All Forum Posts by: Kenneth Kilgore

My fiance and I are considering purchasing 1712 N Pine St, San Antonio, TX 78208.  Our current situation would require us to first rent the property before officially moving in. How should we go about deciding how much to rent the property? What is feasible in that neighborhood? Could we even cover a $2,000 all-inclusive monthly cost for the home?

Thank you all for the advice! I really do appreciate it. We’ve always had the walk away option on the table, but wanted to see if there were other options out there.

See you on the next thread!

Kenneth

Joseph, that’s an interesting thought. 

Why do you say it’s difficult to rent in that price range? Do you think that with the current and foreseeable market, people will be more willing to rent vs buy?

Unfortunately, owners financing is not an option. Also, waiting until we move back to TX is definitely an option. We’ve been casually looking for homes, and have come across the perfect home in our price range, in the perfect location. 

I’m in a unique situation that, after research, I feel is a major road block to my goal of owning my first home.

Both my fiancé and I are originally from San Antonio, TX. We found an amazing home near downtown for $285,000. I have only $10k for a down payment. The kicker, I live in Virginia for the next year or so. This would require me to need to rent the property out for the time that I’m away until I can move in long-term.

My understanding is that our situation requires me to apply for an investment loan. Despite us having every intention of living in this home for many years to come, effectively raiding our children in it, a 20% down payment ($58k) is just out of the question.

Are there any options that we are not thinking of?!