All Forum Posts by: Antonio Cypert

 @Aj Parikh how is your SFH doing in Cleveland?

Haha yeah, I got the feeling there was some confusion around my original numbers @Christopher Abele. What I meant is I will have $10k saved in about 4 months, but I have been saving for over a year. At my current pace I've saving about $10k/year, but I'm also putting in a lot of overtime hours now, so that should grow faster. I'm a little confused about what dollar-cost averaging is, could you explain that?

Thanks everyone for the great information.

@Zach Wain RE: 5% down min for a conventional, is that if the mortgage can qualify as a Second Home? I talked to my lender yesterday and he said for a second home we could do 10% down, though I didn't specifically ask about 5%. Caveat with that is it couldn't be a long term rental, though it could be an air bnb, which honestly is an avenue that I am interested in.

@Patrick Drury as a matter of fact I did an internship with Nationwide a few years ago and spent a week in Columbus, which I enjoyed quite a bit. I've heard there are some neighborhoods you need avoid though, is there some truth to that?

@Wale Lawal are there any emerging markets that you have on your radar? A few places that I'm familiar with are Florida, Texas, and Nashville, though I'm not sure if they are considered "emerging" anymore. I also haven't done any detailed analysis so I might just be blowing steam.

@Remington Lyman thanks for the advice but to be honest cold calling is really not a good strategy for me; I work full-time plus several hours with my side hustle and the only free hour of the day I have is around 11pm at night, which I don't think folks would appreciate me calling at haha.

 Will do and thanks for the advice!

That's interesting I didn't realize 3% down for a conventional loan was a possibility. But you're saying that's for a first time buyer? If I stayed in my current home that likely wouldn't be the case I'm guessing? Sorry but when you say "FHA will not allow for a true rental property", what do you mean? Would it be that both properties would have to be considered my own residences?

Thank you to everyone for the advice and words of encouragement. I probably should have included that I do already own a home as a primary residence, so FHA wasn't on my radar, but maybe that is an option if I get creative like you good folks mentioned. I'm fortunate to have a side-hustle too so I'll keep chugging away on that to keep building.

I've been saving my pennies and will be closing in on $10k saved in about 4 months. I've been thinking about this for a long time and the number I have had in my head is I need around $25k saved if I want to buy a property that is $100k. The thing is I live in the Phoenix area and I would like to invest somewhere that I'm familiar with, and if that's the case I'll need to save 3-4 times my original estimate. At my current rate of savings that won't be for another 8-9 years... and I'm far too impatient for that.

What options do I have that can help me increase my buying power and be able to invest in my first property in the next 1-2 years rather than the next 8-9?