All Forum Posts by: William Campos

I have financing ready. 

Looking for 3/2

I am in search of a property in the East Valley of the Phoenix area (Scottsdale, Tempe, Mesa, Chandler, Gilbert, Tempe) under $180k. 

Buy and hold to live in for a year and convert to rental property afterwards. 

($45k in cash reserve)

Please let me know if you have anything available. 

- Willie 

Thanks Scott W, wasn't aware of that. 

Steve, 

I would sell in 2 years if I hold on to it. I have about $35k-$40k in equity. I will me locating out of state, so it looks like i'm leaning towards selling. 

Mike,

A heloc is an option that I have considered. At 90% would put me at ~$30,000. My dti is 53% which includes a home mortgage of $135k. Adding another property will obviously increase my dti. Properties i am looking range ~$80000 to $100000. I would live in the new property for a minimum of 1 yr in either situation. Will lenders approve at such a high dti?

Thanks for the feedback. 

I will have to go nontraditional lending if I keep the property and purchase another rental property as a owner/occupant and/or purchase two new ones at 50% the cost of current house. Credit is excellent, income is decent, however student loans makes my debt/income not look so favorable. 

Should I rent out my current home for a cash flow of ~$300 or sell the home for the equity and use that for 2 properties if possible?