All Forum Posts by: Rick Alvi

thank you @JD Martin I appreciate the informative long post.

thank you @Anthony Dooley and @Michael Boyer

Thanks @Mike G. and @Patrick Liska.

Well yeah @Patrick Liska I am speaking with an attorney, but I also wanted to get some opinions on here as well!

Hello,

I currently live in an apartment. Someone is "talking" about filing charges against me and perhaps suing me in the near future. I haven't received a summons but the person is manipulative and aggressive in nature. Anyhow, I won't go into the specifics because I will let the attorney and courts handle that... but my question to you all is: I currently live in an apartment and have some savings. I wanted to buy my first home soon and still would like to. However, if for some odd reason a court case doesn't go my way... I worry that they could "take my house." I wasn't sure if they could "take my house" or if they typically go for my bank account. Should I buy a home immediately? Or should I just keep the money I have in the bank and continue living in an apartment throughout this possible case? Thanks!

Matthew A. I completely agree. And no offense was taken. I write off Alot in business expenses at the end of the year with my CPA in order to not have to pay so much self employment tax at the end of the year. Realisitically I think YOUR ON point. I can buy a single family...live in it...rennovate it...then rent it out later on. My goal at this point is to purchase one single family home every two years, and have them rented out. I want to keep my reported self employed income low (to keep my taxs low that I owe every year) because I enjoy my career path. It's not the best career from an investor standpoint, but I would like to buy single family homes to rent out every couple of years and then eventually retire after 15-20 years of doing it.

@Denny Robert @Brian Garlington @Marian Smith @Ryan Evans @ben 

@Ben Zimmerman @Madeline Burke @Jacob Voncannon @Clint E. @kk 

@KK A. 

Thank you guys. I'm self employed so it may make it tough to qualify for a multi-family that I want. Most of the multi-family properties that look appealing are around $275,000-500,000. I'm self-employed so I write off as much as I can in terms of business expenses. Over the last two years of tax returns, a certain bank offered me a $130,000 pre-qualification for a Single Family Home at 5% down with PMI required for only two years. I never spoke with him (the bank) regarding possible Multi-Family purchases. I hope I can qualify for a Multi-Family property in the $275,000-500,000 range but I'm not sure because of my existing pre-qualification amount for the Single Family. I'm going to assume here, that a mortgage broker or bank may consider the performance of the property + my two years of reported income to determine what I'm eligible for in a Multi-Family loan. I like everyone's ideas but they still seem to be split down the middle pretty strongly. The two opposing thought processes regarding buying a SFH vs. Multi-Family go on in my head 24/7 and I can't make a decision! I'm a Libra, so that doesn't help (joke)!

edited

It would be great to find something that could cash flow for $1,000 a month, but I didn't think it was possible with a Single Family Home that costs between $95k-120k. There are 3bd/2baths for sale in rental areas, but most rent for $1100-1300. I'm ok in the apartment if I can find something that will help bring me extra income. I don't *need* a house to live in, I can settle for an apartment for now until I replace my current income with passive income. Thanks!

Hello,

I'm a full time professional musician, I'm blessed to be able to do this for a living. But this career won't last forever and neither will my youth. I'm 29 and I'm saving every extra dime to invest in future assets so that I can one day develop a passive income stream which will help me as an artist to maintain the lifestyle I want to continue pursuing. I live in a hot market, Houston TX to be exact. I currently rent a 1bd apartment for $780 a month. I have 15-20k to invest and I'm not sure if I should buy a primary residence first (5% down due to my excellent credit) or if I should buy an investment property instead. My goal is to create passive income streams through real estate. I'm not sure if I should look in my hot market or if I should invest out of state. I hear that if I'm not owner occupying I'll have to come up with 20% down.Do you recommend I buy a SFH and rent it out first? Or buy myself a primary residence at 5% down (fix it up a bit) and then rent it out in a few years? Should I start investing now, while living in an apartment instead? I suppose I could house-hack and buy a multifamily unit, but I'll probably need a property manager to help me the first year to learn the ropes. I also don't know if I can afford much in my current market area. There are single family homes 3bd 2bth that go for 95-115k but a lot of the multi-families cost a lot more.