All Forum Posts by: Austin J.

@Amber Saulsbury In my market 10 caps are everywhere.

Need to replace like 10 windows. I don’t know anything about the types of windows or anything, but the inspector recommended storm windows. What do you guys use and why?

Maybe offer to let your cosigner live there for a year for free. Give them some solid incentive. 

I was approved for 150k using under-the-table income.I had nothing reported at all, so My lender reached out to my employer and my employer just filled out a form stating what I make.

@David Nutakor That is THE most important thing to me as well. Thank you for your words of encouragement. 

@Lynn McGeein The city will buy it from me for what i purchased it for. 

Also, this property was going to be my primary residence all along. Sure, I would’ve liked to have found a duplex that cashflowed. If I never intended on living in it and wanted to just rent it out, obviously I wouldn’t have bought it unless it did. Where I feel like I made the mistake is not treating the house that will be my primary residence as an investment property. Because now it will be harder for me to get an investment property because of the higher debt to income ratio I have just acquired. Which is why I asked about creative financing. My goal is to have thousands of these things. I’m nervous that I may have just created a setback for that goal. 

@Jason D. by doubling my savings Im referring to the transition of paying rent to building equity. I do have 60k In stocks that I can liquidate to buy another property so that I can increase my cashflow as a whole. But everyone else on this post seems to think that’s a terrible idea for some reason lol 

@Thomas S. Perhaps what you are saying would be true if I was currently saving money. But by no stretch of the imagination are you correct in saying I would be in a better financial spot if I continued to rent. In fact I more than doubled my current saving rate by purchasing the home!

@Matt P. The down payment was 42k. I own a restaurant which I currently take no income from at all, so FHA etc wasn't an option for me. My business partners best friend was the underwriter, from a financial point of view I really shouldn't have been able to buy this house in the first place, so part of me was afraid that if I didn't jump I would miss the opportunity altogether. When youre inexperienced, you don't know what you don't know. All I know is I Just opened a savings account of sorts when I previously was throwing away 10k/yr for a one bedroom apartment, and I get to care for my mom rather than putting her in a nursing home. It just kind of worked out well. My mom had to file bankruptcy due to 800k of medical bills, so this way allowed her to move into a nice place, and also bought me time to build equity when I previously wasn't able to. Thank you all for your advice. We all need to hear the negative stuff from unbiased POV. After 2 years of waiting and wishing, im happy to have finally jumped in. Im excited to learn all that I can, so that my next move can be a home run. If it weren't for the stupid flood insurance, this would be CF+. When I emailed the mayor to see what was being done about this particular flood zone, he replied that this area was a designated flood zone and is SUPPOSED to flood, and said that the cities intent is to let this area "revert back to its natural state of greenery", talk about a scary email LOL. You guys will hear about this deal more when I tell Brandon and David all about it in the "deal deep dive" 5 years from now ;)