All Forum Posts by: Rodney Kuhl

@Brandon Hicks Thanks for sharing, looking forward to reading through that to learn how you did that!

The limit is 10. Some banks will tell you the limit is 4, but that would just be the guidelines of that specific bank. If they tell you 4 or 5, you can find a different lender who should lend up to 10.

I haven't looked into multifamily, but my understanding is anything 4-plex and less is considered residential and therefore is under the same guidelines as a SFH.

One thing to keep in mind with the 3.5% down FHA loan though (someone correct my please if I'm wrong, and I apologize if I am) is that you will have to pay PMI for the life of the loan. I was able to buy my personal residence with a conventional loan for just 5% down. Sure it's a little more out of pocket, but once I get to 20% equity I no longer have to pay PMI every month.

@Jay Hinrichs Yeah, I knew you weren't singling me out. Sorry if it sounded that way, wasn't my intention. I was just explaining my reasoning for it. I track all of our expenses each month so I know what we need to live on. I also know that we would like to have some extra so we can travel, visit family, donate freely, etc., so I know where that number is as well. But yeah, if I can get to $12k, $15k, $20k, etc per month, I'm not going to turn it away, haha.

@Jay Hinrichs I say $10k per month because I've lived off less easily (and less than $10k per month while still paying taxes on all of that income as well). Plus, but the time I get there all of our student loans will be paid off so we'll actually have fewer expenses than we do now, when we can manage to live off less than $10k per month. Sure, I'll take $20k or $30k per month as well, but I'm looking at the $10k per month as my point of financial freedom. That doesn't mean I'll stop there, just that I could.

Never heard of them, but that is cheap! Wouldn't mind finding out more if some people can provide insights on them. Thanks!

@Scott T. lays out some good starting points for you above.

@Raj S. You have some general good areas picked out. "Areas" are really difficult in Indianapolis, though, as it is more street by street in Indy. There are pockets throughout the city that are good areas to invest in, and then just a couple streets down is not such a nice area.

From what you are looking for, it may be worth looking into purchasing through a turnkey company in Indy. There are several to choose from for sure. PM me if you would like my recommendation in that regard.

I asked this question when I was looking for a tenant for my first rental. I got mixed responses then, and I can see both sides of it. One thing to keep in mind regarding SSI is they don't pay taxes on that income. Therefore, someone earning $1800/mo from SSI would be like the equivalent of someone making roughly $2400/mo pre-tax. 

You could probably kind of do both as well. Buy the multifamily and then make your student loan payment, only pay extra to it each month. You'll knock out the student loan in less than half the time then. That's what I'm currently doing.