450k First Mortgage Approval best investment ideas

2 Replies

Hi bp family my name is SeQuann I’m 27 years old i live in Washington DC and I just got approved for my first mortgage 450k not sure how to spend it...I would like buy a investment property I’m really considering out-of-state investing bc this area is getting expensive not sure I will buy a home or small apartment building any good ideas out there ?

@SeQuann A. Mincy

In my opinion, SeQuann, don't spend all that.  I know DC properties are more expensive than some areas but if you can get approved for that much there's a decent chance that you can have some left over for another investment property.

Don't become 'house poor'.  Buy something you like in an area that is safe in terms of possible appreciation, with good schools.  Also consider, if you have the interest/knack, etc - look into possibly house hacking and/or buying a multi family residence and renting out part of it!

Then, keep doing whatever you're doing in life with regards to working, etc, and getting yourself access to capital.  Things will continue moving in the right direction.  Take the long view.

Hi @SeQuann A. Mincy , congrats on getting approved.  Just wanted to give you a few points:

1.) You were approved for a loan up to 450k.  Do know that if you buy an investment property you will need 20-25% down of the purchase price.

2.) If you are buying as your primary residence, you can do 3-10% down.  

Completely up to you on how you would like to spend that $$$ but just wanted you to know the difference.  

Good luck, let me know if I can help at all!