All Forum Posts by: Marci Mayes

Acquiring a personal loan before you close on the property will affect your Debt to Income Ratios for the mortgage. 

There's no time like the present! I would recommend looking for an owner-occupied property that you can house hack. There are many loan programs available for no or low money down for first time buyers. If you use one of these programs, you would have money left over for reserves. There are also many ways to house hack. My daughter recently purchased her first home in Montgomery, AL. The primary suite has an outside entrance. She installed a dividing door between the primary suite and the rest of the house. She started renting the primary suite on AirBnB. Her complete mortgage is paid each month from the AirBnB income, and she rarely even sees her guests because they have automatic checkin to the suite and no access to rest of the house. This house hack works perfectly for her. Get creative, but most importantly GET STARTED! 

DSCR (Debt Service Coverage Ratio) Loan

As previously stated, both of these options will work. A third option that I consider less risky is house hacking. If you own your current residence, maybe you could rent that one out. Find another property that you could house hack. My daughter lives in Montgomery, AL. She has been house hacking by renting out a mother-in-law suite on AirBnB. 

The seller may consider financing the difference for you. 

Welcome to Bigger Pockets! You are in the right place to learn about real estate and begin your real estate journey.

"Follow" the post. You should be able to go check all your followed posts at any time. It makes it easy to keep all the posts important to you in one spot. 

Your post brought back a lot of memories. I grew up in Rocky Mount. I'm one of the many who left. I still get back to visit friends and family at least once a year. Most rentals inside the city limits will bring lots of headaches because of the increase in crime over the years. For anyone considering investing in the area, I would stay on the west side of I-95. As Raleigh continues to grow, I think this area may in the path of progress and see better appreciation than other areas around Rocky Mount . . . and No, it's not rocky . . .

@Zoraida Alviso

Welcome to Bigger Pockets! It is always great to see another Texan on the site! 

Consider looking on the MLS. More and more distressed homes are getting listed there. You can sometimes pick up a listed property at a good discount if it has been on the market for a while.