All Forum Posts by: Darian Richardson

@Joseph Cuomo

I reached that $650 with a mortgage calculator given to me by my broker, but I received more information. Instead of $650, which I initially stated the mortgage will be an estimated $719 ( using same mortgage calc given to me by broker). Below is the monthly mortgage breakdown:

Principal and interest: $416

Homeowners insurance: $50 ($600 annually)

Estimated Mortgage Insurance: $60

Taxes: $53

HOA/ Condo dues: $140

Would this still be a solid first time investment in your opinion?

@Anish Patel Thanks a lot those simple but powerful words they truly do help. Here are the numbers, if you can analyze them and tell me what you think of them. I will be using an FHA Loan, which I will be putting the minimum down payment of 3.5%, and it will be a 30 year fixed loan.

-List price: 86,500

-HOA fees: $140 per month

-Taxes of 2016: $625

-Interest Rate: 4.125%

-Homeowners Insurance: ( Still a bit unsure of the price of this, currently contacting agent.)

- Square feet: 1,254

- Let me know if I am missing any information.

The property is a 3 bedroom, 2.5 bathroom townhome that is a end unit with a garage built in 2003.

Hello BP,

I need some advice on my first potential invest. Here is the dynamics of the situation.

I am a recent college graduate, and figured that if I could buy a home with a monthly mortgage payment close to my college apartment rent of $435 near the Atlanta area, I would buy. Fast forward 10 months after graduation and I am in the home buying process. I have found a potential area/property that aligns with my near impossible requirements. I'm hesitant about this because other than my daily searches of properties online, this would be the first home I will be physically looking at.

The townhome is on the west side of Atlanta, right outside of 285  in a "decent" area. When leaving the neighborhood if you make a right and drive 4 miles down the road, you will be in a mildly poverty stricken area, that is not exactly the safest part of town. On the other hand, if you make a left out of the neighborhood, you will drive down a newly paved road with all types of newly built houses ranging from 150k to 300k. The city is also about 15 miles north of the new Braves Stadium, and 15 miles east of Turner Field.

My estimated mortgage will be around $650 ( not my college apartment rent, but close enough), and the list price is $87,500. I am planning to Househack the 2 rooms and live in one myself for 4-5 years until I have enough saved for my next investment property in the future. Then rent out property when I move out, the current rent in the area ranges $850-$1,000.

In the back of my unexperienced investor mind, I feel like this is a good deal waiting for me to take it, but I hesitate at the same time because this is the first property/area I have looked at, even though no where in Atlanta has this price point, with the appeal of the property that this one has.

Another concern would be the right side of the town, even though the actual neighborhood isn't a poverty stricken area and only the 4 miles down the road, this still concerns. Would this still have an affect, even though I am just planning to Househack for the first several years?

Please give me your thoughts and insight for I am truly in a bit of paralysis of my first deal.

Hello to all readers, my name is Darian Richardson a 23 year old recent college graduate, graduated May 2016. I am currently in the planning stages of the buying process. Which is, in my eyes just saving enough money for a down payment of a FHA loan ($5,500- $6,000), and house hunting through the common website such as Zillow and Trulia. For some reason, I have a gut feeling that I am messing something or at least should be doing something proactively other than reading BiggerPockets guides and real estate material before getting pre-approved in March.I am holding off to hire a realtor until the end of February closer to the time I plan to start my approval process.

I plan to house hack my first property and live in the property for long as 3-5 years with roommates to bring in steady cash flow.The property I would like to invest in would be 4 bedroom 3-3.5 bathroom, with a price range not exceeding 120k.

Is there any suggestions you would recommend to me or any type of insight that I should know please do not hesitate to spread the knowledge to a young hungry mind like mine.