All Forum Posts by: Mack Bailey

@Lawrence Chun I havent done any searching other than the traditional MLS approach. I definitely need to start on that. Thank you!

@Dustin Mathenia that sounds like my idea situation. That's great!

@Jonathan Greene thank you. I am definitely compensating for lack of income with more liquid savings

@Jonathan Hulen I love my job and leaving imo would lessen my quality of life. Side gigs I have picked up help income but dont count towards the pre qual

@Nik Corbaxhi absolutely. Thank you for the numbers to think on. The added expenses are definitely known

@Joe Scaparra luckily I have already been pre approved! Largely due to my lack of other debt and great credit

@Frank Geiger I love my job but sadly there isnt much room for growth. I have side work I do but it doesnt count towards a loan pre qual

@Aaron K. I have great credit and currently $0 in debt

To preface: I am making this post for many reasons, one of them being that I want to have a landmark post to look back on in the future. The other reasons are to get out my plan and largely to receive support and criticism from those who have been in my place or who have general experience.

I have been preapproved for a 100,000 dollar loan. My goal was to purchase a 200k duplex in my area (A/B class property) but due to my low income this is not possible as I see it now. Co signing is not an option and partnering up is not seeming attractive at this time.

My current plan is to buy a single family 3/1in a local college town. I still plan on househacking at least for the first year potentially longer. Currently I have a 90% savings rate and what I consider a healthy amount saved to put towards emergencies.

I have confidence in my ability to make the finances work for me with this property. I am ever concerned with my future real estate portfolio growth due to the need for a traditional mortgage.

General thoughts or any advice would be greatly appreciated and well received

Thank you in advance

@Rick Santasiere I sent a connection request. I would love to pick your brain