All Forum Posts by: Patrick Flanagan

@Ken Kirunda

Thanks for responding Ken,

I like your list! I wish Texas wasn’t so high in property taxes

@Patrick Madden

Thanks for the information Pat!

@Ryan DiCanio

I Checked out your profile! It said you’re looking for your first house hack. That’s awesome!

Like David and Brandon say on BiggerPockets podcast, you really can’t loose when you buy real estate.

People will sit there and tell you all day “ oh that’s a bad deal” and voice their opinion on why they know more then you. but if you hold long term, have tenants pay down your mortgage. It 5-10 years your “bad investment” will look a lot nicer and the negative voices will get a lot quieter.

So just doing your first deal is way better then waiting. I bought a single family home, rented 2 rooms out, they payed my mortgage for 3 years that I lived there. Then I sold it 3 years later and made 104k, I took that money and bought a 4 plex and payed off all my wife’s debt.

Looking back, I had a bunch of people(mostly family members) tell me I’m over paying for the house or renting was a better idea.

So just getting in there buying a house, renting your rooms out will allow you to save money and teach you how to be a property manager.

@Joe Splitrock

I’m not sure if you have to refi those into conventional loan before you get another fha.

But I just read a lengthy blog that a well know bigger pockets member wrote about using fha loans over and over. You have to live in it for a year.... then you can move out and get another fha loan. But now I have no clue lol

@Joe Splitrock

Most all My mentors did exactly this strategy. It definitely can be done.

@Charles Dobens

Great info! What is your podcast called?

@Tucker Cummings

Oh awesome, I’m in the same boat. Let’s connect!

@Matthew Crivelli

Well I’m not really directing the question on if I’m personally over leveraged. I will have a years worth of mortgage payments set aside, be setting aside money for cap x.

I’m more talking about will the bank look at you and say have you are over leveraged.... like they did to Dave Ramsey and say you need to pay us back all of our money by the end of the month

@Charles Carillo

Great info.

A years worth of mortgage payments on each properties.

But I’ve been advised that 3.5 down is the best route to take. I personally don’t like putting so little down, so I was curious about everyone’s thoughts on it.

@Ken Gee

Ken great info!

I’m going to send you a message