Updated almost 3 years ago on . Most recent reply
Buying my first property!!
Looking into real estate I want to build up my portfolio however I know that interest rates are high and finding cash flow is even harder tp obtain. I'm planning to buy a property with a ADU to rent out to cover some or most of my mortgages . I'm in the inland empire and there are lot of opportunities here. I guess my question how would I analyze deal or which resource do you guys use to analyze your deal? Any other advice is welcomed too!
Most Popular Reply
Hi Gabriel, do you know what your ideal budget or hoping to be preapproved? Usually, lenders would lend up to 45%-50% of your gross income. This will give you a sense on house much you would qualify. Also, you would want to ask your agent to fight/negotiate 2-3% sellers concession so that you can apply that seller concession towards your loan on a 2-1 buydown, which could lower your lower interest for the first 2 years. I hope this strategy will address your concerns on the high interest rates. @Carlos Valencia @Albert Bui