Newbie from Tampa Bay, FL

[Ed Walter]

Greetings; my name is Ed Walter and although I have 37 years of real estate experience as a Broker and appraiser, I have only owned 3 homes. So I am looking to expand that number significantly this year. I am not sure what route yet in regard to flipping, ACTS, etc, so I intend to study and learn more for a few hours/days/weeks before jumping in with both feet. I hope to be a regular here and welcome any and all advice as well as answer any real estate questions that I can myself, if needed. Have a happy day.

[Anthony Kelly]

Originally posted by @Orin Jarad:

I need help with acquiring rental property in: (Tampa Bay Area) Gibsonton, FL-Phase 1 build home (Highland Homes) Their asking price:$195K. My Sister lives there and will manage it for me. Plan: Utilize First time home buyer at 5% down payment on a 30-year fixed interest only, closing covered within the mortgage.

I am visiting during the entire Thanksgiving week. I'm spending the time with my sister and her family, my nieces. Quality family time is such a precious commodity. I would love to visit anyone in the area, take you out for lunch; maybe even start an impromptu Meetup!

I look forward to hearing from you guys. Thanks for reading.

Where I live: New York, NY

FICO score: 681

2 “W2” jobs for over 3years.

Current annual gross Income: 151K

Monthly Gross income: 12576.00

Total Monthly payments: 1601.00

DTI ratio: 12.73%

Cash-in-hand: $9000+

2017 gross income: 108K; tax return: $20K*

2018 gross income: 129K; tax return: $20K+*

*This is mentioned because I will it for the down payment and all other needed fees.

Hey Orin,

Man it’s always awesome to see someone have all the stuff in a row and a fellow New Yorker too 👏🏻 I have a few lenders you can choose from and I’d be more then happy to help you with the transaction. Will you be occupying the  property at all? If not we may have to discuss which programs will work for you when purchasing. This sounds like it will fall under the “Second Home” or “Investment Property” umbrella which comes with higher down payment requirements. But feel free to send me a message and we can get you all the answers you need 👍🏻