All Forum Posts by: Vincent Crane

You begin by getting another job. You can't grow a portfolio and get loans if you're not employed (unless you're rich)

Awesome I'll definitely be there

Wow, that is expensive rehab. Deals can be found everywhere, unless you're in atlanta or SF right now haha

Most people do say it's a good time to by while interest rates are low... However, would you rather have a 6% interest rate on a $150k house, or a 4% interest rate on a $250k house? With the higher prices that we have, it negates the benefits of cheaper interest. Plus, what is about to happen really soon is... High prices, and higher interest rates. 

Austin definitely won't be dropping anytime soon. There's a lack of inventory, and the job and population growth, and tax breaks in Texas... Austin isn't dipping anytime in the near future. Probably one of the safest bets there is. I'm also in the same exact boat in Atlanta wanting to house hack but the market is expensive, and it's top 3 in job growth so I don't think it'll drop here either...

With prices back to pre-recession levels in many areas, and the lowest inventory in 50+ years, it certainly looks that way.

You can absolutely still do it. If you find a motivated seller and find a good deal that cashflows $200 per month per unit, you can get a return right away. If you find a good deal, your cash on cash return should be about 20-25% in your first year between cashflow, equity paydown, and appreciation. You can buy a house that needs some work, at a discount, put 20k into it, turn it into a rental, then do a cash out refinance, and build a portfolio like that, that can become your retirement income easily within 5-10 years. Definitely possible.

The podcasts on this site will be a great resource for you

@Jeremy Cohen I would recommend a multi, and a real estate agent can pull listings from the MLS for you, and the price is based on your income but I would say like, $100k-$200k. For a multi, you only have to replace one roof and your vacancy rate will never be zero because there's multiple people living there, vs an SFR where it's either 100% or 0%

@Chris Payne If it cashflows and you're holding it, it doesn't matter if the price drops. Plus, you'll be at 80/20 LTV so you still have a good amount of equity. In a cash out refi you don't take out all of the money