If you COULD afford to pay a hard money lender/partner the down payment at 10% over just 3 years, get a refi for 15 years and make payments as if you were paying the HM lender.

Getting specifics without a deal isn't easy.Additionally, a bank isn't going to want to feel like you can't afford the extra 5% -- at the end of the day you're going to need cash for repairs and what not.

If you cannot afford multi-units in your area, consider investing where the numbers make more sense.

The first people to argue for affordable housing are the first people to promote policies that drive up the cost of housing.

Here's our rent raise letter... works well, even for those who initially feel they can't afford a rent raise.

@Patrick Menefee, I'm in Charlotte as well sir and I can definitely see where your frustration is coming from as to trying to find a solid property that meets the 1% rule.

If your capital situation means you can only afford something in a C/D neighborhood right now, WAIT until you have the capital to invest in something a bit more stable or find a partner.

Its fairly affordable and obtainable so I dont see the harm in experimenting on its relevancy to my real estate career.

I am able to afford the mortgage comfortably for a couple of months before I start my job.

3/5/2019Sherelle – thanks for the post / questions and outline Fyi – there are some conventional loan programs that allow a 3% down payment ….I would recommend using this program versus a fha loan program if possible …this is because with a FHA loan the monthly mortgage insurance remains with the loan permanently and with a conventional loan – you should be able to eliminate the mortgage insurance in the future ……Also – if you use a FHA loan for the first home - using a FHA again for next property might be an issue …..you allude to this in your question #2Regarding cash flow analysis ….other items to factor in : utilities / property homeowners insurance ( this will be a little higher when you live in home and should decrease a bit once you convert it to a rental policy / are there any deferred maintenance issues on the house ( roof / furnace / water heater / foundation are the bigger tickets items to watch Definitely get pre approved so you know for certain what you can afford and also so you can begin becoming more familiar with the numbers …we can assist with this if you want - contact us Thanks and I hope this helps Dave Skow