All Forum Posts by: Jamil W.

Hello All,

Just looking for a little advice. I just purchased a condo in Arlington, TX with the long-term outlook for renting it out. I bough it for roughly 87k, and I purchased it because the area is growing and it's close to entertainment (Football, Baseball, Six Flags, Hurricane Harbor, Texas Live, restaurants, bars, etc - You get the point). My neighbor upstairs, is looking to sell his unit and then rent it out from me (He'd like to be more liquid). In order for me to purchase this condo, I would have to borrow about 20k from my 401k for a down payment (20%) to purchase for under 100k - I don't have much liquid cash available. 

I think I could rent it out for about 900/999 (comps in the area/complex). 

Mortgage Payment - roughly 400

401K Loan - 350 - For 5 years

HOA - 188

Total - 938 - Not including insurance/taxes, or anything else I'm missing.

If you were in my position what would you do? Do you think it's worth it? Any information you can provide would be greatly appreciated.   I understand there are a lot of unknowns but I just need any advice that can be provided. I'm tired of living in the rat-race, and would love to make this a fun time thing over time. If this is a dumb idea, please tell me, you will not hurt my feelings.

Thanks.

Mil. 

Thank you all for the advice and words of encouragement. You've given me a lot to think about. I know this isn't going to be easy but my brother and I are ready to start our journey to financial freedom. 

Hello All,

I'm planning on joining the Real Estate Investment game(w/ a partner - my brother) in about 6 months but after we've done all of my needed research. I'm currently renting a room out of my friends house, and have a greatly living situation. I've started reading the Beginners Investment Guide, and plan on meeting with a few local investors, RE attorney, and agents in the next few weeks. My question is... Should I purchase my own home before purchasing a real estate investment home? I have a little money saved up but I don't have enough to do both, nor would I want to be overwhelmed trying to purchase my first home and my first investment property. I truly appreciate any and all advice that y'all are willing to share

Thanks in Advance.

-Jamil