All Forum Posts by: Nicole Heasley Beitenman

Welcome!

I house hacked a SFH for 3 years right out of college. Not having to pay my own mortgage was what allowed me to save up the down payment for the next property.

I'd consider what your finances look like with each option. Will buying the SFH save money on rent and allow you to accelerate your savings for the MFH? If so, I'd do it. Especially if you can get one below market value that provides opportunity for forced appreciation; you could pull that equity out later to assist with the MFH purchase. Otherwise, you'll drain your savings for the MF purchase and have to restart at the same rate your were saving before. Meanwhile, prices will keep going up.

Also, how fast are MFHs appreciating in your area? If they're appreciating at the same rate of your savings, you might find yourself constantly behind on your goal amount. If buying a SFH won't help you reach your goal of buying a MF sooner, I'd stay put and consider some kind of side hustle to accelerate your savings rate.

I used student loan money to fund the down payment on my first property.

I looked into this years ago but came to the same conclusion--any payment processor that allows you to bypass your mortgage company and pay with a credit card is going to charge a fee that negates whatever rewards you're trying to build. However, there is a dude named Colin Stroud that shows up in my LinkedIn feed every now and then. I have never contacted him before so I can't speak to his services firsthand, but I've seen him referred around. Someone like that would probably know.

Hear hear!

What bookkeeping software are you using?

Pick up a copy of 30 Day Stay from the BiggerPockets bookstore. It's a fantastic guide!

 Is it going to let me use the same e-mail address for 2 different people?

I have a potential MTR tenant who wants to stay at the property with an elderly parent. She (the mother) does not have an e-mail address. How do you recommend I conduct the background check and have her sign the lease? I use RentRedi.

Tagging some of the pros I know for help! @Bonnie Low @Allen Duan @Jamie Banks