Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 9 years ago on . Most recent reply

User Stats

10
Posts
2
Votes
Bradley Gaulden
  • Dallas, TX
2
Votes |
10
Posts

How much to save starting out?

Bradley Gaulden
  • Dallas, TX
Posted

Good Afternoon y'all!

I recently moved to Dallas after graduating from Texas A&M University with my masters in Real Estate. I am currently working for a real estate lending company in Las Colinas. Working in the industry I see on a daily basis how awful rent is, and how badly I want to buy something to build equity. I decided to live at home after graduating this past December to pay off all "frivolous" debt, Ie credit cards and such from college. I should be done with that around December of this year.

My main question I pose is this: I will have roughly 15k to put down on a property by next March or April. I was thinking of trying to buy a condo under 75k. I was looking into FHA financing the property, living in it for a year or so to build equity and fix it up and either rent it out or sell it. As it stands now my biggest hurtle would be my 540 credit score, that no doubt will go out after paying off all credit card debt and such. If i had that 15k to invest, but it would completely break my bank, should I wait and rent for a year or so to build up a cash reserve? or bit the bullet, buy and then fix as I can using the funds from my paycheck and the savings I would have due to a lower mortgage payment then rental costs.

Ultimately I would love to find an investor mentor in the Dallas/Fort Worth area who would be willing to help me navigate my first purchase, or give me some sort of guidance in what direction I should take.

Thanks everyone!

( I posted this on another thread but moved it here because I felt the content was more appropriate under the starting out tab.)

Most Popular Reply

User Stats

18
Posts
5
Votes
Liz Conyers
  • Grandview, TX
5
Votes |
18
Posts
Liz Conyers
  • Grandview, TX
Replied

welcome to BP @Bradley Gaulden! If I were you I would make improving that credit score my number one priority. That can set you back financially in sooo many ways. Buying is always better than renting. Pay yourself not a landlord and if you are worried about draining your savings than try and get a loan with as little down as possible. There are programs out there for first time buyers to pay $0 down. Best of luck to you!

Loading replies...