All Forum Posts by: Michael Bru

Appreciate all the replies!

Robert, yes, I am here in Asheville now. The market here is a bit high, with most multi-family units starting at 380K and up which is a pretty healthy chunk of change. Not entirely sure if prices have been cheaper in the past, has stayed the same, or has actually gone done. Much research to do.

Melvin and Samuel, those are some great points. I definitely have to look at all my possible loan options.

I'm a federal employee, so my relocation expenses are provided by PCS/DFAS. Some more details here:

Reimbursement must not exceed 10% of the actual sale price on a Sale of Residence at the old PDS. (I did not sell a house when I transferred here)

Reimbursement must not exceed 5% of the purchase price on a Purchase of Residence at the new PDS.

A lot more information can be found here: https://www.gsa.gov/cdnstatic/GSA_Home_Purchase_Ma...

Thanks again for the information, it's much appreciated!

Hello all, first post! I moved for work into a fairly hot market for real estate, Asheville NC, and I’ve been seriously considering real estate in the area as people are coming here in droves. I don’t have a ton of capital, as I’ve been maxing out my tax-deferred accounts for the last few years, but I’m willing to slow it down a tad. Part of the reason is because of my relocation package. The relocation packages states it will: “reimburse normal and customary closing costs not to exceed 5% of new purchase price”. The main reason is because I want some diversification in my assets.

How big of a deal is this? I've heard closing costs can be around 5% of the purchase price. Is this what people usually pay? I would have to purchase the property by September of 2019 for this reimbursement to be valid. I might not have 20% down for a multi-family by then, which is the property type I'm eyeing, so the biggest question I have is with the reimbursement potential. Is it best to hop in with a FHA loan if I see a deal, paying the PITI, or would it be more advantageous for me to save up the 20%, saving myself the PITI, even though I would be paying closing costs if my down payment isn't big enough down the road? If it matters, I have excellent credit (around 800).

Thanks for any advice and please let me know if I need to clarify anything!