All Forum Posts by: Mike M.

So should I continue trying to look through the MLS? Curious on what direction I need to be looking in

Sam, its because of my debt to income is healthy enough where I could support a mortgage up to 220k even without renting out my current place. If I had a signed lease agreement for my current property they could approve me for even higher. If I go through a wholesaler am I still able to qualify for traditional financing? Sorry a lot of this info is relatively new to me despite the multiple books I've read on this.  I also appreciate any other info or suggestions/example you might have sir!

Is there a strategy I should be employing or something I should be looking for?

And that's what I'm looking for. Something that I can live in for a year or two MAX and during that time slowly rehab the place. It just seems difficult going through a realtor and looking at the listings and running rough estimates as far as PITI+PMI+HOA and coming up with a cash flow number of 200-300 but It has to be possible - or will I need to put more money down? I know its a very vague question but I'm looking for some direction.

Hey all,

I have a couple questions in regards to what should be my strategy going into my next house purchase. In the house I live now I was fortunate enough to put a significant amount of money down (35k) and purchase the house for 175K. PITI+HOA fees = 900/month and can easily rent the place out for 1500 to 1800 a month. Currently I live in this house and just go prequalified again for a primary residence through my lender and want to take advantage of the low interest rates.

My question - is it possible to put 5% down on a home and expect to cash flow 200-300 a month a year later when I plan to move out and rent the place out? Going through a realtor and searching the MLS makes it hard to find really killer deals so I'm confused on where I should go from here...but I really want to take advantage of the low interest rate market.

And is this a good strategy?  Thank you :)

I live in the Phoenix area btw. I would appreciate your thoughts!

Appreciate all of the feedback and ideas from everyone. Being that I do have that 10k saved up and could probably pull an additional 30k out of my home via a HELOC is this enough to really purchase an additional duplex or triplex and then ONTOP of that purchase another one? I feel that I would have very little funds remaining and would be hesitant to not over leverage myself. What price range do you recommend I look at for properties?

In going through MLS listings I was seeing multiple duplexes and triplexes for 100-300k, and most of them seem very undesirable! I originally thought that this was a great idea but maybe i should pursue buying another SFR and then renting out my current residence? So many questions being a rookie to this that i want to make sure i don't make a gigantic mistake.

-Mike

Hello everyone,

Looking to get some feedback as I'm very interested in making real estate a second job for me. I work full time as a branch manager for a major bank and am realizing that this is a job that will not help me live a fulfilled life and my dream is to one day transition to being a full time real estate investor. My financial situation is as follows:

Credit Score : 740-750

Credit card utilization : 10-20%max (aka very little credit card debt)

No car Payment

Owe 134k on my house that I purchased in April 2013. House is worth ~205-215k

My payment including HOA is around 900 in old town Scottsdale, AZ

Could easily rent it out for 1500-1600 because of location and everything is recently remodeled. Very desirable place to live

I have about 10k saved up in savings

What are my options? I have listened to multiple podcasts and read multiple real estate books and am just scared to take action. Is my best bet getting a private money loan and trying to buy a property that is at the auction? Do I refi my current property and pull some cash out of it to add to my 10k that I already have saved up in my savings and use that towards a down payment on a multi family residence that I could live in for a year? What are you suggestions? I appreciate any and all help!!

-Mike