All Forum Posts by: Eric Ippolito

@Nicole Heasley it’s likely you’ll always have a car payment. Buying a newer reliable car might mean you have payments, but it’s better than “painments.” Either paying for the loan, or paying for the upkeep and repairs.

@Junior Soares I’m actually very much considering Ohio. That’d be great

Really appreciate all the replies, everyone!

My wife and I rent in the LA area and entertained the idea of buying a house (laugh track ensues). We connected with an agent and are in the middle of a pre-approval process with a mortgage officer. Today, I let him know our goals are to invest in multifamily homes in the Midwest whatever and asked if getting pre-approved for a home for us would hurt our credit or chances to get pre-approved for rental properties.

So now he’s saying it won’t, but banks won’t approve us for an investment loan unless we already own a house. That sounds like a load of rubbish to me. Is he right? Owning a house in LA is immensely costly and I think we’d rather spend our downpayment cash on something that cash flows.

Tl;dr: loan officer handling our pre-approval application for a house in LA says we won’t get an investment loan until we buy our own house.

Does an impending recession change the way real estate investors behave at this point? I’m working toward acquiring my 1st property (saving, researching, and learning), but should I hold off? Should I speed it up?

What impact could a further downturn on the stock market and possible recession have on us?

@Ross Denman appreciate the reply!

@Will Kenner thanks for the detailed reply. I’m still unsure at what point is ideal to fly out and see a property. For example, sometimes I run across what looks like a great property in an area but what if I put in an offer and show up in town and it’s awful and there aren’t any other locations to look at? I’m not quite sure what the best logistics would be in cases of out of state property inspecting

Are people choosing a market, or property and that dictates the market? I’m looking for multifamily homes, and that’s kind of making me have to look everywhere!

Feel like I’m at a chicken before the egg thing, but do I find realtors/property managers first, or after I find a property that looks favorable?

@Joshua Durrin congratulations!! The property looks beautiful. Gonna keep the paint scheme?

@Andy Basler unfortunately, unlike a debit or credit card, you can’t increase the limit https://help.venmo.com/hc/en-us/articles/209690048-Bank-Transfer-Limits :(