All Forum Posts by: Drew Oesterle

so I already deliver pizzas at night so I'm hoping that will help.  But its not really enough for a down payment in a few months?

@Eddie Dumire, thanks for those ideas, I have looked at owner financing, however it's been difficult to find anyone so far who is interested in doing this. The one little thing I didn't mention in my original post is that I am guaranteed, as long as I do t mess anything up too bad, in getting a 10k raise each year on my anniversary date for the next 4 years. So does this mean I need to wait, or is there a way to get in now, and stop paying someone else's mortgage?

@Jake Holmes,  I've looked at frank town and Elizabeth, but my concern is the ability to find renters in those areas, what kinda draws me to the Parker area is the need for rentals and the desirability of those areas. Would frank town and Elizabeth still have that? I will have to look into the credit unions. Thanks for that!

@Bill S, thank you for the advice, I'm still having a little bit if a hard time figuring out what that "unfair advantage" is for me, other than a decent instinct at recognizing patterns in the market, so maybe I need to spend some more time figuring that out before moving on. That being said, from the research I have done, it seems to make more sense to be making payments on a condo I own, as opposed to renting, especially when a mortgage would be cheaper than rent? So the problem still arises, how do I find that financing?  Thanks for the "tough love" though. 

I'm looking to get started in the REI world, but am kinda in a position that, based on a lot of forums I've been reading up to this point, is a little unique ( maybe not-I'm new). I have a full time job that I'll never quit because I believe in it...it's a public service job, but It doesn't pay worth a crap right now( about 42k/ year). I have 720 credit score, low debt other than my student loans, which are about 90k. I plan on using a down payment from an old 401k plan that I have, about 7k and I am a first time home buyer. Because my student loans are so high it's hard to get a loan, and actually I'm having a hard time getting pre-approved for any more then about 70K. However, I'm in an income repayment plan and because of that my monthly payment is $0. Also, because of my public service job, in 7 yrs ( I'm 3 years in to a 10 yr forgiveness plan for public servants) the balance of the loan will actually be forgiven. I'm looking to get into renting out condos eventually. I live south of Denver where it's difficult to find anything less then 170k for a 1b1b condo. Unfortunately I need to buy/stay in the area for various reasons. I plan to live in it for at least a year with a small family, so I plan on at least a 2b2b. After a year I would like to start renting it out and move into something bigger. My question is, what would a seasoned investor do in a situation like this. I pay 1400 a month in rent and can definitely afford this, however the banks won't approve me for anymore then around 90k. I know there are alternate forms of lenders out there, however I'm worried about crappy rates. I have my 401K but I'm going to take a hit from the taxes and fees when I take it out, so I won't have much to put down. Any advice? Next question is, is this a good time to buy a traditional long term investment right now in the Parker area? I'm afraid that if I buy now in a few years I'll be under water? Is the market peaking, or getting close to it right now? Thanks for reading! And any advice is welcomed!

I'm looking to get started in the REI world, but am kinda in a position that, based on a lot of forums I've been reading up to this point, is a little unique ( maybe not-I'm new). I have a full time job that I'll never quit because I believe in it...it's a public service job, but It doesn't pay worth a crap right now( about 42k/ year). I have 720 credit score, low debt other than my student loans, which are about 90k. I plan on using a down payment from an old 401k plan that I have, about 7k and I am a first time home buyer. Because my student loans are so high it's hard to get a loan, and actually I'm having a hard time getting pre-approved for any more then about 70K. However, I'm in an income repayment plan and because of that my monthly payment is $0. Also, because of my public service job, in 10 yrs ( I'm 3 years in) the balance of the loan will actually be forgiven. I'm looking to get into renting out condos eventually. I live south of Denver where it's difficult to find anything less then 170k for a condo and I need to stay in the area for various reasons. I plan to live in it for at least a year with a small family, so I plan on at least a 2b2b. After a year I would like to starting renting it out and move into something bigger. My question is, what would a seasoned investor do in a situation like this. I pay 1400 a month in rent and can definitely afford this, however the banks won't approve me for anymore then around 90k. I know there are alternate forms of lenders out there, however I'm worried about crappy rates. I have my 401K but I'm going to take a hit from the taxes and fees when I take it out, so I won't have much to put down. Any advice? Next question is, is this a good time to buy a traditional long term investment right now in the Parker area? I'm afraid that if I buy now in a few years I'll be under water? Is the market peaking, or getting close to it right now? Thanks for reading! And any advice is welcomed!