All Forum Posts by: Jessica Price
Jessica Price has started 4 posts and replied 9 times.
Post: What would you do? First time home buyer in ATX
- Posts 10
- Votes 13
Helpful indeed, thank you for sharing your experiences! :)
Post: What would you do? First time home buyer in ATX
- Posts 10
- Votes 13
Quote from @Ryan Kelly:
@Jessica Price you need to HOUSE HACK!! Find a two or three-bedroom home or condo and then rent out the other bedrooms to friends/roommates. This will greatly reduce or potentially eliminate your living expenses. Your goal with your first investment, especially a primary residence, doesn't have to be positive cash flow. The first goals are to reduce your living expenses AND start the journey to building equity. Right now, you are on the hook for 100% of the rent and you are getting no equity in return. Imagine if you had a $1700 mortgage, but you had two roommates kicking in $650/room. You'd be getting $1,300 a month back and now your living expenses are only $400. This is just an example, but an important one. You need to focus on reducing your living expenses first and building equity, THEN you can take the next steps to become a real estate investor. Take action in 2023!
This was a great answer and I agree with you. Thank you!
Post: What would you do? First time home buyer in ATX
- Posts 10
- Votes 13
I've been renting in Austin, Texas for the last year because I can't really afford to buy here. My current rent is about $1,350 and I found a condo listed at 215k, which I think I could get at 200k. That would put my monthly payments at about $1,300; however, the HOA fees are an additional $300/month. I think I could cut other expenses and be fine making the monthly payments. My dilemma is: my mentor always suggests never buying a condo because you don't own the land and can't control the rules/laws, etc - my thinking is that it would be smarter to buy something instead of throwing away $1,350/month renting and I can't afford a single family in the area. I would get an FHA loan and only put 3% down, I'm also a realtor so I would get the 3% commission. I would likely move out in a year, so I ran the lease comps and they are between 1200-1500 as it's pretty close to downtown Austin. They also allow short term rentals with a minimum of 30 day stay. I also think rent prices will only keep going up in Austin/this area close to downtown. Would you go for it or would you keep saving until you could afford a single family in surrounding areas like Leander/Round Rock/Cedar Park? Thank you for any input!
How are you all finding seller finance deals? I have reached out to over 200 seller agents and have had 0 luck finding anyone even willing to talk about it. #discouraged
Post: Property management Montgomery Alabama
- Posts 10
- Votes 13
Quote from @Aman A.:
@Brandon Kiser I have been using CJ Hodges @ Paramount Properties (https://www.paramountpropllc.com/) for all my properties and have had a good experience.
@Aman A. Hi there! I just came across your post and wanted to reach out to see if you have an investor friendly agent you would recommend in Montgomery, AL?
Thank you!
Post: QOTW: What holds you back as a female investor?
- Posts 10
- Votes 13
Getting a loan as a 1099 employee.
Post: If you had 18k to invest as a 1099 employee.. what would you do?
- Posts 10
- Votes 13
I have been wanting to buy a property for a couple of years now but I am a 1099 employee, so getting approved for a loan has been very difficult.
I live in an expensive market - Austin, TX.
Would you find a DSCR loan and buy out of state, in a cheaper market with 20% down or would you save the 18k and find a new job with a w2 so you can buy in Austin with 3% down?
Help please and thanks! :)
Post: Section 8 landlord protections in Virginia
- Posts 10
- Votes 13
Hey @Matthew Johnson, I came across your post as I am researching section 8 in Virginia. Did you ever purchase a rental and lease to section 8? Any info you can provide would be greatly appreciated. Thank you!
Post: Investing/ leasing to Section 8
- Posts 10
- Votes 13
Hello all! Does anyone have any recent experience with leasing to section 8 tenants, specifically in Alabama? I'd love to connect!