All Forum Posts by: Jean Pierre Jabo

Im new to the RE game too. is your mortgage over 25% of your take home pay not counting the rental income?

Yes they are willing to fund this 

why not?

Hi fellow real estate friends,

Here's a question I have and that I wanted to see your opinion on. As Dave ramsey recommends of not taking on a house mortgage thats more than 25% of your monthly take home pay. Should I follow this rule when investing in real estate.

Recently bought a 550k house with an attached ADU unit thats projected to bring in atleast $1500 monthly income if it has a renter. However since the purchase is high, mortgage on a 7.12% interest rate for 30yr rate plus HO insurance etc is about $4300 a month. should I follow that 25% rule or not. My take home pay is about 6500 a month.

Its our first home btw. and we plan to live in the main unit for atleast 5 years. Location is about 5 minutes from garden of the gods, CO Springs

Let me hear your thoughts please

Thank you!

Wesley I. Its around $2200 and ofcourse depending on location. But the ADU comp is for MTR, so usually about 3-5 months

Nathan, thank you for your reply and good wisdom and great insight on this question that I had

Hi Fellow investors,

Me and my wife are under contract for our first property listed as a SHF with 4 BDs 2 BATH, 5 minutes from garden of the gods driving. The property also has its own ADU on the side that's completely detached from the main house. Has its own kitchen, bath, laundry hookups, little yard and living room space.

We Plan on living in the main unit for over 5 years atleast. Is this a good investment? House was 570k and that ADU projected rent is atleast $1700 a month. We are only putting 5% down with conventional.

And what are some ways we can continue to build our portfolio in RE?

Looking forward to your honest replies

First time interested in buying a rental property. Me and my wife currently rent an apartment in a small town and my question is, what are the financing options for lenders if we plan on buying a house in CO Springs and not live in it for the first 2 years or so?

thanks!!

Should I save two years for a huge downpayment for a house (hopefully possible cheap mortgage) or invest that money in downpayment of a rental? 

No I was actually planning to buy the home in the rural area and rent it to renters while me and my wife are still living in the cheap apt. and then when we move in the big city, we can still have the renters continue to rent or we can sell the house. My only concern is if we would be able to afford a new house in the city, especially since we would potentially be on one income since she may be raising kids or pregnant by then. Sorry for all the details