dbaker89
New Contributor
Hello All,
I am currently submitting an offer on my first RE investment (a condo). It is in great condition and the seller is motivated. The condo is already at a 12,500$ discount but we are going for an additional 3,000$ for closing costs. The comps show the same floor model across the street selling in early august for 12,500 over the asking price of this one. It is in great condition in a comfortable, older neighborhood with mature trees. Close freeway access etc etc. Paying 95,000 for it.
The question I have is what should I look out for expense wise and just in general? I am only 18 so this is a leap as I have lived at home for my whole life. I am not over extending myself as my income can support this at a 33% DTI ratio living by myself. It is a three bedroom, 1100 SQ FT condo with nobody above or below and with adequate parking so renting a room out is always an option as well.
My GF will be living with me a helping with 200$/month. I currently am taking 9 credits in college and working 45 hrs a week and to me this is nothing other then a place to call home and an investment. I believe in 6-7 years I could do a cashout refinance and pull 75k+ out of the thing and purchase another piece of RE when other people are just getting into there first entry level home.
Any advice?
Dan
PS Sorry I haven't been around the forum more. I have been very busy but I do try to read the forum once a day. Thanks for being great, fastlaners.
I am currently submitting an offer on my first RE investment (a condo). It is in great condition and the seller is motivated. The condo is already at a 12,500$ discount but we are going for an additional 3,000$ for closing costs. The comps show the same floor model across the street selling in early august for 12,500 over the asking price of this one. It is in great condition in a comfortable, older neighborhood with mature trees. Close freeway access etc etc. Paying 95,000 for it.
The question I have is what should I look out for expense wise and just in general? I am only 18 so this is a leap as I have lived at home for my whole life. I am not over extending myself as my income can support this at a 33% DTI ratio living by myself. It is a three bedroom, 1100 SQ FT condo with nobody above or below and with adequate parking so renting a room out is always an option as well.
My GF will be living with me a helping with 200$/month. I currently am taking 9 credits in college and working 45 hrs a week and to me this is nothing other then a place to call home and an investment. I believe in 6-7 years I could do a cashout refinance and pull 75k+ out of the thing and purchase another piece of RE when other people are just getting into there first entry level home.
Any advice?
Dan
PS Sorry I haven't been around the forum more. I have been very busy but I do try to read the forum once a day. Thanks for being great, fastlaners.
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