All Forum Posts by: Daniella Ortiz

Update.

I offered 2k over asking for property A.  Someone outbid me with 100% cash offer...holy cow!

I offered full price for property B.  Just needs a few cosmetic upgrades and I think it's rentable.  Location not as good, but I'll just buy another house next year.  Will keep ya'll posted.

Question:  If I want to buy a second home as an investment property before 12 mos, do my mortgage rates fluctuate ?  How does it effect the mortgage rate if it's not considered my homestead?  Should I just live in each house for 12 months before buying my next investment?  I'd like to buy 2 homes per year, but idk if it's possible...

thanks!

daniella

I think I'm going to go for prop A

Thanks so much!

Property A is taking best offers by tomorrow morning so I need advice ASAP (I made an offer on property A but will go up to 257K max).

I don't know what property to buy:

Property A:  Pros: In up and coming area.  This area WILL appreciate significantly over the next 5-10 years.  A great LT investment. Had remodeled bathrooms.  Great location.  Cons: will need new roof in 5-10 yrs.  Needs all new floors (1500 sf), new kitchen.  New HVAC.  Popcorn ceilings have to go.   Price 257K - mortgage is around 1700/mo.  Rental comps are about 1500/1600ish.

Property B: Pros: Price 180K, which I love. Rental comps 1300-1400.  Mortgage 1100.  In less desirable area (not as much to do - mostly residential), but usually easier to find renters. HVAC and roof are new.  Also has a beautiful view of a stream from the back porch.  Cons: Probably won't appreciate as much as Property A due to location. Needs new flooring, kitchen, bathrooms, popcorn ceiling.

Ideally, I'd want something that will appreciate but also be able to rent out in 1-2 years after I move to my next property.  

Am considering my first home purchase.  

scenario 1: buy 260K 3 bd home...30-40K rehab and have 1-2 roommates at 600/mo each.  

Hopefully resale value will go up quite a bit in 10 years.

scenario 2: buy 150K 2 bd condo.  No rehab needed.  One roommate 600/mo.  Don't know how much it will go up in 10 years - the condo exterior is dated (inside is all rehabbed) 

Thoughts?  Which makes the most sense financially in the long run - I'm in Austin.

@Jerry W.  WOW!!! I can't thank you enough!  Thanks so much!

Hi

I am buying my first home - i'll live in it and have roommates. I have good credit - so i can put down 5% on a conventional loan...but I have enough saved for 20%.

So...do I put down a larger deposit? or do I use that extra money to pay off student loans early?  And maybe save up for my next purchase?

Thanks in advance.

d

thanks!!!!!

Also, should I get a conventional or FHA. I have about 15-20% down payment saved, but the total 20% isn't required since I my credit is so good.