portfolio?

So many questions. I’m a planner, if you can’t tell. I know a lot of this may be personal preference, but I’d appreciate any and all advice! Thanks in advance for your input!

@Ron Dayley I'll take that recommendation - Thank you!

@Luka Milicevic Thanks, we love it here! I'll add you. That advice would sure be appreciated.

Good advice, @Josh Braun. Thank you!

Thanks @Daniel Hyman! It is a great city - we love it so far!

Hi everyone! I'm Lynelle, as you can see. My husband, Jonathan, and I are new to REI. We're reading as much as we can, listening to the podcasts, and keeping an eye on the forums to learn from you all.

I’m originally form San Diego, and my husband is from Boise. We met in Denver, married there in 2015, and moved to Nashville almost 3 months ago. I guess we’re making our way east. :)

We currently own a condo in Denver, which we rent out. We did this before learning what we know now, but it is nice to feel like we’ve (sort of) done a deal already.

We’re currently looking for rental properties in the Nashville area. Ideally, I’d like to find a duplex we could house hack and expand from there, although we are on the lookout for single family homes as well. I welcome advice on which we should pursue first! Thanks for your time.