All Forum Posts by: Micah Sweeney
Micah Sweeney has started 0 posts and replied 5 times.
@Raul Saucedo
@Patrick Rabalais
Hi guys, I'm also just getting started in Dallas! I was looking to househack but duplexes are $400K+ so now just looking to start with a SFH.
Post: New REI looking to house hack vs. out of state invest
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- Votes 2
Hi Alex, I'm in a very similar situation in Dallas. Was initially looking to house hack but with the prices here almost everything is negative cashflowing. Now looking to get a SFH to turn into a long term rental and then shortly thereafter invest out of state... definitely interested to see others' thoughts on this.
@Jesus Palacios good point... I just emailed the lender and he said for duplex conventional needs to be 15% as above
You definitely can qualify for conventional with less than 20%... I recently qualified for a conventional with 3% down in Dallas.
Mathematically if you can make a greater return than that 3% then you should pay the minimum on the loans and invest the extra cash, which will enable you to keep the difference between the interest on your investments and the interest on the loans. Since the stock market is generally 7%+ over time and RE can be multiples more, invest invest invest.