All Forum Posts by: Nate Wightman

I'm thinking that the realtor.com value is a computer generated guess. your ARV is based on real data... so if done correctly I guess it's very possible that your ARV could be higher than a website guess.

@David L. you just need to compare the cost to replace it with the costs to keep repairs up then weave your way thru the pros and cons.   I don't think there is any real  right or wrong... just lots of opinions.  for me in Denver it sounds like a warm breezy problem.  enjoy every day. 

investment returns of income property ( appreciation, paydown of principal, rental income )  as compared to wallstreet returns.

@Bryce Ewing keep us posted.. check out a credit union... go talk to a banker and find out what the banks concerns would be.  then find the fix for the concerns and you are on your way.

Hi David... this post will just sit here so update it and keep us posted on your thoughts and progress.  if you want someones attentions type the @ sign and then the first 4 letters of the name @David Gonzalez  and the name will pop up below then click on it to get the blue highlighting... good luck

go talk to a credit union and get signed up... then see what kind of loan they will give you... keep your credit score clean and save every penny... if you eat a McD's once every day it costs you $2550 a year. 1 starbucks a day another $700.... pack your lunch and make your own good coffee. don't think you need an attorney for your first house or a LLC. good luck

@Bryce Ewing Hi, some wise person once said  where there is a will there is a way...you will need to get creative for this one.  do you have any other debt??if you have a car loan or student debt and min. payments on a credit card all add into your debt/income ratio. monthly minimum debt payments divided by monthly income.    do you pay rent now?  so if you bought $40k home and put all $27k down you would have a $13k loan with a little more for closing costs.  kinda seems like if you found the right banker you could possibly pull this off... So, go talk to the bankers.  have you found a calculator to estimate your mortgage payments.  find one and mess around with it and print out your options.  15k at 15 years at 5% interest.   25k at 15 years at 5%.   add in insurance divided by 12months, and add in taxes divided by 12.   and try to keep the total payment under 30% of your monthly income.  when you find a combination that keeps you under $400 per month and keeps as much cash in the bank as possible then print that out and take it with you to the bank.  start with the bank that has your cash and if they won't work with you  let them know that you are really serious and would like their help with this purchase... still no help then go to the next bank.  all of this would be a great experience for you so don't let your head get to bruised.  when you make it to all the banks and if they all turn you down then get back on here and let Bigger Pockets know what you have done... you might just find an investor that will finance your deal..  I think you will find that many on BP will appreciate your determination.... try to get approved first and then go find your house.  and keep us all posted on the bumps and the fun.  good luck

I really have no idea on the "bad investment"  you will need to make that decision ... you could probably do some research on short term rentals .. if you managed it yourself you might find a neat way to take yourself right out of the workforce and be self employed...yeeehaa  :)   they say location, location, location... right  good luck     there is a search up in the top .. you might try that a bit to zero in on your location and ideas

well then... make it so

good luck

start the conversation... don't know where it will go.  try to have backup for "why" on the low ball. it all sound pretty good and you get low rents. the first is more gut wrenching.