All Forum Posts by: Jesse Whitmore

@Rena Barron

I think it would be smart to appropriately budget for that, and possibly throw more at your mortgage to get it paid off quicker, and have a reserve for your next investment. The more you throw at your principal the better you would look for a loan, and would save money on interest, but same can be said for more money down on your next place. It’s how you want to play it but those are the things that come to mind for me.

@John Spellman

How long would renovating take?

Howdy! I am planning on getting a newly developed detached condo in Taylor, Tx. Called the boxwoods at Taylor, http://theboxwoodstaylor.com. I currently have enough liquid to comfortably put 5% down and my parents are going to match that and co-sign with me. I recently just got out of debt, which is why my liquid is low, and the reason I am buying is it’s new and pretty cheap for the Austin area, by the end of my apartment lease, once rent goes up it will be equal to the mortgage payment of this place, looking at ~165-170k after upgrades and lot placement.

I'm stuck on what kind of mortgage I should get. If I go through my credit union(s), A+ & Penfed, I can put 5% down, and get a shittier rate of course, and the loans would be traditional. Or I can go through another lender and possibly get an FHA. I'm more skeptical than convinced on the benefits of an FHA and would love some advice. Thank you for reading!

@Rena Barron

What are your current short term and long term goals? Is it enough cash flow to live on?

Replying to keep track of this post, I’m potentially buying a home in a flood prone area and could use some knowledge as well

after reading all of this I think I would rather fix and flip than be a landlord.

@Zachary Giles

If you pay your debts you will increase your cash flow which you can invest in later. A better debt to income ratio will also help with loans when you want them. You have debt already because you don’t have patience to have your liquid pay for the things you want, digging deeper won’t help you climb out quicker.

1005 Salem ln Austin tx 78753. I’m a long time listener of the podcast, but I cannot think of solid advice to give my brother. Not looking for pity, but the situation is my brothers mom has Alzheimer’s and cannot be home alone so is moving out of town to be watched by able family. Now my brother who has never been a home owner is in charge of selling this place. He has an agent that listed it but no ones been biting and places in the area are selling quicker. Any advice I can relay?

@Travis Biziorek beautifully put, and most definitely accurate

@Victor Nunez will the one that won’t appreciate depreciate? How long will it be until that cash flow declines to 1500?