All Forum Posts by: Trace Adams

Quote from @Ko Kashiwagi:

Hi Trace,

When you say priced out of the market, is this assuming a 20% down payment or a lower down payment? If it's owner occupied, you could buy at as low as 3.5-5% down, which would qualify you for a higher value home. House-hacking is one of the best ways to get into real estate, so this could be a viable options. You could also move into the Tampa property later on - although I would say this is a rare practice because people usually like to take advantage of the primary home loans if they are going to live in it (people usually live in, and then rent).

All good points and considerations I have thought about. I could probably do a 3-5% down payment for a property here but the mortgage payment would still be higher than I want to pay as the loan size would be bigger because I’d be buying a $500-600K+ house. 

My main reasons for buying an investment property in Tampa:
-Not ready to leave Denver right now, but want to move in the next 3-5 years so want to remain flexible via renting my personal house
-Rental investment property would give me some passive income on the side while I save up renting and decide if/where I want to move
-Tampa property is just cheaper overall so even if I have to put more down, mortgage payment will be lower
-Honestly, part of it is also just “manifesting” moving to Tampa eventually 

 
Trace

Hi all! I am new to this site/forum but have been listening to the podcast and am learning so much. I want to run something by you all and get your thoughts. I am 27 years old and currently live in Denver, CO where I am pretty much priced out of the market. I currently rent with my girlfriend. I do have enough money saved up for a down payment on a house in a cheaper city, just not Denver. We love Tampa and could definitely see ourselves living there in 3-5 years, but right now is not a good time for us to move. I am thinking about buying a rental investment property in Tampa in the $300K range that I can cash flow from and build equity in, while still saving money by renting here. Then the idea would be for us to move there in 3-5 years into that property. I know I would have to put down 20% which will be tough but I can probably do. Any other things I should think about?