Is a 300k Loan Manageable on a 130k Income with No Debt

Hi, I’m planning to buy my first home. It’s a two-family house where I’d live in the smaller unit, and the other unit is rented out for 2200 a month. I’d only need to pay water and trash for the tenants. Do you think a 300k loan is feasible with my situation? Would love to hear your thoughts!

That sounds like a great opportunity. It’s generally a good idea to make sure you can cover the mortgage yourself without relying on rental income.

I’d recommend going for it if you can afford the mortgage on your own. It’s important since rental situations can change. Given your income, it seems like a feasible plan depending on your mortgage rate and down payment.

@Joss
I’ve crunched the numbers, and while it’d be tight, I can manage it. Thanks for the advice!

Lex said:
@Joss
I’ve crunched the numbers, and while it’d be tight, I can manage it. Thanks for the advice!

That’s great to hear. My grandparents had a similar property setup and it worked out well for them. Just be sure to maintain a substantial emergency fund.

How do you find such deals? I never see anything like this where I live.

Nori said:
How do you find such deals? I never see anything like this where I live.

I’m located in Connecticut.

Lex said:

Nori said:
How do you find such deals? I never see anything like this where I live.

I’m located in Connecticut.

Connecticut, huh? I’m from the South and can’t find deals like this at all. If I could, I’d snap up multiple properties like yours. I didn’t think CT had homes for less than $750k.

@Nori
In Northern CT and Western Massachusetts, you can find some very affordable homes. This one’s on 6 acres of land too. My brother in Florida has shown me prices there, and it’s surprising how expensive small, rundown homes are.

Let’s analyze a real-time pricing scenario to see what your monthly costs would be. That should give you a clearer picture.