All Forum Posts by: Nick Dillaha

@Jon Holdman thanks for the response... I do not have any rental income as of yet. So my best chances of getting financed is to plan on having a larger down payment along with the other good debt:income, credit score, etc... 

Hey guys! My plan is to rent out my current home and apply for another mortgage loan through my bank and live in the new property as my primary residence... Would having a signed rental contract on my current home increase my chances of getting approved? Would it increase the amount I am approved for? If so, how would I go about doing it so I wont end up homeless while looking for my new home?? Thanks!!! 

Thanks everybody! @Dave Foster @Elizabeth Colegrove 

@Nathan Brooks Insight* :)

@Nathan Brooks thank you for your insite and motivating words! I'm so excited to start moving forward!

Hi @Kristy Good , My townhome/condo that I currently own was built in 2006. It's over 1900 sq ft in prime location, seconds from an old historic land with properties ranging from $300k to over $10 million. The last condo in similar condition rented in 12 days for $1300/month. I have a couple of small upgrades prior to renting (paint, new baseboards, etc) that I will definitely have to factor in. Our COA fees have decreased over the last two years with the number of units beings sold. Given the location, age of the property, etc. I feel that my townhome is great place to earn positive monthly cash-flow. 

You're suggesting I sell my condo and just start from scratch in another primary residence? 

My goal now is to finance another property as my primary residence to live in and fix up to sell in a couple years just as @Christopher Gilbert  recommended. 

Chris, thank you so much for your quick response. 

Hi guys, I'm brand new to this website and real estate investing. I currently own a townhome/condo as my primary residence in a great community. Other units in the same condition are renting for $1300/month and my current mortgage/insurance/COA fees total $906/month. I've been trying to do all my homework and saving as much as possible. I am looking to purchase another property as my primary residence due to the potential $400/month in rent on my first property. I will have $20k to invest and my bank is willing to possibly do (depending on credit/debt:income, etc.) a 3/3, 5/5, or 10/1 ARM.

Do you think it is wise to find something around $100k solely as a rental property and pay a 20% down payment but stay in my townhome? Or shall I stick with my bank and find a more expensive property that I am willing to live in (150-180k), knowing that I may only be putting 3-10% down and saving some cash...