Sneaky rental: we bought the first property under my name and the next property under my spouses name. You do need to be able to qualify individually and have reserves for the vacancy
I want to get started on building my portfolio. My question is: I owe 100K on my home where I live with my family. If I have 100k saved up. Is it better I pay off my home first OR use it to buy my first rental property?
David move to Knoxville!! Everyone from California is moving here so you should too! Plus only 1 hour away from your STRs in the Smokies! Also, if you have any cabins you're looking to sell, hit me up 👀 I love the banter between you and Rob! Y'all are my fav and we need more podcasts from you two. I get sad when I play the newest episode and I don't hear y'all's voices 🥺
We hire someone overseas which happens to be family member and it’s working for us! We have a handful of properties and were getting pretty hard for us to do it ourselves on top of our full time job.
WOW ROB! Tell us more how the city of Houston was going to take down your 🏠 house😮! There's Soo many stories of problems with real estate, people hesitate on just dealing with Tenants, Toilets, and everything associated with overhead to eat into your profits. Even neighbors over easement of property lines wanting to use you. America has to be the LAWSUIT CAPITAL?😲🤔
Funny thing is i just went through this. bought my house in 2010 on the LOW. Lived in it all these years and started my family. Been trying to buy another house. Wife is a Broker/Prop manager and had a SIGNED lease on the first house with Deposit ECT and lender still said nope. Had to jump through numerous hoops and eventually made it work. Good luck to all!
For FHA you can only have 1 unless you have documented job change. for 5% conventional you need to make below the median income so likely you wont be able to repeat the process he described beyond a couple properties. However there are 10% second home loans and 15% down investment loans.
I don’t think this is a good market to be overextending yourself in rentals. At least in Florida - rents have gone insane. Evictions are up, vacancies are up. If you come in at record high prices and the tenants aren’t there at the prices you want - you’re just going to have sell it or accept a paper thin margin. I’d wait for the housing market to stabilize or pull back to where locals can afford to rent…
Sneaky 😈- During Covid I purchase a PR with 3% down, rented it 2 months later got pre-approved for another PR with 5% down, also rented. This year I purchased another PR with 5% down.
Is taking a home equity line of credit (HELOC) to pay off credit cards a smart move compared to a home equity loan? I thought HELOCs are designed for short-term borrowing. I guess it depends on how much debt you have?.
Come on you millionaire can afford Home Depot and I'm sure everything is a tax write off and you get cash back and points depending on what credit 💳 cards are used.🙏🤩
Sneaky rental: we bought the first property under my name and the next property under my spouses name. You do need to be able to qualify individually and have reserves for the vacancy
I was going to get on and say this same thing. This is how families do it: DON'T CO-SIGN
On single income, and joint accounts.. can this still work?
@@aaronsmalley1323 that is how we did it. More work for the underwriter but it can be done
"Live like no one else, so later, you can live like no one else." Dave Ramsey :)
I want to get started on building my portfolio. My question is: I owe 100K on my home where I live with my family. If I have 100k saved up. Is it better I pay off my home first OR use it to buy my first rental property?
David move to Knoxville!! Everyone from California is moving here so you should too! Plus only 1 hour away from your STRs in the Smokies! Also, if you have any cabins you're looking to sell, hit me up 👀 I love the banter between you and Rob! Y'all are my fav and we need more podcasts from you two. I get sad when I play the newest episode and I don't hear y'all's voices 🥺
We hire someone overseas which happens to be family member and it’s working for us! We have a handful of properties and were getting pretty hard for us to do it ourselves on top of our full time job.
WOW ROB! Tell us more how the city of Houston was going to take down your 🏠 house😮! There's Soo many stories of problems with real estate, people hesitate on just dealing with Tenants, Toilets, and everything associated with overhead to eat into your profits. Even neighbors over easement of property lines wanting to use you. America has to be the LAWSUIT CAPITAL?😲🤔
Funny thing is i just went through this. bought my house in 2010 on the LOW. Lived in it all these years and started my family. Been trying to buy another house. Wife is a Broker/Prop manager and had a SIGNED lease on the first house with Deposit ECT and lender still said nope. Had to jump through numerous hoops and eventually made it work. Good luck to all!
How did you make it work? I’m trying to do the same
The "STUPID " part was my favorite one 😂😂
For FHA you can only have 1 unless you have documented job change. for 5% conventional you need to make below the median income so likely you wont be able to repeat the process he described beyond a couple properties. However there are 10% second home loans and 15% down investment loans.
You guys have gotten really really good with this format… Complementary dialogue and humor all on point
Too bad BP didn’t read your response. I agree with you.
Thanks sean!
I don’t think this is a good market to be overextending yourself in rentals. At least in Florida - rents have gone insane. Evictions are up, vacancies are up. If you come in at record high prices and the tenants aren’t there at the prices you want - you’re just going to have sell it or accept a paper thin margin. I’d wait for the housing market to stabilize or pull back to where locals can afford to rent…
Great questions this episode !
I would be down to watch Bigger Pockets LIVE in Houston!
Don't forget a home generator if you are investing in Htown. Also, I fully support you taking Aggie's money.
Great show fellas
Sneaky 😈- During Covid I purchase a PR with 3% down, rented it 2 months later got pre-approved for another PR with 5% down, also rented. This year I purchased another PR with 5% down.
Awesome “Seeing Green” as always! Very informative! Thanks for sharing your experiences with the BP community. 👍🏽👍🏽
Is taking a home equity line of credit (HELOC) to pay off credit cards a smart move compared to a home equity loan? I thought HELOCs are designed for short-term borrowing. I guess it depends on how much debt you have?.
7:45 Live like no one else, to you can live like no one else
Should he target multi-family in this case? Would the income from the multi-family help him qualify?
I'm always looking for this morning's show.
Pimping out your book keeper...check. add that to my to do list lol
I live in Houston
Wouldn’t it be better to live in the house for two years instead of one in order to avoid capital gains tax?
Isn’t capital gains only if you sell?
It's only if you sell
Who is managing your coliving in Texas ?
When you refinance, where does the money go if you have equity on the house?
You receive it as a cash out refinance
Any estate planning lawyers in Houston Texas
I do ac work its sad you had to pay 20 gs or more for a 3000 dollar unit😂
That is a good idea.
I want to work with you
1st lien heloc is my favorite for debt consolidation
Did he say houston Tx has a very handsome man? Must be talking about me
Come on you millionaire can afford Home Depot and I'm sure everything is a tax write off and you get cash back and points depending on what credit 💳 cards are used.🙏🤩
Just dont do it. Pay off your debt and be a responsible adult.
Rob is not a fan of Dave Ramey lol Tupid😂