Mortgage Approval Question

[Jacob Camilliere]

Hello All,

Recently graduated college and looking to kick off my real estate investing career. I am trying to figure out how much of conventional mortgage I will be able to get approved for. Heres my situation...

I got my first post grad full time job starting in late August in Charlotte, NC. I'll be making 55k/year locked in for two years. The third year I will be making 25%-50% higher base salary plus commissions. 

I have 27k in student loans. Repayment, as of right now is $300/month for 10 years but I will most likely pay it off quicker.

My rent is roughly $700/month including utilities, wifi, etc.

I currently have about 15k in liquid assets/cash equivalents and then about 8k in less liquid assets (Mutual funds/Crypto). 

My other expenses are very minimal as I am being very frugal for the foreseeable future.

I don't start working until late august but i am trying to start my real estate investing career as quickly as possible. So my question is approximately how much of a mortgage will i be able to be approved for if i am putting 20% down and the property is strictly an investment property? The property will most likely be a duplex/triplex and FHA is out of the question, as I am locked into a one year lease.

Also, any tips on getting started are welcome. 

[Laura Shinkle]

Hi @Jacob Camilliere I just saw this post. I would highly recommend talking to a lender before you go much farther. They would be the best ones to talk to about your options, how much you could afford, what programs you might be eligible for (free money!). And talking to a lender is free but will give you a much clearer picture of your situation. I have a relationship with a lender here in Charlotte who is amazing!

Also, I know you have the lease but don't be so quick to dismiss the FHA. It is an amazing program; only having to put 3.5% down instead of 25% is a huge win. That frees up a lot of capital to either renovate or buy a second property. Use the leverage if you can! If you have to wait a year and save up in order to take advantage of that, would it be such a bad thing? Or how much would it cost to break your lease? Could you afford that if the right deal and financing came along?

Just some food for thought. I'd be happy to help in your search for a property (I'm a broker with Keller Williams) or message me and I can give you my lender's info.