Airbnb, Scott discussed on BiggerPockets Money Podcast
A half percent down plan plus about two thousand dollars in closing costs two to three thousand so right there is your entire emergency fund which i would not suggest you dump into a house but you do have the three thousand dollars in the savings account and scott said if you can start cranking out this this money the generate the income with the house hack. That could be a really. I mean you're getting rid of your rented eight seventy five if you could completely cover your mortgage. That would be huge. You could probably do more than that. If you're willing to live like scott did where you read that one half of the duplex you out. A bedroom in your unit Do you have roommates right now. A don't know. I live in one bedroom. Okay something else to think about is airbnb that other side and generate more income and that should have an influence. The idea of airbnb should have an influence on what property you buy. You don't want to buy property. You know a mile away but it's five thousand dollars less and you know a dead slightly. Different location could generate a lot more interest on the airbnb front. So if that's something that you're considering if you are an all interested in the airbnb idea. That is to keep that in. Mind when you're looking but i really do love the idea of getting your real estate license and starting to generate some income from sales or learning the market and i really like being a real estate agent yet you know i was. I was a little more aggressive than what. I'm discussing as well here. And i'm sorry for bringing in my personal situations just we. It's so closely resembles it that. That's why i'm doing that But you you I bought my first place. And i had like i think eighteen thousand dollars and i put fifteen thousand now. I had twenty two thousand dollars. And i put fifteen thousand dollars. Down was left with eight and that was inclusive of my emergency reserve. So it was a much more aggressive than what i'm describing here from a cash position within and i don't know if that's right or wrong maybe i took a big risk. Maybe i didn't. But i also saved still saving like a thousand two thousand dollars a month. You could be in position to buy it sooner than what we're discussing here if you wanted to get aggressive with with those types of things and i wouldn't say you're wildly irresponsible..