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Updated over 4 years ago on . Most recent reply
Putting all your eggs in one basket? (Young investor)
Hey Guys, My name is Saul. I am 19 years old.
I have been extensively researching REI for the past couple months. Living in the surrounding area of Seattle. I have a lot of questions in regards to obtaining a rental condo. I have been reaching out to larger mortgage brokers but have been getting no reply. I am going to try and reach out to real estate agents in my surrounding area next. I have been trying to run the numbers on condos in my area.(175k for 1bd1bath) But they simply aren't adding up. I know prices are pretty inflated right now especially in my area. My biggest question is .... am i even be able to obtain a mortgage at this age? I make around 28k after tax and by the time i'm ready to purchase a property i would have a consistent income for about 1.5 years. I have very low expenses and would be living with my parents. And a average credit score. My next question would be what would be my best bet. I know i have a low income but to compensate i would have to throw a large out of pocket down payment. I wouldn't be making much in terms of cash on cash return. I would like to connect with someone. All of the people around me are no help and are actually discouraging me. I would be most interested in buying and holding, the idea of house flipping also entertains me. I am eager to connect with someone that is willing to answer my questions. Thank you in advance.