All Forum Posts by: Marissa Nadeau

We actually did traditional loans for both of them. On the second home there was a unique 30-year loan our local bank was offering where we only had to put 5% down. 

@Jonathan Steiger Hey Jonathan! Sounds like you and your fiancé are definitely on the right track! I would highly recommend doing a duplex or triplex for your first deal. My husband and I got married last year and bought a SFH, and then started renting it out when we came across another great SFH deal. But now, if we wanted to invest in a DP or TP, we would have to save up the traditional 20% needed for an investment property, which in our area is a lot. We've been advised by a few mortgage agents that it might raise eyebrows if we went from a SFH to a multi-unit, so I would definitely suggest doing it the other way around :)

Congrats, Cristina! I just started Airbnbing my unit as well. Best of luck :)

 Right, this is what I've always thought but just wanted to verify now that we are making the jump. Appreciate your insights on this!

@Brian G. Thanks Brian, this is a huge help! Luckily we have been there for at least a year. Will check the P&S agreement as well.

Hey guys,

Quick question for you, are you obligated to inform your mortgage company that you are starting to rent your property? 

@Richard Jahnle This is great to know, Richard. Thank you so much for sharing! Yes, the goal is to hold & rent for the long-term, but I was curious to know more about this in case we decided to go the route of selling 5 or so years from now if the market is favorable.

@Scott Wolf That's also great advice, Scott, thank you! I see you have an investment in Hyde Park, we're right next door in Poughkeepsie!

Hey guys! I was hoping to get some of your thoughts and insights on a potential deal I am looking into. 

To give you some background, earlier this year, my husband and I got married and bought our first home in New York. It was a 3 bed, 1.5 bath appraised at $170k that we were able to get for $150k as it was for sale by owner and the owners were eager to sell. 

Our mortgage is about $1,200/mo, but as I research houses in our area, it looks like rents start at $2,200-$2,500/mo because of the school district. Since we don't have children yet, we would love to maximize our assets by renting this place out and moving to a home in the next town over. The house I am currently looking at there is a 3 bed/1 bath on the market for $175k. 

I am leaning towards doing an FHA loan this time around rather than a conventional mortgage to mitigate risk. If we went FHA, our monthly payment would be about $1,482/mo.

In listening to the BP podcast over the past year or so, I've heard Josh & Brandon talk a bit about the tax advantages of living in a home for 2 years out of the 5 years that you own it to avoid being hit with capital gains. Do you guys have any experience with these tax laws? 

Basically, I'm wondering if it would be better to hold out for another deal until we live in our current home until next February (the 2-year mark), or if these laws subject-to-change and not worth molding our investing plans to?

Greatly appreciate any insights that you have!