Want to get into your first investment property, but don’t want to have to put 20% down? If you don’t mind having roommates, just two roommates in your your new house can pay for your entire mortgage payment (PITI), and in some cases, your electric bill, cable, internet, and water too.
My close friend, we’ll call him John, just bought a 4 bedroom, 3 bathroom, 2136 sqft house with a 2 car garage off of Webb Chappel and Walnut Hill for $214,000. With 5% down and 2% for closing cost, he paid $15k to take possession. His first monthly payment was 60 days after closing. His monthly payment is $1500/month (PITI). One week after closing he posted some ads on Craigslist.org and Roommates.com. Within days of posting the ads, John had two roommates paying $800/month. John is $100 cash flow positive, he lives for free, and all he had to pay was $15k. Pretty sweet huh?
You can do it too. If you’re interested and live in the DFW area, I can help you find the right home.