All Forum Posts by: Alissa Rodman

Thank you, Kristina! Great advice!  I am planning to get in contact with a few lenders to see what I qualify for and find out about their rates.  I guess that is my best place to start.  My credit counselor advised me to wait until my credit score is higher before applying for a mortgage so I can get the best interest rate. But, honestly, I am anxious to buy my first property and start building equity and get closer to being able to purchase a second property.  One of my concerns about going to a lender just yet is the fact that they will need to pull my credit to see where I stand creditworthy-wise.  I don't want to shoot myself in the foot and have a hard pull on my credit when i am just now getting it closer to "good" status.  I wonder if I could print out my current report and have them take a look at it without pulling it for themselves. 

I may be wrong but I feel that house prices will be less expensive in the Fall/ Winter months since most people are settled in school being in session and thinking about the holidays and not home shopping/ buying. Is that true?

Thank you so much for your input

Hello, fellow BPers.

I am new to BP and new to real estate investing. I am 44 years old and have never bought a home before. My plan is to buy-and-hold to be able to retire at a decent age.  My lease at my apartment ends Sept 30th. I have the option of signing a five month lease and keeping current rent amount or going month- to month and paying $150.00 more per month.  I should mention my credit has not been great but it is improving very quickly ever since I got an amazing company repairing it for me late June.  My highest score is 690 (improved by 154 points!) and my middle score is 624 (improved by 87 points).  All within 2 months.  Before I start shopping for my great deal for owner occupied rental home I am wanting to know what you would do in my situation; stay in my apt until February with 5 mnth lease (and potentially miss out on great deal) until my score is awesome and save the $150/ month difference OR go month-to-month in case a really great deal comes along and take the chance of my credit score improving at the rate is has been?

So far i have $4000.00 saved for down payment if I choose FHA. If I choose USDA, I could use it for closing costs. I can save up about $1000.00 per month if I need to wait longer.

Just wanting to get you guys' opinion on the matter and find out what the wisest choice would be.

Thank you in advance for your guidance!