Newbie need help and ready to learn

[Erere Ovirevarie]

I am a newbie in real estate but i have read alot of stuffs online and my credit score is below 700 because i started building my credit last year but my wife have 700 plus in her credit but still own so much like cars loan and many stuffs on her credit, i am thinking about the financial aspect of how to secure a loan on my first property, down payment is not an issue to me as i have over $20000 for that.i live in tampa , florida .i will appreciate any useful help from professional on here.i am ready to learn

[Stephen David Smith Jr.]

Good Evening @Erere Ovirevarie,

I wish you much success on your Real Estate journey. A starting point before looking at properties (and what I think you are getting at here) is to organize all your financials and see what approval you can get and shop rates, also a credit score above 700 and one in the mid to upper 600's is workable, however get a great mortgage broker to advise you in detail. I unfortunately see many investors fall victim to jumping on a good price however not looking at their financing cost over the life of the loan. 

On good example of how financing can affect the investment commitment and return can be seen in this article which shows even though home prices have gone up it is 16% cheaper to buy now than in 2018.https://www.floridarealtors.or...

Let me know if you have specific questions down the road as you figure out more, happy to help.