All Forum Posts by: Corderos SMith

Needing a little advise. I have 3bd 2.5 bath home  in Dallas, Tx under contract right now.  I plan to stay at the property for about 5/6 years then rent or flip depending on the market. I'm wondering if anyone can tell me which upgrades would bring the most value to the home. The home was built in 2000 so its not super outdated but can definitely use a face lift in areas like the kitchen, bathroom, and fresh paint.

Can any one tell me what upgrades have you seen bring the most value to a property, and what kind of time frame should I use? would it be better to wait until closer to the time I'm ready to rent/ or sell to make the upgrades. I am also planning to rent out a room while I'm living here.  Thanks in advance !

Thank you all for your feed back. Our plan is to live at the property a couple years and do some renovations until we both graduate and have more purchasing power. Rent it out or flip before we move to the next place.

@Chris Mason Thanks for the insight, crazy how the rules bend for the government

@Brad E. I plan to go to a couple more lenders when it's time to purchase, we wanted to just get a baseline for how much we can afford and how much we'll need to save to get into a property. 

@Melvin List I'll probably be better off using the FHA only without the grant to cover the downpayment. 3.5% isn't going to take a super long time to save up. I agree with Chris is that the sooner the loan can be refinanced the better.

@Thomas S. I should be able to afford a luxury item such as what? We will be married when we purchase I was just giving some background to the situation. Renting an apartment is also a liability if I am paying the same amount. I would much rather own that be making another person rich. I just have to make sure my number are right. 

@Harjeet Bhatti can you explain a little more? I've never heard of lender credit. The interest rate is set by the state because I'd be using state money to cover the downpayment.

Longtime reader first time poster. So my finace and took the first step towards purchasing a home. We recently got an estimated FHA loan approval for $125,000, our lender said she can use a tsahc (Texas state affordable housing corporation) grant that will put up to 5% towards the downpayment, which is only 3.5% because the FHA loan.

The dilemma is that the tsachc requires a 5.375% interest rate on the loan! Is the interest rate a little ridiculous or does it even out because its basically no money down. I can always refinance right? Should I visit other lenders?

By the time we plan to buy around Mayish of next year I will have about $10,000 saved up. We're located in the DFW area so as you know deals go fast ! Any help is appreciated. 

Longtime reader first time poster. So my finace and took the first step towards purchasing a home. We recently got an estimated FHA loan approval for $125,000, our lender said she can use a tsahc (Texas state affordable housing corporation) grant that will put up to 5% towards the downpayment, which is only 3.5% because the FHA loan.

The dilemma is that the tsachc requires a 5.375% interest rate on the loan! Is the interest rate a little ridiculous or does it even out because its basically no money down. I can always refinance right? Should I visit other lenders?

By the time we plan to buy around Mayish of next year I will have about $10,000 saved up.  We're located in the DFW area so as you know deals go fast ! Any help is appreciated. 

@Mariano Wahlmann

How long have you had the properties in the DFW if you dont mind me asking?

@Jeff Gagnon Cool strategy man. The saying say slow and steady wins the race. I am 25 here in Lewisville and pretty much saving my income to invest in my first deal in within the next 2 years. 

Do you still have your website up and running? I'd like to check it out

@Dewan Ingram Welcome from Lewisville! Nice to see you are locked and loaded with info. I am in the process of cramming my head with knowledge currently. I'm looking to invest in my first property by the end of 2017. I'd hold as low as 20% equity in a property just want to learn by doing! Def keep us updated on progess

Welcome! @KateLisa Longwe . We're in this together I am new as well

Thanks a lot @James W. I live in Lewisville, price of living in Ft Worth is def to my liking.  In an ideal world I'd like to live in a unit and lease the others. The more I'm learning the more I'm understanding the factors that go into getting a property financed correctly. Be pretty cool to connect once I have more purchasing power

@Chris Soignier

Chis that'd be great. How can can I reach you?