All Forum Posts by: Nathan A.

If it were me, I would wait to buy, as tough as that may be to hear. It sounds like you are going to need more savings. You don't want your bank account balance to go to zero the day you close. "Once in, I'd continue to save a decent reserve fund" sounds like the riskiest part to me. What if the property needs repairs or capital expenditures before you had a chance to build the reserve fund up?

Your attitude is admirable and I think you're on the right track with getting your personal finances in order. What about getting a roommate in an apartment for the next year so you could save money faster?

Hi Amit, I recommend you read David Greene's book, "Long-Distance Real Estate Investing," if you haven't already.

Assuming you have a fixed-rate mortgage from years prior when interest rates were lower, paying off the original loan only to take out a new loan is probably going to cost you more money in interest since you'd be taking out a new loan at today's higher interest rates. Plus you would be paying new closing costs. I don't see the advantage in paying off your mortgage versus just using the cash you already have for your down payment. Good luck!

If it were me in my own situation with my own druthers, I would definitely pay off the credit cards. But to compare the options on an apples-to-apples basis, what interest rate are you paying on your credit card debt? How does that compare to the ROI you can receive in any investments you might make?

I can't speak to Pennsylvania or Allegheny County in particular, but I'm not sure there would be
laws or regulations like that at the county level. Have you tried looking at the specific municipality?