Hello BP member, I need your input!

[Claire Batraville]

Scenario: My brother and I are looking to purchase a house in Fort Lauderdale or surrounding areas. My mother will be our tenant. We would love a town house that contain 2 or more bedrooms with a 2 car garage. This is not a typical investment since we want to get our mother a nice and comfortable place to live. We currently have about $35,000 to put toward the house and would like to pay it off in the next 5 years. We want to do as little work in the house as possible so we do not want to do a complete rehab.So our goals are: 

-Purchase something between 50-70 thousand dollars or less if possible.  

-Get a 15 yrs mortgage but pay it off early ~5-7 yrs

-I have contacted a few agents but would love to hear from some of you who are much more experience. 

-What do you think about this plan?  How realistic is this plan? what should I be asking/ looking for when choosing an agent? Is there a better route or way of getting what I am looking for? All suggestions are welcome since I am a fairly new investor. Thanks in advance.

[Brent Coombs]

Originally posted by @Claire Batraville:

thank you Brent, I really appreciate it. I am feeling a lot better about the plan. I think $550 a month on a 15 years is not bad at all. Now did you calculated that with the $35,000 down? 

I plugged a few figures in here:- http://usmortgagecalculator.org/

Assumed purchase price: $75k. The rest of the figures default to a standard scenario, but can be adjusted according to your situation (purchase price; interest rate; amortization period; down payment...). Even Taxes and expenses can be inputted - but weren't in my mortgage guesstimate. [I believe BP has their own Analysis calculator too which can be used a limited number of times - unlimited once you become a Pro Member, but I haven't used it].

I didn't change the default down payment - i believe it suggested just $12k. Remember, you might need to keep some dollars in reserve. Cheers...