All Forum Posts by: Account Closed

Thanks for All the answers.  I have picked a property and have made an offer.  I started another thread about what to expect on financing. 

I have made an offer on a property (condo) in a college town.  My son will be living there as well as a roommate.  I plan to keep after he leaves as a straight rental. 

My question is about Financing. $105000 w 30 % down. I have gotten one quote from QL and expect my local bank to have quote tomorrow. What should I expect as far as financing. Local bank not wanting to finance 30yr maybe 20, QL is @ $3,500 closing costs -- 1.5 points for Fannie Mae and an APR of 4.99.

I don't have all the details from my local yet and I am talking with another mort. broker now as well.

In MS

Thanks Deanna.  I hadn't really considered month to month.  could you maybe expand a little on that idea?  I am guessing if you don't like them you can give them the boot.

Yes.  He has always been both determined and responsible.

My plan is to use this as a gateway to begin investing in real estate. I have several options for SFR and multi family in the area. Just picking the right deal. Jorge, that is certainly part of my question (all cash purchase) after reading many other threads here I feel like leverage my fit my situation best. Meeting with my banker prior to visiting to line up proper financing.

If my son were to decide to change colleges I would be holding on to the property as rental income.  I don't have a property picked but I am running the tools on each of the options today to see which one might fit. 

Since this is my entry I am looking for potential issues with my plans.  Already the community has got me thinking.  This is all so valuable.

My wife and I are excited about starting a new chapter in our life.

First time total newbie at this. First Post

Have many close friends that are contractors and can give very fair pricing on repairs and maintenance.

My child is moving 1 1/2 hours away for college.  I am thinking of purchasing a property that he can live in and rent out extra bedroom(s) to roommate(s) or find a duplex where he can do the same and have a separate unit as well.

I have a real estate agent in the area that is helping me look for properties.

I can pay cash for the property but I am not sure if that is the smart thing to do. I could finance as well. Looking at BRRRR and rental tool

Any help suggestions recommendations are greatly appreciated.