All Forum Posts by: Darin L.

Hi Andrew. I closed today on my two loans with that credit union with only 10% down. I intend to do some fix-ups (not a full rehab) with these purchases. The 10% allowed me to at least get into the deal and then have some cash left for the fix-ups.  It's a straight-forward mortgage at 10% down; I prefer to do 20% down but this worked well for me right now.  Go with the loan that best meets your needs and fulfills your intended goals. Think strategically and two or three purchases down the road; certainly think through the options on how/when/if you use that 10% down loan because it can open up options to higher priced properties that don't require any work now and/or limited future maintenance if you are buying newer properties (ie down payment is the only cash you need beyond standard reserves, etc).  

Hi Brantley. I was in Ranch Cucamonga for several years before it grew up into a big city and now thankfully live in Pocatello. The recent post and blog about "the first deal will change your life" are spot on. You are in a position where you can easily put 20k of 30k (keep 10k in reserve and add to it regularly via allotment and now you have your investing fund ) into a small SFR In east Idaho and make a bit of cash flow and weather any mistake by a nice salary. Doesn't matter if you make it back here or not, you will still have that property, possibly paid off when you do eventually settle down "back home." Just make your first deal on a nice place with decent numbers, and you will be on yor way to success. Message me if you want more discussion, and i will send you a few example properties.

Don't do the deal. If you are questioning now, you will be regretting later. If you are thinking about building a portfolio with several rentals, this deal is probably a major roadblock to that plan because it ties up resources. It might appreciate nicely but probably not enough to refi and buy another property. Also, walking away from a deal was one of the most important learning experiences for me; I learned that everything is negotiable and how to negotiate. $1,700 is cheap education in the big picture, and actually equivalent to one three hour class at a university.

Hi Lucas. Let's talk about Real Estate next time we go skiing.