All Forum Posts by: JoJo Diego

Hi all,

So I've been trolling/learning a lot from this site lol. I think I've changed my game plan about 100+ times if not more on what would be the best strategy for getting into investing/owning. I posted a while back asking for advice regarding investing with student loans. I have about +100K (in loans thanks to graduate school) and make a little over $100K as well. My debt (according to mortgage standards) consist of my car note and student loans. Many said that I should pay off my loans first before purchasing a home as it would free up more cash (totally understandable), while others said I should pull the trigger and act now while interest rates are low (I liked this answer more). I decided to follow my gut and buy now.

Initially I wanted to buy a duplex to live in half and rent the other out but based on my analysis and personal preference, could not find anything that fit the "investing" requirements - prices were either too high or they were in C class neighborhoods. I also learned that trying to sell a duplex would be hard as SFH are preferred here in Far North Dallas.

After trusting my gut, I decided to purchase a new build in an awesome family friendly community (yay)!! I signed the papers last month and it was terrifying!! I can't say I see the "investment" aspect of it now but with time it'll pay off since I decided to buy in future hot spot location (new developments are being built and there are many more to come). I'm hoping to rent it out and buy another primary residence in a few years but for now wanted to post for those that have student loans - it can be done just find a lender that's willing to work with you and your unique situation.

Thanks all! 

Welcome @Jarrod Frankum!

Congrats! it looks gorgeous, love how bright it is!

Definitely motivating!!

Hi @Edward Debbs

I hear what you're saying and I'm no pro by any means, but what I see is that someone else is aiding in paying your mortgage plain and simple. Your intention wasn't to have it as a rental so this is why you're not so bent on making positive cash flow BUT since you're not in it why not have someone else help pay for it. I personally wouldn't mind doing something like that if I wanted to keep the home and it had potential to earn more with time. I'd rather be paying $400 rather than (let's just say) $900 for the mortgage. I don't see this being different than living in a house where I had roommates to  help me pay the mortgage.

Hey @Blake Reynolds!

It's funny you post this, I just went through this late last year. I've been working contract jobs for years now (I mean hey the money is the best incentive!). I too was told that I had to be permanent in order to begin applying for a home. I found an investor friendly realtor and loan officer that reviewed all of my info. My loan officer is hands down the best! I've been in the same industry the entire time where my salary has increased with every job, all my other finances fell in line so there were no issues. I strongly second @Christopher Giannino, as long as there is a proven track record of employment you'll be fine. Working as a contractor is no different than someone who works on 1099 (construction workers, proprietors, etc) - they get loan approvals all the time. Find someone who is willing to work with your situation, if possible sit down with them and tell them your situation, this way you all can find out up front if they can help or not.

Hope this helps!

Nice work!!!

ohhhh thanks everybody, that makes much more sense. @Joe Villeneuve can you only do this if the house is paid for in cash or can this work with a mortgage as well?

@Jeremiah B. thanks so much, (sorry for the delay, I've been finishing up grad school). That can be doable, and I just live through the rehab until I'm ready to move on? Is that what many people end up doing with SFH?

@Joe Villeneuve sorry, I didn't get it to catch in my original post

Hi @Joe Villeneuve I've been reading this thread and following a number of threads where you've commented, I enjoy your post greatly as you're very direct. In this instance, forgive me for such a noob question, but I don't understand what you all mean when you say you get money back after refinancing? I'm a business major so I enjoy and understand numbers but I'm very wet behind the ears when it comes to real estate. But this idea of getting cash back, I don't quite understand how so.