All Forum Posts by: April Laspinas

I live in one of the most expensive yet smallest countries in the world - Cayman Islands. I’m a beginner in RE investing and up against cash buyers on million dollar properties in the market. So traditional lenders i.e. banks are not very friendly to newbies. 

I have analyzed tons of deals however conventional loans at 20% Downpayment hardly yields positive cash flow due to how expensive the market is. SFH averages 450-650k. My question is, if I can afford putting in 30-40% downpayment to yield positive cash flow, is the risk too high? That would mean putting in 150-250k in downpayment alone. Appreciation is likely due to relatively growing market but as a first investment I would like to get guidance on investing in expensive markets. There's no BRRRR market either due to how small our island is. House hacking is not possible for me as I have kids.

Do investors really put down that much downpayment in expensive markets?

No, this would be a separate mortgage for the rental property itself. Based on my understanding that they would not consider the potential rental income is that they would only use our current income to evaluate whether we qualify but also considering we already have an existing mortgage with them for our primary residence. In this way, we wouldnt have much wiggle room in terms of how much we can get on the loan.

Hi all! I'm looking to purchase my first rental property (second mortgage); However, on confirming with our bank, they do not consider future rental income from the property on their assessment. We currently have our first mortgage for our primary home with them. Is this normal for banks? As far as I know they should be considering a portion of the future rental income at least? Thank you!

What do you mean by saying wrong part of real estate industry? 

I just had a recent offer to become a property manager for short term rentals. I currently have a great job on a different field but want to get into RE. Will being a property manager help me get into the game and learn a lot to soon manage my own properties? Pros and cons?