All Forum Posts by: Eduard Tanasov

With inflation on the rise are interest rates going to follow? I got pre-approved on a loan about a month ago and got a 2.25%. Is that interest rate locked in or when I actually get an offer accepted will it be locked in? Thank you for your time

@Jon Kelly ok thank you, I was thinking the same thing but wanted a second opinion

I just got pre-approved for $450,000 from a lender and want to use that on a duplex rental property. Since I currently live with my dad I need to live in one of the units. I really don't like that idea cause I want to rent out both units. So I was thinking of buying a separate house in the $40k-$90k price range, so I have a primary residence, and use about $150-$250k for my rental. I have enough DTI for $450k so it should be fine... right? I haven't spoken to my lender about this yet but was curious is this something possible for a first time home buyer?

Blair Russell Thank you for your precise advice, I really wanted to jump right in and learn through my failures but now realizing that could turn out badly for me. I think I'm going to take it slower, try to build my bank and knowledge first. Thanks for the insight.

Matt Bigach Thank you for your advice and I'm now realizing that I do need to build as you said "war chest" but their is now way that I would be able to get close to $100k in even 5 years. Nonetheless I will try to save every penny to at least get close.

Patrick Liska Thank you I'll look into that

Ken B. Thank you I'll definitely read more about this and try to become a more avid learner

Hi BP I'm a 19 year old college student who is also working part-time as a delivery driver at jimmy john's. I came across BP through my time "researching" YouTube. I have become in love with the concept of buy and hold. And I have a few properties that I'm looking at to start out but I'm still not sure how to go about on this. The properties that I'm looking at are in Knoxville, Tennessee near The University of Tennessee. So I'm hoping I can rent out these 2 bed or 3 bed to college students. Also the properties are around $76k-$90k and rent is around 750-850. I currently have $3,000 saved up. I just have some questions that I would loved to get answered and just some basic tips going forward. 1. Would $3k be enough down payment around 3% down, and if not what would be the minimum % down that I would have to put in. ( as a part-time worker and recipient of around $1k extra scholarship every semester I can't really save up much to get started) 2. When I find a property what are some questions that I have to either ask the realtor or owner about the property.( like how would I know if the light or water bill are coming out of my pocket or the tenant's and maybe any other expenses I should know about, so I could get a good estimate on the cash flow) 3. How to negotiate to buy for lowered than the asking price and how much are closing costs usually.