All Forum Posts by: Sarah Im

@Andrew B.

Thank you for the advice to separate the two decisions. That makes a lot of sense. If we rent our current home, it will definitely cashflow :) I'll prioritize saving up to purchase the next place. Thank you for the info on the FHA loan as well. I've been eating up all the info on the podcasts but haven't been able to spend as much time on the forums. SO much to learn! :)

@Jim Goebel 

Yes, we've built up some equity! I will look into that further. Thank you. 

I'm sure we can find a cheaper rental to live in while we rent out our current home. 

I like the alarm clock image. I'll keep that in mind. 

Thank you for your kind advice!

Hello everyone! 

My husband and I are new investors and we are trying to clean up our financial messes so we can be on our way to financial independence. Before we seriously considered the idea of investing, we made the mistake of purchasing our current home a little over a year ago with an FHA loan. I wish I had heard of househacking before we bought our house :(

Now that we know about it, we're trying to find ways on how we can purchase a duplex to househack and rent out our current home. We put all our previous savings into purchasing and fixing up this house, so at the moment we don't have any cash for down payment towards a duplex. 

If you were in our shoes, how would you get financing to purchase the duplex? 

Are FHA loans for first time homebuyers only? or can we get another FHA if we live in the next house?

In Ep. 290 (7 paths to Financial Independence) of the Bigger Pockets, around 21:00 into the show, Brandon mentions "You don't have to get a new mortgage, just get a new house." Can anyone expound on that Brandon meant by that? 

Thank you!