All Forum Posts by: Dante Feria

I would go with the suggestion of carpet installers , they know better.

What is the difference in cost ? i would go the cheaper route 

I would accept it and have the 6 month paid up front that is non refundable to be included on the closing as a discount or credit to you . 

Watch some videos on youtube and your now qualified .

I would just do a a spot a fix where needed and try to acquire the other property.

Did the plumber showed you where the clogged is ? There are cameras that can be utilized to see this before any major repairs are done , so if you get a second opinion make sure they have a camera . good luck .

The numbers looks good on paper , but is the property in a good location? Even if all the economic indicators are ideal if the property is in a bad location there will be  less people interested to rent it. 

I think it will not cash flow for the mortgage is for 15 years , the property was bought at market value and the HOA is high. If the property was bought below market with 30 year loan in a decent neighborhood it will cash flow. If these scenario is not taken into account , chances are the property will not cash flow.

If you think your unit stands out with the competition and there is not a lot of available units in your market , you can give it a try. 

I suggest checking your financials first listing down your assets and liabilities. This will help compute your your debt to income (DTI) ratio , which are used by lenders to qualify you for a loan . Even if you have a good credit score banks may not approve you for another loan. The ratio should be less than 40% or better. If you have a car loan or any monthly payments other than your mortgage that will hurt your DTI. You need to get rid of all those monthly payments to position yourself to get another loan. While doing this , you want to save as much money for a 25% down payment for another property or sell your existing home and do a house hack by buying a duplex , triplex or quadplex with an FHA loan and living in one of the units. That is how I got started when I was about your age , its not easy but doable and now have 6 rental units .