All Forum Posts by: Jared Jones

Hey guys, in closing this discussion out, we have a buyer for 370k! Closing is in two weeks, and moving down to Nashville on 11/3.

@Matt Engle Thank you Matt. The rent on our home will indeed cover the mortgage, taxes and insurance. Did you need to have your house listed for rent before getting the loan?

@Michinori Kaneko You bring up good points to consider. I appreciate it.

Morning all,

My home is on the market in Randolph, MA for 375k. We owe 219k on it, and also have a 32k home equity line of credit we used to make upgrades. The house is taking a bit longer to sell than I expected (on market for about 2 weeks now, maybe I'm overzealous), but got me thinking...how could I potentially keep this one, rent it, and still buy a SFH for my family and I, south of Nashville, TN. We have an FHA loan on this one, so my first thought is we would need to refinance out of that and into a conventional. Then I could look at an FHA loan on the next home where we would actually be living. Initial thoughts? Especially from those who have done this.

Jared

@Luke Pierce Hey Luke, I'm moving down in a few months, just getting into REI myself.

@Chris C. Hey  Chris, thank you for the insight. For our own home I'm definitely partial to the single-family detached. You're right, 3 kids, and we want as much space to ourselves. I'm going to text my lender now. I wouldn't mind the 3% down at a higher interest rate, but I think our pre-approval amount would drop however. Everything I'm seeing in areas we are looking (LaVergne, Smyrna area) are all north of $250k.

@Michael Jobe Thank you good sir! Even as I come to Nashville to call home, and get into investing, I'm definitely open to looking at other areas as well.

@Luka Milicevic Thanks man. I do have a real estate agent currently down there. Will connect with you via message though to hear more about what you’re doing.

@Mark Absolutely! Thank you for the insight.

@Jesse S Thank you sir. Definitely in it for long-term, and cash-flow. Though one item peaking our interest in real estate is the fact that we bought in 2013 for 199k (bank owned) and are looking at selling north of $340k. So the appreciation factor is alluring as well. 

@Tom Saraf Thanks Tom. Did think through that, but the amount that we would qualify for on our primary residence would be lower.