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GOLD STOP Paying Rent: Live For Free

Discussion in 'Real Estate Investing' started by G_Alexander, Apr 21, 2014.

  1. glavinaveki
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    glavinaveki New Contributor

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    If you live just to pay the rent you are not living my friend you are just surviving the next day or a month. You have to find your passion and when you do work on It, in the matter of months world will give you results in the terms of money, good relationship, expirience... Read this :)[​IMG]
     
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    MortimerFox Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    :eek:
     
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Hmmmm...
     
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    stefan Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    OP, thanks so much for sharing your knowledge with us. I really appreciate it.
     
  5. Burning Desire
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    Perhaps a stupid question, but do FHA mortgages allow you to rent out part of the property? In most European countries this is NOT allowed with a standard residential mortgage. A so-called "buy-to-let" mortgage is significantly more expensive.
     
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    This is a great post and something I've pondered for a while. But if I'm not mistaken your numbers are off here...

    If I'm living at the property, I'm not paying rent there are still $1500 in expenses, but I'm only bringing in $2000 on the property. So my NOI is only $500 with a $1500 mortgage payment. So I'm getting a discounted mortgage, but like everything in life, nothing is actually free.​
     
  7. G_Alexander
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    G_Alexander Does it Cash Flow? Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    STOP Paying Rent: Live For Free: Post #217

    @DClaiborne You should really read the whole thread next time!
     
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  8. DClaiborne
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    I was going to, but realized this type of investing wasn't something I was interested in. Also figured if it needed to be corrected or clarified you didn't have to live there, it would have been put in the op.
     
  9. ChrisJHarrington
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    ChrisJHarrington Silver Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    How long until you can effectively move out of an FHA house? I believe the minimum is 2 years?

    Also, I believe you can get a second FHA without having to front 20% down, or you can do a conventional loan at 5% down? I'm sure you covered it somewhere and I need to keep reading through, but from what I'm reading, it's VERY realistic to make hundreds of thousands of dollars in appreciation and free cash flow by doing this if you're patient - probably 1, maybe 2 purchases per year max, but then over 10 years you could have 10+ properties in your name netting you free cash flow.

    I'm planning on doing my first FHA purchase in the next 6 months, and I'd like to follow with a second purchase in 2019 (income properties, exact things being discussed here).. I'm fairly certain FHA is the way to go for the first one, and then you either 'move' and pick up a second FHA, or you can get a conventional loan at 5% down.

    Is this accurate?
     
  10. Paul Thomas
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    Looking to do something like this and close in 5-6 months time (possible?)

    Knowing I might get hate with this question - is this method still 100% viable in 2018? :)

    Thanks!!!