All Forum Posts by: Isaac Pyle

@Grant Rothenburger sounds like a great plan. I am not in the area yet, but I will be this fall, and fully intend to attend at least a few different meetup groups.

@Kristen Mathias Sounds somewhat similar to my scenario. I think the options once I am in would play a big part in whether or not I started. Proper exit strategies will be a must. Thanks for the well-wishes!

@Jaron Walling 3% down on a conventional? That sounds incredibly cheap. That is not FHA either? Do you have more info on that?

@Grant Rothenburger That is one thing that I will only get by experiencing more people. Guess I will have to wait that one out.

@Jonathan R. Thanks for the advice, I don't know what I am going to do yet, but I will definitely consider what you have written here.

@Mindy Jensen Firstly, I am not looking at a condo XD. Secondly, I am originally from Estes Park, and I know the market at Boulder is ridiculous. I am almost exclusively considering Longmont at this point. I haven't had a chance to discuss a large amount of this with them yet, but they got me started on BiggerPockets, so I am pretty confident if I do my research they are onboard. I am managing property, paying the mortgage, likely doing repairs, and in charge of reselling. I will definitely discuss the other points there with them. Currently, I am in school 5 hours away from them, so I can't easily discuss these things yet. Thanks for the advice!

@Nathan Boyer Sounds almost identical to my situation! It's nice to know someone else my age is on here, started to feel lonely XD. Let me know how you proceed from here if / when you do!

@Grant Rothenburger I see. Obviously it is ultimately up to me to decide what to do, so I am glad I am getting input from differing perspectives. Thanks for sharing your side of it! I am curious, if you don't mind me asking, what do you know now that would let you get your own financing?

@Theresa Harris that’s true. Thanks for the reminder. I’ll have to do more research before I decide anything, but ultimately I will be the one that decides. Thanks for the input!

@Jonathan R. I will keep that I’m mind. Thanks for putting so much time into this post!

Also @Jonathan R. just to add another perspective, @Cory Carlson mentioned co-signing in one of the first comments on this post and did not seem to feel like it was nearly as big of an issue.. thoughts on that?

@Jonathan R. Thanks for the input. I'm not saying I will or won't do anything yet, but I will definitely keep this in mind. I am sorry that is how it worked out for your friend / family member.. but both of those cases sound pretty extreme. This is definitely closer to having my parens "help me launch", not buying me a house or anything (they definitely aren't multimillionaires). But I will keep this in mind. At this point it's just frustrating because I make enough money from my summer job and other things to qualify for a pretty sizable mortgage, but prices are so high where I live that it doesn't matter. 

@Grant Rothenburger of course not, I would have to be crazy to try to live off of any income from a house I am still living in. The idea is that my main other option is getting Student Housing from the college I am going to. Which is ~$1400 a month. This would be more money up front, but investing it into something that is mine rather than giving it to the school. Can you elaborate on Why your dad co-signed on your first mortgage with you? @Jonathan R. is making a pretty strong case as to why that is a bad idea.

@Theresa Harris That was my plan, although I have heard differing opinions from other people. Thanks for the input!

Again, just to clarify: I am not trying to start arguments saying who is right and wrong here, I am just trying to collect as much information as I can so I make the best investment when the time comes.

@Jonathan R. I am not trying to say that you are wrong, I am just genuinely curious as to why I should pass up such a big opportunity like this. It seems like most people looking at my position think I should go for it so I am trying to understand where you are coming from.

@Jonathan R. To reply to your first point: They are only doing at most 1/2 of the down payment. I would not let them do more than this to ensure that I am at least as invested as they are. They also would only use their income to show that the mortgage will be paid off, but as far as they are concerned it is on me to figure out the mortgage. They are not paying for it in any way. Second point: That is true, however, the very soonest that I could be doing this is over a year from now, so I would have plenty of time to watch the market and re-evaluate then if necessary. Third point: I am not really sure exactly what you are saying here, but it sounds like you are basing it off of the idea that my parents' are paying the mortgage, not me. That would not be the case, however, and I will have plenty of time to watch the market and make sure I am only investing in something that is cash flow positive so that I don't have to worry about paying the mortgage. I know there are always be risks. I understand that I should "pay myself first". Honestly, it sounds to me like you just want me to learn some hard lessons before getting into real estate that would come when I'm older. However, many other people already in real estate only wish they got in when they were younger, so where is the line?

@Jonathan R. interesting look on it. Even if it was going to be cash flow positive while I was living in it (hypothetically), instead of paying $1000 in rent (made up number, but it is expensive here), and the only thing I needed was to show enough income, you think that I should still wait until I could qualify for the loan myself? I'm not saying it's wrong, I just feel like there is a lot of potential investment that would be stopped by this one piece of the puzzle.