All Forum Posts by: Ricardo Camacho

I’m currently under contract to purchase my first investment property and I’m expected to close by next week. With everything that is going on I’m starting to wonder if it’s smart to move forward with the purchase.

My plan was to purchase the property with a 20% down conventional loan and rent out the property. After all expenses: mortgage, cap x, vacancy, management fees, I will cash flow about $200.00.

There is a lot of mixed messages floating around the internet so I’m torn between walking away and sitting on my capital, or just moving forward and going with the flow.

Best case, I cash flow $200 after about 60 days of working on the property and life continues as normal with the market not changing much.

Worst case, I can’t find a renter, housing prices plummet and I’m smacking myself on the head wondering what I’m going to do with an upside down property.

Any thoughts?

This is awesome! The house looks great! It's really encouraging seeing a first flip go good. It even gives me confidence to get out there and make something happen!

@Johann Kleisch

What do I have to do to get a great deal on closing? I walked in totally blind when I bought my house and I'm pretty sure I payed more than that. They could've charged me for dog food and I would not have even realized it!

@Derek T.

Awesome, thanks for breaking it down. To me it seems like you got a good deal! If you do find it and don't mind sharing, I would love the extra information.

@Micah Copeland 

Thanks, I will call around and see what numbers they give me.

@Christopher Brainard

 Thanks for always helping me out when I have questions. What pro-rated items do you usually pay for?

Hello Everyone,

I'm trying to figure out what should the buyer pay for closing costs? When my wife and I purchased our home we didn't know anything about buying a home. When I heard the real estate agent say closing costs will be 6%, I negotiated that the seller pay half. I didn't know if that was a good deal, and still don't know what a buyer should expect to pay for closing. Can someone give me a better idea? 

Thanks!

What about charging her an extra $16/month as a processing fee? 

Thanks for the advice guys, really appreciate it!

As far as a short sale, who do I speak with about that? Do I run the idea across the owner and then speak to the bank about a short sale on their behalf? @Christopher Brainard

I haven't spoke with the current owner as of yet. My step-father spoke to the owners and he is the one who mentioned it to me. So what questions should I ask the homeowner? @Wayne Brooks