All Forum Posts by: Nicholas L.

@Brayden Chelmo Harrison

can you house hack instead?

@Crystal Huffman

i know you want answers other than to go there yourself... but i don't think there's any substitute to going there yourself.

@April VanCleve

just to think big picture for a second - it's fantastic that you've come so far.  i had two reactions to your post.  here they are. 

1. just to be blunt, 20K and reserves is not a lot.  so... after coming this far, i wouldn't do anything to stretch yourself.  if you need to keep saving, keep saving.  only you can decide when you're ready

and 

2. from your recent posts - did you end up passing on the house? or are you still thinking about it? I'm always skeptical that anything on the MLS is a "really good deal."

hope this helps

@Jason Fucci

typically wholesaling takes money as well, in the form of marketing spend

good luck with whatever you decide

@Jack Spicer

save up enough for a down payment and reserves.  get the highest paying W2 job you can.  talk to a loan officer about lending options.

there aren't any shortcuts.  it's going to be patience and hard work that lets you be successful.  house hacking a primary residence doesn't mean you can't also buy out of state or somewhere else, eventually.  but it should be your first priority.

@Jack Spicer

i'd make it a priority to house hack.  house hacking is a powerful way to build wealth.  those cheap-looking out of state markets come with their own challenges.

good luck

@Jason Fucci

can you househack instead?

@Laurence Fru

can you stay a couple hours away so you can still be hands-on / in person?

buying a random property thousands of miles away won't do anything for you.

@Patrick Roberts

since the homeownership rate is actually still up since the GFC it's not so much that fewer people own, it's just that they're not trading as often.  not sure what that means long term.

@Bill B.

all well said.  i've made offers to owners of paid-off, distressed, vacant properties and they've been turned down, since i'm not willing to pay closer to retail for a house that needs work.  

in some cases the owners would rather sit on them vacant and just pay the taxes every year than accept a price lower than they think they deserve.  without the mortgage payment there isn't that monthly reminder.

@Jay Hinrichs

to your point the first time buyers get a lot of media coverage but they're not the only buyers.