All Forum Posts by: Scott Po

Thanks for all the great feedback. Jay, I guess that's my issue is that it has to come down, right? Housing prices have risen so high in the last couple years that I feel like it would be weird if it didn't fall. Henry brings up a good point about inventory. That makes sense that demand could keep prices up. 

This was my logic on why I thought prices would lower, I figured inflation would force the fed to raise interest rates. The rise in rates would result in less mortgages being handed out and that softening in demand would lower prices. I'm as novice as they come so please lmk if my logic is wrong. Thanks again for all the help, this is a great website so far. 

E- I'm in the DC area so I'd be looking at 1700x month because I'd split an apt with a roommate. 

F- Henry, would you recommend doing a conventional and putting 20% down or doing VA with no money down and no PMI?

PS- I'll take a look at the post you referenced and let you know if I have any questions. 

I would like to buy my first house and rent by the room, living in one of those rooms. I was preapproved in Nov for approximately 400k and this was for a VA loan. My salary is 100k, I have 60k cash, and I'm single.

My issue is that I am reluctant to buy given how high property values have risen. The skeptic in me thinks that I should sign a 6mo lease and wait, allowing property values to cool off and drop, then buy a property. On the other hand, I could afford to buy a turn key property and start getting cash flow now. I'd just lose value in the house in 2023.

Any and all advice is greatly appreciated.