All Forum Posts by: Ana Franchi

@Blake Novotney

Thank you Blake! I’ll definitely keep that in mind if I decide to look for properties in Wilmington area.

Just need to figure out what’s more profitable for an investment property, a single family or other options like apartments and condos. How is it in Wilmington area right now, whats on higher demand as rental properties - houses or apartments?

Good evening every one.

I’m planning to invest into my first rental property, I got pre-approved for my first mortgage loan for about $300k for a residential property, so I’m going to live in that place for a year or two then rent it out.

I’m currently looking to buy in North Carolina - Raleigh, Cary or Wilmington.

And I’ve got couple questions.

Is it more profitable to buy an apartment, condo,townhouse and rent it out, OR to buy a house to rent out?

And is getting a three bedroom (apartment or a house) would give you less chances of finding renters, versus if you buy one bedroom apartment or a small house? I feel like the smaller the place (therefore the cheaper the rent), the easier it would be to place the tenants. Or am I wrong to think that way?

I’m very new to this so I’d like to make my decision wisely, and would highly appreciate any advices and suggestions I can get from anyone.

Thank you very much everyone in advance!

Good morning everyone! Please don’t judge too harshly if I don’t make any sense, just really need a financial advise.

I just got pre-approved for my first mortgage loan for $280-300k. I’m looking to buy in North Carolina - Raleigh, Cary or Wilmington area, i work remotely.

And I’m stuck with making the right decision. So I got the loan for a primary residence. And my goal is to convert that property into a rental in a year or two and buy a second property to make it a rental as well. The thing is, I have enough money saved for TWO down payments (to be more clear, I have $130k saved.)

So my question is, can I have two loans at the same time if I’ve got money saved for two down payments? Because I’m not sure if it’s even possible.

And If I can have two loans, should I then, maybe, for my first property look for something smaller and I not spend the whole loan amount that I got pre-approved for, and maybe, for instance look for something closer to $200-220, like a small house, an apartment or a townhouse/condo. Would that give me more chances to get a second loan and buy another small house, apartment, or condo/townhouse and make it a rental property?

Thank you everyone tremendously for any advice and assistance! And happy new year you guys!

Please Lee me know if i should provide more info.

@Bob Stevens

Hi Bob, if you could be more specific could you please tell where can you find three houses for that price range, because according to today’s house market you can more likely only afford one single family house for approximately 300k in a decent area. Thanks for your reply in advance!

Hello everyone. I saved up $130k.

Should I get a mortgage loan to buy a condo or an apartment, for approximately $220-250k, as my primary residence, put 30% down payment, live there for a year, then make it a rental property?

Or keep working for couple more years, save up more and buy my very first property for cash, to avoid getting a loan with high interest rates right now, and being stuck paying almost double the house price?

Could you guys please help with an advice?

Who knows what 2024 will bring. Some people say buy now, some say wait and that house prices and interest rates will go down.

And I need to make a very smart move with the money I’ve been saving.

I was also thinking to buy some sort of small business, but I feel like investing into real estate first would be smarter.

Thank you everyone in advance! And happy holidays!

@Greg R.

Hi Greg and thank you so much for your time and effort.

I did offer him to be paying for the house as if it was my own, that’s the only reason why I wanted him to add me to the title. In fact I even gave him cash money (around 10k) at the very beginning (we’ve been together for 2 years), and he gave me a verbal promise that those money would be as an investment and that I will get those money back after he sells the house.

Then after some time he told me I should be paying him rent money, after we agreed that everything I give him is going to be counted as an investment for me. That’s why I stared pressuring him about putting me on the title at least, as i didn’t know if i could only rely on his verbal agreement. Again love is a tricky business and I was being naive at the beginning when I decided not to pursue my own goals on buying my own place but to invest into his place instead.

@Bryce Jamison

Thank you so much for your time and effort and trying to explain your point of view. I do understand indeed that this situation is more concerning the relationship.

To be more precise he wanted me to give him rent money for each month while I’m here, while I mention to him that I could get my own place and invest in my own place.

Should you pay rent if living with your boyfriend who’s paying mortgage for that place? While you are able to purchase your own place.

And if you end up buying your own place and still want to live with your boyfriend at his place, while renting your place out, for example, then how do you share the expanses so it would be fair for both parties.

I offered him to add me on his title so I would also be investing in a way (since I have the ability to buy my own place, and giving him “rent” money doesn’t really make sense), but he doesn’t seam like he wants to add me on the title, which I understand and don’t want to pressure him.

Thank you guys and I really appreciate any answers.

@Paul Riley

Hey Paul, I know it’s been a minute and I apologize for a late response, couldn’t check the BP App for few reasons. But is there anyway you could explain what do you mean by real estate notes? Thanks a lot in advance!

Hi everyone,

I’m very new to this, and considering how unstable the market/economy is currently, I’m even more confused on where to start or who to trust. I have some money saved and would like to make the right investment, but need someone to guide me. I would highly appreciate any genuine advice on how to find a legit person who will be willing to put effort and genuinely help, someone with big experience, who will not take advantage of you. I will pay for his/her work of course.

Thanks everyone in advance, and best of luck!