All Forum Posts by: Michael Varney

would you say a break even or better is preferable?

I have been reading about "house hacking" I was wondering, when purchasing a duplex, is there an amount of the monthly mortgage that the one side should cover. For example, should the one side cover all of the mortgage or should it cashflow a couple hundred?

I have been reading about "house hacking" I was wondering, when purchasing a duplex, is there an amount of the monthly mortgage that the one side should cover. For example, should the one side cover all of the mortgage or should it cashflow a couple hundred?

thanks everyone, lots to consider!

thanks everyone, I already posted a question last night and there are a ton of responses. I didn't expect that, but its great!

Thanks everyone! If I rent first the "house hack" is definitely the way I was leaning. I live in Michigan and with an FHA loan there is also a first time home buyers loan that covers the down payment up to $7500. So I have seriously been doing some research into that.

@Account Closed I have, I am looking into an FHA loan. I suppose I am just trying to look at which direction is best in terms of getting my business off the ground. I can see the benefits of both. I will definitely message you any more questions I have, thanks!

@Ken min thanks I'll start doing the research on properties.

From a starting point with ltitle money, is it a smarter move to look to a flip or hold?

I am looking to do my first deal and there are two things that I'm struggling to decide/ figure out.

I have been learning about realestate for a little over a year so my knowledge base if fairly good. My biggest struggle is finances, up until just recently I was living pay check to pay. I just took a new job that is letting me save money and prepare financially. 

So here are my biggest questions.

The first is flip or hold to start? I know flipping is a great way to raise capitol but I don't have any money to put towards it myself.

However in a year I should have enough money to use as a down payment on a rental which I'm hoping might help raise more money for flipping.

The second is partnering. Should I consider partnering with someone who might be willing to bring cash to the table and work together on a flip. But I wonder who in their right mind would foot the bill for a new investor (regardless of knowledge base)?

Any advice on the issue would be great!

Thank you

Hello everyone,

I started learning about investing about a 1 1/2 years ago. Long story short I met person who has offered to be a mentor/business partner. I spent several months learning about setting up a wholesaling business and in october of last year I launched the company with the financial/ leadership help of my mentor. I took calls and analyzed deals every day after work for almost 4 months. I had several properties under contract and but never completed any deals for various reasons. At the end my business partner was unable to continue financing the marketing so I stopped wholesaling, however,  he continues to act as a mentor to me.

I have spent the last few months learning about different aspects of the business until I am able to begin investing. I am currently working on an investment plan and saving/ raising money for my first investment. 

At this point I feel like I am ready to invest I'm just trying to figure out the financing aspect and deciding which strategies I think will work best for me. 

Any way, that's the short of it, I do have some questions that I will be posting about in other post but I hope to meet new people and get some strategy insight.

Thanks for your post, I had been doing something similar, I read all the books and did all the seminars, and I even have a mentor showing me the ropes but I was scared to actually move forward. I just made a few wholesale offers and I have my first property under contract but no deals closed on yet. Thanks for the inspiration