All Forum Posts by: Dawn Curry

Congrats!! Proves that if you keep your eyes on the prize... You will get it eventually!

I think I may just walk away from this deal and actively look for deals while saving up more and obviously soaking up as much knowledge as possible. this property would have given me a $140/mo cashflow; however, that figure does not include vacancy, repairs, improvements, etc

@Brent Coombs No I'm not afraid of it.. It's just my first investment property and I don't know if I want to spend my entire savings and put a HELOC on my primary residence. I don't know if I want to get into that my first time. Yea, maybe down the road things will change and I will be more advanced, but for right now I don't feel comfortable doing that.

Thank you @Leland Barrow

@Greg B. - Foreclosure home that was listed for $126k a few months back. The bank kept dropping the prices and they got down to around $75k. They went down to $70k and that was what we agreed on. I haven't signed any contracts yet.

Purchase: $70k

Taxes: $5.7k

Rent: $1.1k

*Obviously this doesn't include homeowners and flood insurance.

Although this may go against a lot of people's opinions... Before I decided to get into this, my gf and I do not want to tie in our primary residence with investment properties - whether that is with a HELOC or renting current home and house hacking. I know that we're slimming down our options, but I just don't like tying in our primary residence for such a "gamble."

this investment does not have enough cash flow for a "great" investment. I was going to invest in it mainly for the appreciation and obviously to use the equity to purchase more properties in the future. Since this property is waterfront.. It's more in demand, but obviously more costs that come with it 

I am young; however I already moved out of my parents house and have a house of my own so I cannot use it as owner occupied. I do have the money but it will totally wipe out my savings.. What happens if something goes wrong with the rental? Or with my own residence? Or I cannot get a renter in? And I have no money for any wiggle room.. That is my concern. 

okay so in reality, there is no such thing as 5% down for an investment property. The only way you can buy a property with 5% down is if you were going to live in it, in which you would still be paying PMI, correct?

Would you drain your bank account for a rental property, although it has that equity in it?

So how do people do it? Sorry for such dumb questions, but I'm just so confused when I read about this. I just put in an offer for a rental and the bank accepted my offer. My agent just sent me the estimated cc and it's crazy! I understand that once I get this, I will have about 80-90k in equity, which gives me money to play (especially in my area). But how do people get such low down payments?

So I've been running into obstacles with funding an investment property. I am looking at a rental property, but all the lenders I talk to are requiring 20% down, which would totally drain all my capital. How are BPers buying investment properties with only 5% down?