Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
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 over 3 years ago on . Most recent reply

User Stats

16
Posts
14
Votes
Adam Sherwood
  • Rental Property Investor
  • Dresden Germany
14
Votes |
16
Posts

Looking for advice on saving for first home purchase

Adam Sherwood
  • Rental Property Investor
  • Dresden Germany
Posted

Hello all,

A little background, I have recently graduated college (1 year ago) and have been working as a mechanical engineer now for about 8.5 months. I am currently living in Texas. This is temporary and it is per-diem life (no rent or car payments) and the job will be finishing up in February to April. Our next job is going to be in Phoenix Arizona and will last between 3-5 years. This will also be per-diem life but If I get my own place there I will also get housing per diem not just food like I am now (living with boss currently). 


So my question is, I have about 100k in school loans, should I save every dollar I can to put towards down payment and renovations (just do minimum payments for loan) for when I get to Arizona and buy house...or should I look into what the market is, how much the house will be, and kind of budget a way of saving just enough to have x$ for renovations and nonpayment and try to cut down on my loans as much as possible. 


My thoughts on this are leaning towards save as much and continue with minimum payment, it is not going to be long enough to make a huge dent in my loans. But I am open to other viewpoints on this. 


Also if anyone is from the Arizona area please feel free connect with me. I would like to learn as much as possible about the area!!


Thank you!

  • Adam Sherwood
  • Most Popular Reply

    User Stats

    640
    Posts
    457
    Votes
    Ryan Swan
    • Real Estate Agent
    • Phoenix, AZ
    457
    Votes |
    640
    Posts
    Ryan Swan
    • Real Estate Agent
    • Phoenix, AZ
    Replied

    @Adam Sherwood househacking (aka renting by the room is a great strategy). With an influx of people and limited rental options, you'll have no shortage of qualified tenants who would love to rent a room. I have several clients from BiggerPockets that are renting their house by the room. You'll easily be able to live mortgage free, and possibly even cash flow a little. One thing to note is the lender will not be able to use the future possibility of room rental income to qualify you for the mortgage, so you'll have to be able to qualify on your own. 

    Loading replies...