All Forum Posts by: Jacob Camilliere

Hello All,

Recently graduated college and looking to kick off my real estate investing career. I am trying to figure out how much of conventional mortgage I will be able to get approved for. Heres my situation...

I got my first post grad full time job starting in late August in Charlotte, NC. I'll be making 55k/year locked in for two years. The third year I will be making 25%-50% higher base salary plus commissions. 

I have 27k in student loans. Repayment, as of right now is $300/month for 10 years but I will most likely pay it off quicker.

My rent is roughly $700/month including utilities, wifi, etc.

I currently have about 15k in liquid assets/cash equivalents and then about 8k in less liquid assets (Mutual funds/Crypto). 

My other expenses are very minimal as I am being very frugal for the foreseeable future.

I don't start working until late august but i am trying to start my real estate investing career as quickly as possible. So my question is approximately how much of a mortgage will i be able to be approved for if i am putting 20% down and the property is strictly an investment property? The property will most likely be a duplex/triplex and FHA is out of the question, as I am locked into a one year lease.

Also, any tips on getting started are welcome. 

 Your allocation should be 50% in any of the top 10 cryptos by market cap, then 30% in the top 25, and 20% in the top 100.

Take another $5,000 of your savings and put it in crypto right now. Markets are down and present a prime buying opportunity. In a year or two, you will be pleasantly surprised. Anyone who tells you to take your money out of crypto right now, clearly doesn't have any money in the crypto market. We are young and need to be risk takers. $20k a year in NYC will barely buy you food let alone a cash flowing apartment.

Hey Jack, I am also new to BP- I just graduated from University of South Carolina and am moving to Charlotte to start a full-time job in August. We should definitely connect and talk about the Charlotte SFR rental market. I'm very motivated to start investing in Single Family Rentals once I move and am looking for like-minded individuals to potentially partner up with.

@Kim Puckett Have your son call the residency office. they are so helpful with the entire process. i transferred to usc from new york and was able to get instate tuition very easily. surprisingly, the residency office walks you through the entire process. The two most important factors are getting a SC license for at least one year. and your son being able to "prove" that he pays for more than 51% of his expenses. 

@Will Gaston it is closer to stadium on bluff road. it is the only student development in Columbia that consists of single family homes, so I'm not too worried about it

@Caleb Heimsoth i worked cap ex into my numbers. And the students get charged by the property manager at the end of their lease for all the basic maintenance that needs to be done on the property. Like paint, carpets, leaky faucets, etc. i lived in this community two years ago and between the four of my roommates we got charged $1500 for minor damages we caused to the property. 

@Andrew R. Lucas thanks for that info go cocks! Would i still be eligible for the "free" money from richland county if i dont plan on living in the house? I know sometimes they require for you to live in the home for a specific amount time before you can rent it out. 

Hello all,

I am senior at University of South Carolina and am tired of paying rent!!!!

So heres the deal: For the past year I have been up my parents *** trying to convince them to buy a house in Columbia, Sc and pay me to be the property manager or let me live in it for free. One of my extended family members overheard me trying to convince my parents and they told me that if I developed a business plan and got the numbers together, they would consider helping me out.

So this is where im at now, I have successfully convinced my family member to co-sign a mortgage with me and contribute a portion of the down payment in a form of a loan to me. The house is $140,000 we plan on putting 10-15% down. I will contribute around $4,000 and he will contribute around $14,000.

He wants the terms of the loan to be $500 a month for 36 months to be compensated for the risk of him co signing the mortgage and loaning me the down payment. Once the loan is paid off, he will receive 20% of monthly profit and 20% equity in the house.  are these fair loan terms??

Just a little about the property: it is in a gated student community of single family homes. Was built in 2008 and has 100% occupancy since it was built. Rents for $1800 a month and increases every year. HOA is $230, and they have onsite property managers at 7.5% of (Gross rent-Hoa). I Estimated for taxes and insurance to be roughly $200 a month total. My predicted monthly cash flows are around $550.

let me know if those terms are fair or if I should counter him with something else