All Forum Posts by: Aidan Graves

Aidan - thanks ..contact a lender that is local and begin the process ....FHA pre approval is the same as " conventional " loan pre approval .....fyi - you will want to avoid FHA if possible as the mortgage insurance on these loans is permanent whereas conventional loans allow the mortgage insurance to be dropped once ample equity is attained ....also there are soem conventional programs that allow as little as 3% down payment ( as compared to FHA requiring 3.5% down payment )

Great, thanks so much for the info. You mentioned that there are "some programs" that allow as little as 3%, would my best bet to be to talk to multiple lenders, and see what they offer me?

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Originally posted by @Dave Skow:

Aidan - you should get a loan pre approval completed as a first step even before connecting with a real estate agent ..this will allow you to check credit history / buying power and become familiar with the figures .....if this process provides you with the loan amount / purchase price that works for your scenario - great ...if there are weaknesses - the you become aware of the facets that need to be addressed .

Thanks for the reply, Dave! What is the best way to get pre-approved? I feel like whenever I google it, I get hit with a bunch of ads, and if I submit my info, I start getting 10 calls a day. How should I decide how to go with? Also, ideally I would get an FHA loan. Is that process any different?

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Hi all, I am looking to house hack as close to my job as possible, however neither my income nor my liquid assets are massive. I am a first time buyer, I've listened to a lot of BP podcasts and read a few books, but am still a little shaky when it comes to the nuts and bolts or RE--I know I should make offers, but I don't even know HOW to make an offer. I think getting an agent would be a good actionable step for me to take, so I can actually start looking at appropriate properties. How should I go about connecting with an appropriate agent? I don't want my inexperience to cause me to team up with someone who isn't a good fit.

Thanks suggestion are very appreciated, thanks.

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Originally posted by @Lawrence Morgan:

I’m new to this myself so can’t offer too much advice but if I could go back in time a few years and start at a similar point to where you are. I would look into some programs for first time buyers that allow you to put low amounts down. For instance Pierce County and Tacoma have programs that loan you your down payment on a 30 year 0% interest deferred loan. Not sure if king county has something similar. But if you found something like that you buy your first place, house hack it and still continue to save that cash for your next deal.

Thanks for the advice Lawrence! That is an awesome a relevant tip. I'll look into how in relates to King County, and also maybe look into a rental in Pierce.

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Hey all, I am new to BP and to Real Estate in general. Fresh college grad, goal is Financial Independence. I am reading Building Wealth One House at a Time, listening to the BP podcast, and basically every other resource I can find to learn about Real Estate.

My income is not high, 35k base, ends up being something around 45k with bonus and a lot of OT. I am lucky in that I have very low COL right now, and by the start of 2020 should have around 20k saved for a downpayment. I was initially interested in house hacking, but it seems like that is pretty far out of my price range. I live in the Renton area, and I am employed in Bellevue.

If you were in my shoes, just starting out, what would you do? I am looking for positive cash flow as my main priority, and would be happy to hold for an extended period. I was pre-approved recently for a 175k mortgage, if that means anything.

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All Forum Posts by: Aidan Graves

Aidan Graves has started 2 posts and replied 5 times.

Post: Good agents near Belleuve

Post: Good agents near Belleuve

Post: Good agents near Belleuve

Post: Getting Started in WA

Post: Getting Started in WA