All Forum Posts by: Ron Trinh

Thanks Alex. And thanks for letting me know a lot are ARMs, Chris. I have still yet to speak to anyone at BBVA where I did some research. I would only consider applying for it if fixed rate.

@Robert Freeborn Thanks Robert, will do.

@Lane Kawaoka Thanks Lane. This is why I am trying to uncover more information about them. They may not be Fannie or Freddie backed.

@Heidi Kenefick Wow, zero down and you got paid at closing! Nice! How long ago was this? 

The SunTrust loan seems like it has a similar "live-in" requirement as an FHA loan except without the PMI, very cool. I am looking into this type of loan for my first purchase as a primary residence too. Unfortunately, their website does not seem to offer one for non-Doctor professionals. This gives me some hope though that they exist. Will keep on looking. Thanks!

Hi BP Community,

I recently heard about professional mortgages that offer low down payments, no PMI, higher LTV ratios, etc. for those of us with professional designations.

A quick google search landed me on BBVA Compass. Has anyone had any experience with this lender or know of any others that offer such a mortgage?

I am curious to know if these mortgages are legitimate and worth looking into. Any help would be greatly appreciated!

@Sam Josh Thanks Sam. I agree the area definitely plays a stronger factor than the property itself. More to keep in mind!

Thank you to everyone that shared. As @Ali Boone mentioned, I have a lot more self-education to do while I save up. Excited to see where this journey takes me.

@Ali Boone Just thought I would clarify, she does not like the idea of living with anyone other than me in the same living space i.e. sharing common areas like bathrooms/kitchen/etc.  As Dan mentioned, I think if I were able to find a detached 2 unit, my fiancee would not mind as the tenant would be living in a separate unit. I have not made up my mind just yet since I plan to be renting for the next 2-3 years. A lot can happen in that time.  

@Manolo D. Good point Manolo. If the numbers work out when I am ready to buy property (investment or SFH), I may choose to rent in SD and invest out of state for cash flow. Lot more to consider with all of these differing opinions.

@Sarah D. True. Since we are both only a couple of years out of school, we have not really given lifestyle design much thought yet. Definitely something we need to work on.

@Ali Boone Thanks Ali. Just finished the blog post. It is not necessarily a dream of mine to own my own home one day, however, I would like to be able to stay in one place for a while (without rents going up). Since coming out of school, my fiancee and I have been moving every year and it has been exhausting. I will definitely not buy during the top of the market (as we are in now) as you make/lose money when you buy. The depletion of our funds for the wedding will force us to wait a few years, thankfully.

I may be going a bit backwards by considering to buy a personal residence before investment property, but I have to keep myself and more importantly, my future wife, happy. Appreciate your thoughts!

@Dan H. Cool, will PM you Dan. Curious to see your properties.

@Manolo D. Good points. I agree that house hacking with a separate unit would be ideal. Will have to keep looking for those deals.

@Lee Ripma Right, I think getting the "boots on the ground" in an out-of-state market is my current barrier to entry. I grew up in north county and suburbs are my thing. Hopefully I can find something up here that lets me own in SD and maybe out-of-state down the road! And living for your own goals, love it. Keep up the good fight.

@Matt R. After all of these responses, I am definitely leaning more towards owning now. The CSUSM area has been growing rapidly for the past 5 years and is turning into a bit of a college town. If I am up to the student rental idea, I could have a decent long-term strategy there. My apartment now is $1,774 a month for a 2bd/2ba. I figure if my monthly expenses with owning a home is slightly over that, we could make it work. Thanks for your thoughts!

@Paul B. Given my situation, buying seems like the smarter choice now too. Thanks!

@Lee Ripma Thanks Lee! I have actually considered renting here and owning property out-of-state as well. @Vickie Y. knows about this as she rents and owns property in AZ. I admit, I have not done much research about other markets yet. With the pressure of the wedding, family members naturally start to put pressure on us to "buy a home" to start our family. Thankfully, we do not plan on having children for at least 4 years. 

May I ask about how you got started in Kansas City? Feel free to PM me if you are more comfortable discussing there. Really appreciate your response as well as the others I have received thus far!

@Manolo D. Exactly! The low cost of living while renting is what is making me hesitant. You are right. At our income level, our finances would be be tight once locked down with a mortgage and maintenance. Considering this, we are renting now to help us put more money away each month. Seems like we would be house poor once we buy a place for at least 3-5 years. Definitely something to consider. The more I think long-term though, it may work out better to buy. Thanks Manolo.

@Dan H. Thanks Dan. I agree with your points. The long term write offs and loan pay down are the main reasons why I am leaning more towards owning than renting, despite how inexpensive my living costs are now. It is very difficult for me to ever see a reason to leave San Diego as I grew up here. So, thankfully relocating is not too big a concern for us. As a tax professional, I am really curious to see how the reform all shakes out. From my understanding, mortgage interest and charity will be here to stay. And thankfully, CA property taxes are not all that high to begin with.

I also did not know that there are detached duplexes here in San Diego at reasonable prices. Is this in Poway? I always thought this was only possible in other states as the duplexes I have seen online are out of budget or in not-so-nice areas. Would you happen to have a link to one I can check out? Would definitely consider a detached duplex to house hack. And congrats on the recent close!

@Account Closed - Good point Mary.