All Forum Posts by: Michelle Melchione

Hi, we're going to be looking into investing in buy and hold SFR. Everythings approximated because I'm in the very first stages, as in deciding if we're really going to do this. But say we decide to bite the bullet. By the end of August we should have everything in order. About $50000 cash, decent credit and 25% DTI. Is it better to put the 20% down on one house (approx $180000), or 10% on two with the hopes of getting LPMI. Say we put 20% on one, leaving a 144000 loan at 4.25%, payment $708, tax and ins $200. Trash and water? 80ish. Rents for $1400, about $400 cash flow. Remember all estimates, numbers could be more or less. Now in theory say we do two at $180000 with 10% down on each, leaving 162000 on each at 4.5 (higher for LPMI). Payments would be 820 plus tax ins and utilities, bring it to $1100 each, rents for $1400. Leaving $300 cash flow each. So is two better than one? It it too much to start? More cash flow rules right? We aren't dependant on cash flow, I'm thinking college tuition or retirement, so setting ourselves up for at least 10 years in the future. Not opposed to selling when opportunity knocks or any other reason.

Hi there, my name is Michelle Melchione and I'm a 26 yo stay at home mom (Almost 7 Delilah and 7 month Logan). I'm originally from San Diego, but I moved all over from Chicago to Canada. We moved up to Denver from Pueblo about 3 years ago because my SO got a job up here. That's when I became stay at home mom. Before that I was just working minimum wage jobs and my SO worked at a call center. About 2 years ago we bought our house in Aurora and it has since appreciated about $100,000. We have a VA loan so we are refinancing at a lower rate and getting cash out with no closing costs except appraisal and it will be the same or lower payment than we are making now. After we pay down a couple cc's and car we'll have about 25% DTI. So with the leftover cash we are planning on getting a conventional 30 year mort on a single family residence in Pueblo, Co and renting it out. Why Pueblo, well my grandma has owned and developed there since the 90's. And she said she would manage it, and possibly have one to sell me. Where we go from there, taking equity out or just saving, or however and getting another and so forth. My grandma says she never has vacancies in the area her houses are in. So over the next couple months we'll be working out financing and looking for our first investment property! It all plays out so nicely in my head, but we'll see what happens.