All Forum Posts by: William Thomas

@Oleg Enik

Well I’m actually getting a 1 yr line of credit because I’m building a new construction so I will be taking draws every couple of months or so instead of one big payment like a cash buyer. Then after it’s built I will refi

I’m only doing new construction bc my parents have a construction business so I’m getting in cheaper than buying an older home anyways

Keep us updated on what the lender says!

@Oleg Enik if I were you I would try to talk to someone ab possibly co-signing w you. I don’t know your financial situation or that of your family/friends so it’s situation dependent; if you already have a job you might be able to qualify already, but I’m in college so could qualify for anything lol.

If your family believes in your ability and your research they might help you out! That’s what I did and just got approved for much much more than I would have been able to otherwise.

My experience with the lender I worked w was nothing but positive, happy to walk me along and teach me how it all works

@Simon Collins it’s not gonna be like Panama City, maybe it will end up like the beautiful Destin! Pretty and appreciating!

@Simon Collins tell me if you think I’m crazy but I’m imagining values are staying somewhat similar to pre storm prices because of the expected growth due to the destruction of the storm. Tyndall AFB and the PSJ marina are both gonna be rebuilt 2-4x for what they were before the storm. And just a whole lot of money flowing into there rn from the outside investors prolly gonna be good for valuations

@Joe Villeneuve

Hey joe, sorry what I mean by paying the bank less interest is the idea of getting equity into the property faster.

Hey guys,

So I’m buying my first single family rental in about 8 months and I’m debating between a 15 or a 30 yr mortgage. I love the idea of not paying as much money to the bank in interest, but I also love the flexibility of a 30 yr mortgage due to a lower payment (especially because I already have another house in mind as soon as I can get a down payment for that). My payment on a 30 year would be 650 and for a 15 year would be 850. My rent would be 1500, so I would get around 1350 back after paying property manager. Thank you guys in advance for your wisdom and advice!!