All Forum Posts by: Alexander Persky

@Frank Geiger thanks for your input. Most folks I see wont even think of buying if they have no equity going in, but your right, of course I wouldn't have equity if I out up none of my own cash so not a problem.

@Patrick Menefee thanks for your input as well. Your plan is exactly what I plan to do, and this property I would hold for a long time, so the equity and cash flow will come down the road. But you share the consensus of what I have seen on other posts... if you can do a no money down mortgage, do it! 

@Geordy Rostad thanks for the insight. I have considered all of those, and for me the pros outweigh the cons. Thanks again!

@Geordy Rostad thanks for the insight. I have considered all of those, and for me the pros outweigh the cons. Thanks again!

Thanks everyone for the input! I think I will get the process started, and just take my time finding the right property.

@Kelly A. good point. Thanks for the insight!

I am looking to buy my second property, but this one is initially just to serve as a primary residence with my family. I will rent out my current property that I know can yield positive cashflow (I have done it before, and rents have only increased since then). As I do not even really NEED to purchase another property at the moment, I have two options: either wait a while and save up towards a down payment, or just get a 0 money down loan.

Of course with the latter I would be giving up any equity going in, and likely have higher closing costs, but the big advantage that I see is that I don't have to wait to get a property (if I am in a position to act now, why not?), and as long as I am smart with the purchase, I can turn it into an investment property down the road. In this instance, I am ok with not having any equity going in.

My question is this: Has anyone used a 0 money down mortgage but later regretted doing so? If so, what were the unseen "gotchas" that ended up being the killers for you? Was there anything that prevented you from pursuing other properties later on? If you could do it again, would you avoid them altogether or simply shop around for different terms?

All perspectives welcome. Thanks!

I am looking to buy my second property, but this one is initially just to serve as a primary residence with my family. I will rent out my current property that I know can yield positive cashflow (I have done it before, and rents have only increased since then). As I do not even really NEED to purchase another property at the moment, I have two options: either wait a while and save up towards a down payment, or just get a 0 money down loan.

Of course with the latter I would be giving up any equity going in, and likely have higher closing costs, but the big advantage that I see is that I don't have to wait to get a property (if I am in a position to act now, why not?), and as long as I am smart with the purchase, I can turn it into an investment property down the road. In this instance, I am ok with not having any equity going in.

My question is this: Has anyone used a 0 money down mortgage but later regretted doing so? If so, what were the unseen "gotchas" that ended up being the killers for you? Was there anything that prevented you from pursuing other properties later on? If you could do it again, would you avoid them altogether or simply shop around for different terms?

All perspectives welcome. Thanks!

Can of worms you have opened up here. But, if she is comfortable paying, then she should chip in whatever amount she is able to. Especially if she expects to benefit from the house hack as much as you do. Doesn't hurt to just ask, but do so in a way you know won't end badly for you.

@Cameron Riley nope. I don't see a problem with it YET. Each property is different, so it is natural that the terms may need to be tailored specific to a property. However, you will need to really be on top of managing those terms. If you know that pretty soon you won't be able to keep up with what terms apply to what property, then you should take the time to come up with terms that can apply to all your properties from the beginning and keep it simple. But, that is up to you. No real answer here other than to find what works for you, and remain consistent with it.

@Rousner Ermonfils the judge agreed with the Landlord, not the Tenant. Seems like an easy no to me.

Don't worry, another Tenant will come along.