All Forum Posts by: Ash Hegde

@Samuel Jolicoeur only need a high school diploma, 20 hour course, and passing a test to get the license. The hard part is finding clients and closing deals, similar to an agent.  

Quote from @Samuel Jolicoeur:

Quote from @Ash Hegde:

Welcome to the forums! Happy to connect and talk any time. 

 Hello! You’re a mortgage lender in South Florida? I’m interested in potentially taking that route as a day job while building an investment portfolio.

I am! Knowing financing certainly would help with your portfolio. I think agents have a little more advantage in that they are seeing the property deals up front, but your networking skills will open up opportunities for investing no matter what day job you choose. I'd choose whatever suits your skills best and you think you'll make money with. 

Welcome to the forums! Happy to connect and talk any time. 

Your thinking is correct - you've been given a great head start into RE investing and are in a good position. If you plan to keep the money invested, a CO refi is probably best since the interest rate is fixed as Bryan mentioned. 

If your goal is growing a portfolio, using the cash for down payments on multiple properties is not too aggressive. You can always start with one and see how it goes before investing in more.  

Another option, depending on the value of the property, you may be able to get enough cash to do the BRRRR strategy and grow even quicker (if that's what you want). If it's enough to buy and rehab distressed properties, you'd be able to skip the hard money rates and points and recycle that cash when you refinance to do it again.

Nathan has some good recommendations, any of those will give you a great understanding of an aspect of real estate investing. You don't necessarily have to work in real estate to invest in real estate though. If you feel you are best suited for accounting and want to stay in that career, you can certainly invest on the side. If you do feel like you have a skillset that will work in a real estate career though, I think you will have an easier time with investing as you'll learn about the process of the deals for when you want to do some for yourself and you'll probably have contacts in the industry to work with. 

You can get a DSCR (debt service coverage ratio) loan that will use the rents on the property vs the mortgage payment to qualify and ignore your personal income situation. You won't be able to move into it like a house hack but it will work for an investment property.

If saving for a down payment I would use a high yield online savings account. Many are over 3% right now. The lower return (compared to stocks or other investments) is worth it for the liquidity when a good real estate deal comes up. 

Agree with @Eric Yu, especially if you plan to grow and get more properties. You want someone comfortable with all aspects of tax for real estate investing. 

Your Google search was correct, when you sell you will be responsible for depreciation recapture even if you don't take it on previous returns. Your income may be too high to take current year losses but you will get a carry forward on the passive activity and you'll be able to use it to offset the gain on a sale. 

You can buy a single family with FHA and rent out rooms. The main difference between the two scenarios is that with multifamily you can count rental income from other units to help you qualify for the loan, and with single family you can't count room rental income.