certainly not for the conservative lifestyle – you could agree to buy it for $325k, and ask for a loan that reflects 80% of the probable appraised value of $469k (which is about $375k).
Take the cash from the closing (probably around $50k), buy a cash flowing investment property (suggestions: tennessee, missouri, nc, sc or georgia). For $50k, you can probably get a $200k four-plex that cash flows around $500/month.
So your estimated mortgage payment for the $325k is around $2100. Your $50k is generating around $500/month in cash flow. Actual mortgage cost (not even counting taxes, hello), is around $1600. This $1600 is actually lower if you compensate for the tax refund you would get (my estimate is around $3000/year if your tax rate is around 33%, which translates to 250 per month).
Your actual mortgage could be around $1350.
Did I mention that this would be risky?
It’s what I’d do though. (heck it’s what I’ve been doing, hahaha).
