All Forum Posts by: Aaron Ray

@Kevin Phu Typically how much are closing and inspection costs?

@Micah Cook Thank you, that response actually is helpful. It's got me thinking now... working with someone would be a good idea, especially if we even just go 50/50 on a deal or something. That way too, there is not obligation on future deals.

@Michael Swan Congratulations! That is awesome, hearing things like that is what really motivates me to keep learning and hopefully get started soon. 

I will definitely listen to the podcast when it comes out! I'll also follow you here on BP and hopefully chat in the near future if there's something I need more clarification on. 

Thanks for the response!

@Alan DeRossett How and where can a college student invest in a real estate crowd investment?

@Laura Williams @Dave G. I entirely agree with you that it is awesome what the parents are doing for the kid, I'm extremely jealous to be honest. All I'm saying is, I don't find it impressive on the kid's behalf.

@Ryan Detig Got it and got it, two very good tips for me! I'm gonna start making an excel spreadsheet now. Thanks!

I just graduated college, so my knowledge on buying and selling real estate is very little. I've made it through the first 17 BiggerPockets podcasts now and read a bunch of articles in the last 6 months, but can someone tell me what all the costs are to buying a house?

Just for example, if I go online and find a house that is selling for about $320,000 it may say that the estimated mortgage is $1,200/mo for a 30 year fixed loan with a 20% down payment and 3.83% interest rate. Right there that sounds great, because it's a 4-bedroom house and the average rent for a 4-bedroom house in that area is about $2,400/mo. So it appears to me that there would be a $1,200 cash flow per month, but I know that can't be... What are other expenses per month that would lower my cash flow? Thanks!

@Corby Goade Thanks again, I understand what you are saying. I have a good credit score and decent income, but any idea what a reasonable DTI ratio would be?

I was lucky enough to receive a 1% interest on my car loan, what are your thoughts on paying the remaining $5k? Still pay it off now, or keep saving my cash reserves for when I get a house?

@Corby Goade Thank you for your insight! That it very helpful information. I understand what you are saying about only take on debt that will make me money. 

I do have a credit card, I got it during my junior year of college about 2 years ago, but fortunately, I have ALWAYS paid off the balance each month. I Also bought a car my sophomore year of college, so 3 years ago, and I pay $205 a month and have 2 more years of payments (never missed a payment). I also plan on keeping that car for at least the next 5 years.

Will either of the above make it difficult for me to get a loan? Oh yeah, and I almost forgot, I just graduated college, so I'll be paying some hefty monthly minimum student loan payments soon.