All Forum Posts by: Justin Rice

I would love to see this as well. It would be very helpful.

I really like the idea of moving out of my primary residence, renting it out, then using the equity loan on my primary and the income from the primary to obtain the loan for my fourplex. After all is said and done, as long as I'm not forgetting anything, I should be making about 400 positive cash flow from the property a month. That is including the costs of 10% of rent for maintenance, 10% for property management, mortgage, taxes, rental policy, HOA dues, irrigation dues. Is there anything else I need to be looking at?

I've been in the property for 5 years so that will work perfectly for me! My primary residence would be a great rental. However I don't believe I have enough income to obtain a HELOC and a loan for the Fourplex. From what I've read they won't allow loans past 35% of your total income. Not sure how true that is, if so, then both loans would surpass that barrier. I would financially be capable of paying both loans but if I can't attain the loan then that is of no relevance.

Hello! I am new to this forum and fairly new to the business of real estate investing. The knowledge I have has come from helping my wife obtain her real estate agent licensing, as well as helping her sell her first few homes. Not much experience at all but it allowed me to see the potential of growth from real estate investing. I'm looking for advice on where to begin in this process. 

As of right now I have about 70k equity in my single family home. I'm considering selling and using the equity as down payment for a fourplex so I can begin "house hacking".  On a recent BP podcast. They spoke of being able to purchase land and build for $100/sq ft in my area. Is building to rent actually feasible? If so where is a good place for me to begin? I've started pricing fourplexes in my area so i have an idea of what is in my price range. As long as I can make the numbers work and come ahead with a positive cash flow after all expenses what else do I need to worry about? What should i be reading on? I was also interested in using 1031 on my house. Am i able to use the 1031 and still obtain an fha loan if I plan on living in the fourplex?