All Forum Posts by: Mauricio Salom

Yes I will be house hacking. The home is in good condition it's move in ready just a bit outdated so I don't see it being a huge rehab. I realize 10k won't really make a difference on my monthly mortgage I guess I just figured after 2 or 3 months on the market I wouldn't have to pay the full asking price.

I'm working on my first purchase in SD, CA but it seems like sellers in this market are very stubborn. I placed an offer on a SFR listed at $400k. My offer was $390k and i asked for $6k for closing cost. They countered with $399k and $5k back. The house has been on the market for a few months (2 or 3) and the agent I'm working with says the house should appraise near $400k. I'm using a conventional loan with down payment assistance so I was told that my lender couldn't help with any type of closing costs. Do I have any other options other than raising my offer or walking away?

I would like to invest out of state (Texas) but for my first deal I think I'd have to keep it close to home to see how everything works out and to be able to do things myself. I understand how the adjustable works but I'm looking to buy a fixer uper and house hack so I'd try to refinance much sooner than the 7th year after I upgrade it myself. I know there's no way to predict what the rates are going to be in 2 or 3 years but I'm just a little nervous what if I take the fixed rate and in a few years rates still aren't above 5% that would be a huge loss in all the interest I'm paying right? Or like you @MindyJensen  take the adjustable and be stuck with an interest rate above 5% down the road

I feel like the closing on Loan B is high but it's my first deal that's why I'm asking. Loan B wants to charge me 1% for an origination fee and .05% a point which pretty much doubles the closing cost loan A isn't charging me either of those two fees

I'm getting ready to purchase my first home so I found two first time home buyer loans that seem pretty appealing zero money down I just have to pay closing but I'm not sure which one to go with. Loan A. Is a 7/1 ARM loan with interest at 3.5% and closing is going to be around $6k. Max amount they will loan is $350k. Loan B. Is a 30 year fixed rate with interest at 5% and closing costs around $11k to $12k. I was leaning towards loan A but after looking at a few homes with a realtor $350k isn't very competitive in the San Diego market I'm pretty limited it seems like anything around that price is scooped up quickly by cash offers. Loan B will loan me more money $400k+ to make more competitive offers but I'm not even sure I'd like to go that high. What do you guys think which loan makes more sense?

Hello Seth this would be my first purchase so I'm looking to start out small only purchase 1 SFR to get my feet wet. It would be a cash purchase.

Due to high prices and difficulty cash flowing SFRs in San Diego, CA I've decided to try my luck a little further east in San Antonio, TX. I'm looking to aquire SFRs focusing on producing cash flow. I plan to continue living in San Diego, CA and have not yet made any contacts in San Antonio so right now my main priority is networking and trying to assemble a team (Broker , contractors, property management, boots on the ground). I'm interested in SFRs looking to buy and hold with a start up budget of about $65k. Any suggestions on out of state investing or San Antonio, Tx in general would be great.

thanks in advance

thank you Mark if I do end up making my way to Dallas I'll look you up

thanks for the info spenser murphy I'm not familiar with the San Antonio area so all of that is very helpful good to know 

hello everyone,

I'm mauricio from San Diego and i have zero experience in real estate. I recently started the process of searching for my first personal home here in SD and became fascinated with real estate. I've ordered and read a few books from BP and listened to plenty of podcast. I'm interested in buying and holding but with prices so high here in SD I've been tempted to look deeper into invest in the Texas area maybe Dallas or San Antonio any advice helps. Thanks in advance