All Forum Posts by: Blake H.

After jumping through some hoops I'm setup to make my first investment! On july 28th I stumbled upon the world of Real Estate and BiggerPockets. Since then I've been obsessed in finding a way to make it happen given my situation, I believe it isn't a typical situation..

I currently live in affordable housing tied to my employer and the city. To continue living here, I'm required to work full time and unable to purchase a 2nd property or join any LLC's. After requesting the city make an exception and being denied that exception, I've moved on to purchasing with my wife on title (yes she knows), and be co-guarantor since my income is the vast majority of our income.

Got word today I pre qualified for 125k at 3.5% after 20% down! Nothing under 100k..

Next issue is I have little to no cash....maximum 10k with liquidating personal stock investments and selling a timeshare I should've never bought years ago. Anyone want it? Lol..

Spoke to my mortgage advisor who says I can pull out 25k at 3.15% or 35k as cash out refinance at 3.25% 30yr.

Since I don't have cash now for down payment, am i crazy to think I can use cash out as "cash", then finance what's left? 🤔 total fees for both loans=$5595

As long as I hit the 50% rule it still makes sense right?!?

I realize cash would be much better and I may just need to wait but curious what your thoughts are if I didn't wait.

Thanks

@Bill Brandt just out of curiosity, what happened? And whats the catch?

@Timothy Grant honored your first post was in this thread! Military is a great option i will look into further, thanks

@E.S. Burrell Can't wait to share that post! Looking forward to it. Thanks

@Jerry W. Thanks for the advice! Unfortunately I would have to move if I were to take another nursing job elsewhere, my purchase agreement states O must stay FT with my current employer to live in my current house. It also says I'm not permitted to rent out any part of the house! They thought of everything lol. Thank you for the reminder to be grateful, i sure am but it is easy to forget what we have when we are trying to solve what we don't have. Appreciate you

@Andrew Carlson true and something I've also considered.

@Eric Bilderback Preach! I think that is exactly why I had the reaction I did. Thanks for sharing your advice and insight.

@Paul Kuhn Good point, i have considered the military a couple times. Would be quite a shock but not completely out of the question. Thanks for sharing

@Logan Vierstra my kind of thinking around investing and my situation and exactly my plan! Thank you for sharing

@Gustavo Rodriguez You got this! Thanks for sharing, rooting for your success. I know you will get to where you want to be.