All Forum Posts by: Saul Solis

Hey Guys, My name is Saul. I am 19 years old.

I have been extensively researching REI for the past couple months. Living in the surrounding area of Seattle. I have a lot of questions in regards to obtaining a rental condo. I have been reaching out to larger mortgage brokers but have been getting no reply. I am going to try and reach out to real estate agents in my surrounding area next. I have been trying to run the numbers on condos in my area.(175k for 1bd1bath) But they simply aren't adding up. I know prices are pretty inflated right now especially in my area. My biggest question is .... am i even be able to obtain a mortgage at this age? I make around 28k after tax and by the time i'm ready to purchase a property i would have a consistent income for about 1.5 years. I have very low expenses and would be living with my parents. And a average credit score. My next question would be what would be my best bet. I know i have a low income but to compensate i would have to throw a large out of pocket down payment. I wouldn't be making much in terms of cash on cash return. I would like to connect with someone. All of the people around me are no help and are actually discouraging me. I would be most interested in buying and holding, the idea of house flipping also entertains me. I am eager to connect with someone that is willing to answer my questions. Thank you in advance. 

Thank you so much both WIll Fraser and Matt Nico. I now understand how the numbers truly work and how you wouldn't necessarily be able to access the full amount of equity growth. But thank you i've already emailed a couple of mortgage loan officers from the current loan provider. And am just waiting for them to reply. 

Hey Guys my name is Saul. I'm 19 just recently got into real estate. I'm trying to help my parents out but i'm a bit confused on the numbers for pulling equity out of the home.  

Here are the numbers. 

Purchased home: $240,000 @ 4.375% using FHA Loan

Not quite sure on down payment but around 2.5% $6000

Current Mortage Balance: $213,000 

New Home Value: $380,000

I'm having difficulty calculating how much equity would be available to pull. I understand you can do a cash out refi or HELOC. With refi rates at 3.4% in my area. I know there is money somewhere. Just confused on where to start and who to talk to. Like would i be able to hold the cash and wait for a possible dip in the market to purchase an investment property with an FHA Loan? Thank You