All Forum Posts by: Nicholas L.

@Joseph Pedraza a lot of folks focus on mindset, which is good, but you should have enough savings both for living expenses and to cover any unexpected property expenses you might incur.  If you can't afford the cost of a single large, unexpected repair, maybe you're not ready to buy.

@Saul Quinones no one knows the answer to this question.  But there are a lot of BP threads going about this.

https://www.biggerpockets.com/...

https://www.biggerpockets.com/...

@Rivers Ford it's not so much about the absolute amount that you're approved for, it's how much the property will appraise for when you're done with the rehab and rent, because the loan amount is going to be based off the appraised value. There are lots of BP threads about what happens when you try to BRRRR and the appraisal comes in low. It's not necessarily a big problem, just something to be aware of.

@Rivers Ford you also need to have your re-financing lined up (or as close to lined up as you can get it) before you offer.  This is what allows you to exit your private money - you don't want to get stuck with wildly different refi terms than what you thought you would get.

@Daniel DiChiro if it truly were a steal, it would not sit on the MLS for two weeks.

@Misti DelMar it's very hard in the short term to get net cash flow coming in.  Can you house hack when you get back to the US?  That's a great way to start building wealth and equity.

@Misti DelMar are you planning on moving back to the US at any point, or are you going to remain in Mexico after the remaining weddings you have?

@Danielle Mulvena is this a multi?  Seems like quite a bit of cash will be expended - 80k+?

@Danielle Mulvena can you provide more information about the purchase - sale price, amount you're putting down, whether you'll live there?  And when you say "use savings" - do you mean all of your earthly savings, or just cash you have on hand?

@Levi Stillman sounds like you have some good options here.  What are the numbers like for a house hack - i.e., how much total cash would you have to spend (down payment, closing costs, etc.) vs. for an out of state rental?  And when you say the issue is financing, what do you mean?