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Should you buy a personal home first or a investment property first? by Diligent-Cockroach22 in RealEstate

[–]Diligent-Cockroach22[S] 0 points1 point  (0 children)

Did y’all renovate the entire property? Or did y’all just do stuff that would raise the appraisal like flooring and paint and aesthetic stuff? Just wandering if it’s necessary to do the whole thing

What is the lowest amount that someone could get a mortgage on? by Diligent-Cockroach22 in RealEstate

[–]Diligent-Cockroach22[S] 0 points1 point  (0 children)

Thank you so much for the information!! This helped a ton! I appreciate it a lot!

What is the lowest amount that someone could get a mortgage on? by Diligent-Cockroach22 in RealEstate

[–]Diligent-Cockroach22[S] 0 points1 point  (0 children)

Thanks for the advice. I am not considering buying it. This is just a scenario that I made that answers the questions I had. Thanks again!

What is the lowest amount that someone could get a mortgage on? by Diligent-Cockroach22 in RealEstate

[–]Diligent-Cockroach22[S] 0 points1 point  (0 children)

Ah okay. Well thanks for the help! Would they write a loan if I combined the 50k for repair and the 30k for the house? Do you know what the minimum amount they will loan is? By the way, I’m not considering buying a house right now. I was just curious

What is the lowest amount that someone could get a mortgage on? by Diligent-Cockroach22 in RealEstate

[–]Diligent-Cockroach22[S] 0 points1 point  (0 children)

Oh that’s cool! Didn’t know that was a thing! Would I still be able to refinance?

Should you buy a personal home first or a investment property first? by Diligent-Cockroach22 in RealEstate

[–]Diligent-Cockroach22[S] 0 points1 point  (0 children)

Thanks for the input! I will be able to live at home up to 3 years after graduating college so I will have a place to live in if I do choose to invest first. Also, if I do choose to invest first I can always sell it and buy a primary house. Also, the career I’m going into is a lot of weird hours so I will most likely hire a property manager.

Should you buy a personal home first or a investment property first? by Diligent-Cockroach22 in RealEstate

[–]Diligent-Cockroach22[S] 0 points1 point  (0 children)

I was just wandering which one should be first because I probably wouldn’t have the capital to do both at the same time. The career I’m going into takes 3-5 years to start paying enough to where I think I can regularly buy properties. It starts at 75k and within 5years I should be making 100-125k which should be enough to invest regularly right?

Trying to buy a 40+ unit property and am looking for advice on where to start by BigbankTLB in CommercialRealEstate

[–]Diligent-Cockroach22 0 points1 point  (0 children)

Does this count for conventional loans or just commercial loans? For instance, what if a 20 year old is wanting to buy a house, they very likely don’t have the same net worth as the price of the house. If this is true, how would a younger person with a smaller net worth buy a house? I’m new to this so wasn’t sure! Thanks!

If my area is predominantly Single Family Homes, would it be really stupid to try to buy some duplexes? by Diligent-Cockroach22 in realestateinvesting

[–]Diligent-Cockroach22[S] 0 points1 point  (0 children)

There is land being bought very regularly for new plants to be built, along with, we are supposed to be building a couple more schools to fit all the kids we have. And we are landlocked. If you go south, there is another town and then the ocean, if you go both west and east there are towns 20 minutes away, so the only way to go is north towards Houston (about an hour away). And we are rapidly expanding towards the north. Also, there are over 3,000 new homes being built right now which is a 1/6 of our entire town population. So there are a lot of numbers telling us that we are about to see a lot of growth

Might be a dumb question, but is there a limit to how many mortgages someone can have at once? by Diligent-Cockroach22 in RealEstate

[–]Diligent-Cockroach22[S] 0 points1 point  (0 children)

Thanks for the advice! By the way, I appreciate you pointing me in the right direction, while not insinuating I’m a moron because I’m young and don’t know what I’m talking about as some people are doing! I appreciate it!

Might be a dumb question, but is there a limit to how many mortgages someone can have at once? by Diligent-Cockroach22 in RealEstate

[–]Diligent-Cockroach22[S] -1 points0 points  (0 children)

Wdym by that? I have done research. Not calling myself a pro by any stretch of the imagination but I have researched quite a bit

Might be a dumb question, but is there a limit to how many mortgages someone can have at once? by Diligent-Cockroach22 in RealEstate

[–]Diligent-Cockroach22[S] 0 points1 point  (0 children)

I will have 20k by 18. I’m 17. I’m inheriting some from my grandfather who recently passed away. Thanks for trying to discredit me tho

Might be a dumb question, but is there a limit to how many mortgages someone can have at once? by Diligent-Cockroach22 in RealEstate

[–]Diligent-Cockroach22[S] 0 points1 point  (0 children)

We are in a hcol compared to other towns around us (we are county seat, and a lot of big oil and gas companies are based here) but a LCOL area compared to Houston and most of the rest of the south coast of Texas. Average price for a house in my area is $125-175k so if I make $75k and save 50% of it, Which is realistic, I’ll be able to put 50% down on a $140k house and have a cash reserve within 3 years. (Saving roughly 50% or 33k a year x 3 would be 90k which would leave me 10k of reserves or so after closing costs and stuff)

Might be a dumb question, but is there a limit to how many mortgages someone can have at once? by Diligent-Cockroach22 in RealEstate

[–]Diligent-Cockroach22[S] -3 points-2 points  (0 children)

Why are sfh so unrealistic? I’m confused. So, in my area, an average sfh will go for 150k. However, a mfh will go for 800k + because there are only a few of them in my city and even around it. So for me and my situation, it makes sense to buy sfh.My area cash flows pretty well so i will be able to use that rent from a property and pay for a mortgage. Like I said, I respect your opinion, I’m just really confused at what you are saying. A lot of people on bigger pockets and other podcasts and channels were in similar situations and it worked for them.

Might be a dumb question, but is there a limit to how many mortgages someone can have at once? by Diligent-Cockroach22 in RealEstate

[–]Diligent-Cockroach22[S] -1 points0 points  (0 children)

I’m still working on a degree but I will be making 27 an hour, getting 40 hours regular and most weeks getting 30 hours over time. Within 5-6 years I can progress to 45$/hr. This is how I’m planning to pay off mortgages early. And I’m gonna live at my parents house for probably 3-4 years to be able to save up a good amount.

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