All Forum Posts by: Brittany Roley

@Bao Huynh Unless I misunderstood her yes. When I purchased my first home I went conventional with 3.5% down and because my FICO scores were good there was no PMI.

Thank you all for your responses, I understand what each of you are saying. After talking with my lender, we could keep the house I have now and take out a 2nd or a HELOC for a down payment for the new purchase. We could rent it out with a deposit from the prospective renter and purchase the new home with and FHA 3.5% down or conventional Loan at 3% down with mortgage insurance.

@Scott Trench I absolutely agree with you, I don't think the market is going to collapse necessarily and if it was, I agree I would not be getting a good deal. . . but currently it's strong and I'm still learning to read the market. If I just sell the property I want to make the most return on my money. I also just don't see finding a potential rental in the market for what I currently owe on it. I definitely need to do some more analysis and homework.

The dream of having real estate investments may be further along in the future than right now. It's never a good idea to be cash strapped but understanding the finances the options is crucial to investing.

Thanks everyone! :)

Hello!

I currently own a home in my name used as a primary residence in the hot Denver real estate market. Houses are going like hot cakes but I sense a small downturn approaching.

My fiancé and I found a property we would like to buy in both our names but would need a down payment. We have been prequalified for up to 417 with 10% down. . .and are working on the preapproval. If we sold the current house we would be hoping to make a profit of around $70,000.

 The only way we are thinking we could get that down payment money for the property we are looking to buy would be through the sale of the current home. However,  I would love to keep it as a rental but not sure if there are options or creative financing strategies out there that could allow this and still buy the other property. Any ideas or suggestions from BiggerPockets would be greatly appreciated. :) I'm still kind of new to the real estate game so I'm looking at this as a possible investment and learning experience! Thanks!

The house is gorgeous! Very nicely done!

Hi BP folks!

I am having a bit of a deal dilemma. I just closed on a house at the end of June for At LEAST under $20,000 market value. It was a lease option that I wasn't sure about keeping it to live in(since I've already lived there for 3 yrs.) or flip and sell, or sell as is and use my profits to finance a new project.

Another option would be to continue to live in the house and then finance another project with another means of financing.

I'm wondering, how hard it would be to find or get financing because I just took on the new debt of the house.

I am looking to do real estate investing on the side of my day job to eventually transition into RI full time.

Any advice or comments or ideas on my dilemma would be greatly appreciated!!!

Brittany