All Forum Posts by: Tyler Gebert

@Chris Mason I cant really understand your first point to well, again im not that knowledgeable when it comes to real estate quite yet. If her mortgage did increase past $800 wouldn't that make renting the house out a bad idea? She wouldn't have as much cash flow? What would you do in this situation? More to add, she just talked to a real estate agent today and the house is now appraised at $280k and she bought it for 108k. If that changes anything. Thank you

@Scott Weaner I will have to look into that a little more first. I never heard of it. Thank you.

@Patti Robertson I have more to the story now I just talked to her. She wants to do the 20% down to avoid PMI. Then she wants to sell the house so she can use the $125k equity towards the new house so that her payments arent as high. She plans to buy a house for around 375k and use the $125k equity to bring the loan down to $250k which would have lower payments. So I guess my new question would be what if she pulled 80k equity out of her current home to cover the 20% down on the new home, would the mortgage of $800 go up since she just took equity out of her home?

@Chris Mason Ok so if she pulled out a little equity wouldn't her mortgage go up?

@Patti Robertson She cannot qualify for the 3.5% down payment, since they used it on the current home. Might be a better idea for her to sell the property, just seems like a great rental property opportunity.

My mother has her current home which she bought for 108k about 4 years ago, her house is now worth around 240k. Her mortgage on the home is around $800 monthly. Here is the situation, she wants to buy a new home and needs to sell her current home to use the equity for the down payment towards her new home. I'm trying to find a way where she can keep her current home with the mortgage of $800 and rent it out but at the same time buy her new home without having to sell or refinance her current home. Why? Rent in her area is $1400 on the low end and her home has 2 master bedrooms and a decent sized lot, with a new kitchen and bathrooms. She also is curious about the idea of renting it out but keeps telling me she has to sell it in order to buy the new home. I'm barely stepping foot into real estate but I'm reading into a lot and listening to anyone who has any advice for me. I know that I can find a way for her to do this and I want to find it. So just to have a simple question. How can my mother keep her current house and buy a new home without having to sell her current home?

sorry about my sideways picture, I uploaded it from my phone. 

Hows it going, my name is Tyler. Im new to real estate and new to investing. I joined to get some insight on what it takes to become a real estate master. Im 20 and very motivated to make money, I fully understand that im not going to wake up in 2 days and be a millionare. Its going to take time and im fine with that. Im looking for help to be honest. I think in my head of all of these great ideas for a buisness or how to invest but I always seem to find a way to make it sound like a bad idea and dont go through with it. To be honest my biggest goal is to invest in real estate, Im very low on money that I could actually invest and I cant get a home loan since I havent been at my new job long. Im just lost and not sure where to start in the investment world. I already have a 401k and am starting to invest in stocks. Just looking to get some insight on where to begin in the real estate world. Thank you.