All Forum Posts by: Nathaniel J Mott

Awesome thanks! I'll weigh my options over the next few months.

Hey BP,

I'm looking into purchasing my first home sometime around the beginning of the new year. I'm waiting a little while to see how this "no-eviction" policy plays out, and further educate myself.

I have almost 70k saved up and a 760-790 credit score. If you were in my shoes, how would you proceed? 

I originally thinking I'd only try to buy one property and go with a conventional loan. I'm going to house hack a duplex or single family home. Now I'm considering using my FHA loan to put less money down, still house hack that residence, and use my remaining money for a down payment on a rental property. I live in Raleigh and would like to invest close to home. It appears to be mainly a flippers market here. I'd like to do some renovations on whichever property (or properties) I buy and try and obtain at least some cash flow.

@Damian Curtis

I haven't been scared off older homes but I'll factor in these potential headaches when making an offer. Thanks for the comprehensive list, that's a lot to consider!

Awesome thanks! I'll ask my realtor about connecting me with a contractor who has experience working on older homes. 

You both think the challenge is manageable for a novice investor/first time home buyer if I'm willing to put in the work? I'll obviously get the necessary inspections done, but I don't want to be blindsided by an unforeseen huge expense. 

I’m planning on house hacking in the Raleigh area in the not too distant future. There are some homes that have been on the market for a long time, and are very inexpensive relative to the surrounding areas. They are generally old.

I know buying a home from 1900-1950 would require more rehab than something from 1960-2000+... but I’m curious to know what the major road blocks might be. For people who have invested in older homes, would you do it again?

@Kevin M Dobyns give us some deal details! I’m in Raleigh NC and wanting to house hack near future but there’s so much competition here. Hoping the winter months bring something fruitful haha

Thanks for the reply's guys! I think I'm going to shoot for a 150-200k fixer upper. @Mitch Miller do you have a good realtor/mortgage broker that you work with and could recommend? 

(noob question) I got pre-approved for a mortgage by a broker but I wanted to talk to another broker or two before I choose which to work with. I'm just not sure how to determine if they're good. Should I pick a few properties I'm interested in and ask what kind of rate they can give me? 

Hi BP,

I'm planning on buying my first home in the near future and would like to rent out the remaining rooms.

I'm wondering what the community thinks my best option is. I was looking for houses in the 200k range but a mortgage broker hinted that I may be able to get a loan for 250k.  Is it smarter from an investment standpoint to buy a bigger house and bank on the idea that I'll have consistent renters to pay the mortgage, or would it be smarter to get less of a loan and be sure I can cover the monthly payments with just my salary?  

I'm thinking I could get a house with more rooms for 250k, which I would rent out.