All Forum Posts by: Reginald Best

You are more than likely right. As I'm just researching, from different sources. Just trying to soak up as much information as possible. 

Thanks again for the reply. 

Thanks for replying. It is in the same Leo field. Yet making "about" half what I made in NYC. Most of the lenders that I've spoken to , they were going off my DTI. Based on what was spoken over the phone.The only loan im applying for is a VA.

I actually got the job. It is in Connecticut. So with that added income I should be able to apply for more. Yet since I have a short time period. Itt looks like I'll get a rental for now. Yet stay in a hotel until then.  Hopefully I can get a short term lease. 

Thanks for the reply. I actually signed up and took the online class for that program.
I've been doing more research. What I didn't know was that every year your property is assessed. So although with a fixed rate mortgage you would still end up paying a lot more than is expected regardless of what's calculated. Reddit is a chest of information.

Thanks a lot for replying. 

Considering both advice. I'll get a rental to settle in.

What's insane is that I noticed with a 300-400k mortgage payment I could afford.Yet as the bank stated my DTI would be to high.Which when doing the math, even with the BP calculator I would be ok. Just a rant as I understand the DTI math, yet I don't understand the Toal mortgage payment math. I can obviously afford the mortgage with extra left over. Just a rant.

I'll do the research now in to areas near Rhode Island.I do have and applied for a va loan from NFCU/ Pentagon Federal, Veterans United and Churchill  Mortgage.

I did notice that the mystic area is a high tourist area, which would be good for HH and airbnb. Yet considering I'm changing jobs and moving to a different state, I'll settle in before I try that. I did look in to groton and New London . From what I'm told from residents in the area of New London, it's not the best place to live. Yet thats subjective!!

Thanks for the quick reply.  Most of all your time.

Good day to all,

Current Situation.

I have currently as of last week resigned from my current 100+k job(NYC). Reason family(be closer to son). I have found a job that pays 50k beginning, goes up over time(city agency).

Current - NYC Resident (was renting).      New  - Connecticut (near Naval base New London)

I haven't started the new job it starts next month(living off military retirement). Savings a little over 15k( not including investments), military retirement pay little over 3000. Credit Score 730.

My issue: Should I just get an Apt or continue looking for a house in Norwich/Ledyard or surrounding areas? I've done the mortgage process with NFCU / PenFed, Veterans United and Dave Ramsey(ChurchHill Mortgage). For the exception of NavyFed the others have limited me to 250k because of the DTI (considering I haven't officially started my new job - so going off military retirement).NFCU is a headache to do anything with.

Should I wait until I start the new job and reapply, in a couple of months(take another hit on my credit score)?, or go with the 250k condo (as most properties im seeing need a lot of work and the VA isn't going to approve them). Last option Rent - As I know little about Connecticut and the options for condo's are limited compared to NYC.

Thanks for any guidance. It's been crazy looking for a place considering the short timeline I have. Even more so dealing with certain realtors/banks who seem like they want to help yet don't.

Thanks for the replies everyone.Thanks for the advice. I will take all 3 in to consideration.

My end end goal is to have a cash flow property to supplement my income.Honestly I would like to leave my current job and do something less stressful on body and mind.              

My Strategy is to purchase a multi fixer upper in a nice neighborhood. The issue is that I do not want to stay in NY(which would mean I would probably have to get a property manager and that would negate the VA loan). Yet With much taught I was looking at upstate area within 50 miles from Queens/Brooklyn(family-mostly older parents.). During the pandemic I was actually house searching in LI and upstate area. Yet I would get outbid so many times I took a step back to reassess . Of course this affected my credit as you can only hold the loan for so long then have to reapply.

 My worry is some of the horror stories I've read from forums and reddit on issues with tenants. Yet nothing in life is gained without risk.

Hello everyone. I have been researching like crazy yet finally decided to join the forum. I have been listening to a lot of podcast and reading book. I have also  finally decided to take the leap and try my hand. Thank you all for your kind and welcoming nature that I've seen in other post. Hopefully I can provide something of worth at some point.

I am a military Vet - more than likely utilizing the VA loan to purchase my first unit.