All Forum Posts by: Raymond Cazis

To get an FHA loan, it usually needs to be a debt-to-income ratio of 43% or less.

@Julius Marchi, great job on graduating college debt-free and with a healthy credit score! You're already a step ahead. I bought my first rental while I was in college back in 2014. I worked through college full-time to save $20k, and I borrowed another $20k from my grandparents to purchase my first home in Long Island (I notice you're in NY also) for $170k with a conventional 80% LTV loan. Getting a job with steady income is key in getting a bank to approve you. With some disciplined saving, you can get there!

Thanks for commenting, Damian. Just joined BP! Excited to learn and gain inspiration from everyone here and give back along the way. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $170,000
Cash invested: $40,000

This SFR was my first real estate investment, and I purchased it in 2014 when I was still in college. I have since refinanced and pulled out roughly 5.0x my equity, and the property still cash flows nicely. The property is valued in excess of $340k in early 2021. If I had only done this a dozen times!!