All Forum Posts by: Nicholas L.

@Gaurav Mehta how much is the fee

@Mason Gibbs got it, glad you have reserves.

@Mason Gibbs no offense meant, and congratulations on diving in, but it seems like your position is a little thin if you're worried about holding costs.  Thoughts?  You need reserves in case something goes wrong.

@Elisa Sacchetti similar to what @Account Closed said... do you WANT to be a PA?  If you don't - cool.  But if you do, but are thinking of investing in real estate "instead," it doesn't have to be either / or.

And the answer to "Should I obtain a full time job first, THEN get a property" is YES.

@Jhonatan Ramirez you said "after the inspection we found out it would be about $15k to get it where it needs to be"

Do you still have your inspection contingency?  Are you working with a realtor?

@Celine Corley yes, you totally do - it could be a great time to invest while your living costs are reduced, or while you rent.  Just remember - if you don't owner occupy you'll need to put more down, and then that cash will not be available to you for purchase of a primary.

@Brandon Thomas yes, rental income will increase the income side of your DTI equation, which will help as you note. But, if you run the numbers, you'll see that, say, a $1M loan in San Diego will probably result in a much higher DTI than, say, a $250K loan somewhere else, even if the San Diego rents are higher.

But again, if living in San Diego is essential (as you said) or even just important to you - that's great and you should go for it.

And, you probably know this already but you can talk to lenders now, for free, and go through all of this.  You can ask how much you can borrow now; how much you could borrow in a hypothetical situation where you have another cash-flowing rental; etc.

@Jesse Looper how much equity do you have in this house?  What will it rent for?  What's the breakdown of the expenses?  Do you have enough cash to purchase something else?

@Eric Carter there are more items you need to add to the cost side of the equation - capex, repairs, property management, groundskeeping...  These will vary somewhat based on whether or not you are living there but with property management, this may not cash flow.

@Brandon Thomas do you need / want to be in San Diego?  If you want to live there - that's great.  I just wanted to ask if any other markets are possibly in consideration for you.  As @James De Leon pointed out, debt is a major factor in your plan.