All Forum Posts by: Colton S.

If the blog could show up here that would be awesome! Maybe future access to calculators also. Also, on the iPhone 6 or 6 plus the keyboard grows to an abnormally large size (which normally means it's formatted for the 5). It's an odd change, but it kinda bothers me :/

Originally posted by @Chris Martin:

@Eric F. and @Dawn Brenengen

covered it. Regarding "We are first time home buyers... Would it be a bad idea to buy two cheap or low cost properties and rent out one of them?"  No, it's a good idea... but not for your premise as an owner occupant. As Dawn pointed out, if you are using cheap (subsidized) government money through an owner occupied loan, then you need to live there.

Find, buy as residence and live in, fix, then after a year rent out... that's acceptable for government money. When you run out of government money, you'll hopefully stop and wait for the next market cycle. Because if you don't, I'll see your property at the courthouse in about 2-3 years;)

 I wasn't exactly wanting both houses ot be government money. Just one with a first time home buyers loan, and the second one with 20% down like normally requested. That way i can live in the first home, and still have a second home that is generating income. I started the Pre-qual process so hopefully we get a good response!

so, @Andrew S. do you feel based on what I've told you there is potential.? I don't want to over stretch myself. But when I was running numbers it said on a conventional loan I could afford around $1000 per month mortagage. To me that meant two homes between $400-$500 per month I could be approved for. And Raleigh area is my goal, but it doesn't have to exactly be Raleigh. I live in Apex and work in Knightdale. So I'm all over the place and would be okay anywhere within 30 minutes of knightdale. Doesn't matter what direction. Please let me know off iam miscalculating something. 

And thank you @Eric F.  I only found two but they seemed WAY too much for what they were. 

Also, it doesn't have to be Raleigh per say. Just around is fine. I was looking at garner, wendell, Zebulon or Knightdale seem to have reasonably priced homes in seemingly good neighborhoods.

I wouldn't be looking in the high end side. Not more than $75,000-$90,000 per house. While looking I found a couple houses that I liked for $80,000 that we could afford and generate positive cash flow in the future and quite a few fix up houses for $45,000-$65,000. That seem to also generate positive cash flow. Do you think two houses like that would be possible, if so would I be approved for?

My goal for the future would be to own enough rental homes to sustain myself. But I am just trying to get started first! I would want to purchase my first house around the end of the summer. Then once that one is ready to live in have my next house by the end of the year (if everything goes right and I have enough for the assumed 20% down)

My goal for the future would be to own enough rental homes to sustain myself. But I am just trying to get started first!

Hey guys, thanks for the replies! I currently have about $3000 for down payment but am able to secure more quickly. (Just have to work on controlling my spending). I was hoping to finance both these homes, my first house on a first time home buyers loan(hopefully little to nothing down). I am decent with repairs, and would be willing to learn if it would save me a good amount. I would have to assume I would get approved for two homes. I'm 20 as I said, average income of $48,000 and credit is around 740. Haven't done the application to be preamp proved until I know what I want to donfirst or have an idea.

I am 20 years old in Raleigh NC. We are trying to find a good property to buy for possibly a rental house. We are first time home buyers, and interested in everything. My only worry is that I need a place to live also. We originally wanted a duplex and live in half, but all around here seem overly inflated on price 150k or higher. Would it be a bad idea to buy two cheap or low cost properties and rent out one of them? Any suggestions are welcome too!

Hey Pat, I don't know if you've received a response on this topic yet. If so let me know! I'd be interested in this topic as well! (Sorry this is an old fourm post)