New Member Introductions
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 5 years ago,
Should you use the max amount of your preapproval?
Using my VA Loan my preapproval goes as follows:
1-Unit: $484,350
2-Unit: $620,200
3-Unit: $749,650
4-Unit: $931,600
I live in Chicago, IL and I am tempted to buy a 4 unit in a great neighborhood (and live in the basement) at or around my max approval; if the numbers work of course, but even if they don't and I have to make up the difference of $400-$800 dollars, i figure its worth it to be able to control a million dollar property in an A class area in Chicago. Plus it could act as a forced saving and buy the time I retire and its paid off. I'd be winning! Anyway my concerns are: 1. I only make 5k a month. and 2. If there's a vacancy, I have a large gap in rent to cover, with the mortgages ranging from $4,750 to $5,438.
Anyway, I'm curious to get your thoughts? What actions, advice, tips and recommendations do you have you me.
Thanks.
-Louis from Chicago.