First Time Home Buyer

[Morgan M.]

Hey BP, i'm looking to buy my first property and looking for some honest advice. The property is a 4 bed 2 bath South Austin. It is a pretty new build in amazing shape- I have the luxury of renting out to friends and can get 900 per room bringing the rental income to cover the entire mortgage with about $100/month to pocket.

The only issue is that i barely have enough money for the closing costs and 5% down... I know about the importance of reserves, but feel this is a deal I shouldn’t pass up given the current state of the Austin market. Does anyone have any tips or advice for this situation?

[Timmy Fritz]

Hi Morgan! One thing you can do is ask for the seller to pay your closing costs. Just offer a higher price, have the seller pay CCs and you'll be less out of pocket. Just make sure the seller still nets the same at the end of the day, and I've never had any push back over this.