Advice on Where to start

i’ve looked on here a while and wonder if anyone can give me an idea of a good path to take.

my info:

i’m 21, self employeed, credit score is around 680, should be up over 700 soon once i get some things paid off.

i just purchased my first home for myself may of this year, i owe 195 and it’s worth about 260, i want to get into investing, i live in the tampa, fl area. i’m wondering about some books to read for good advice and ways to get going. currently my cash is low also. i plan to save until early next year, get debts paid off and try to make something happen, any ideas/advice would be greatly appreciated. thanks guys!

I liked the RichDad Books, Think and Grow Rich, Landlording, Investing, Thomas Lucier’s books, and many of the books at the top of Amazon’s list. You should also join some real estate investment clubs in your area, if there are any.

My first investment was a duplex where I occupied one side. It was nice because I received a low “first time home buyer” loan that was a 100%. I lived there for 6 months and then got another, etc.

is this a good route to take? my buddy insists that for your first home you should take advantage of the benefits you’re offered. although he’s saying to live in the place for 2 years.

you only lived in for 6 months. what problems could you run into by doing so? i mean i could purchase a multi family…live in it for 2 months and then move out.

in theory, you are supposed to live in a home for 12 months if you got a loan as owner occupied.
if the loan ever goes into default, the lenders would try to see where you lied to them and try to get the judge to fine you and toss you in the slammer.

thats why i get all my loans as non-owner occupied (NOO) loans.

however if you’re feeling lucky, you can risk it. i know i did on my first rental ;D
The funny thing about that one was even though i got it as OO, it was a rental for 12 months
AND THEN I moved into it.
after 12 months I sold it and am renting it back. the new owner’s loan was for OO!!!

Actually, I worked with a real estate lawyer as well as the mortgage company on the deals. The mortgage company said they at least like to see 6 months of occupancy, but a year is better. It wasn’t stated anywhere in the loan package that I had to live there for a longer time and I got my subsequent loan through the same company.

The mortgage company likes to see a reason as to why you’re moving. In my case, it was a bigger place, better area, etc. It went through underwriting fine and I think the company was Wells Fargo, so it’s not like they were letting themselves commit loan fraud.

The 2 year timeframe is regarding capital gains when you actually sell the property. The IRS wants to see 2 of the past x number of years. Each lender is different, so I called mine, talked to the underwriter, and did it the right away with everything being out in the open.

<<The 2 year timeframe is regarding capital gains when you actually sell the property. The IRS wants to see 2 of the past x number of years.>>

In this equation, x=5…to qualify for Capital Gains exclusion, you must have lived in the property 2 ot of the last 5 years. There are a few exceptions to this…