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All Forum Posts by: Edwin Giraldo

Edwin Giraldo has started 8 posts and replied 14 times.

I am new to real estate investing and have approx $200k liquid to begin. I am not eligible for a conventional loan as I am working for a start-up company and will not be approved for a mortgage.

My thinking is to seek owner financing,negotiate mortgage directly with owner, and put up to 50k down for first property.

Am I going in the right direction seeking financing directly with owner or do I have any other options in my current position? I am avoiding purchasing a property 100% cash as I don't want to tie up all of my capital.

Please let me know of any comments or suggestions,

Thank you for your time,


Edwin 

Post: First investment property

Edwin GiraldoPosted
  • Investor
  • Miami, FL
  • Posts 15
  • Votes 3

A little update on this property. 

I flew to Philly over the weekend to check the house out. Details:

Townhouse 100k, 4 bedrooms, new hardwood floor, North Philly 10 min walk from Temple University. 

The problem is that the house is located in an area where students don't live yet. In other words I would have to make rent approx. 300-400 a room in order to attract students to live there.

Last thing is that when I entered the basement I noticed a humidity on the supporting beams and 3 steel rods that went from the basement floor to the basement roof countering the force that the beams were suffering. This worries me because it seems that the property could be sinking.

On the other hand the house is very cheap and the other properties on the same block are valued at 130-150k. The school is expanding and the property could be worth alot in the future. 

What do you guys think my next move should be?   

Post: First investment property

Edwin GiraldoPosted
  • Investor
  • Miami, FL
  • Posts 15
  • Votes 3

Thank you guys for the support!

I will be in Philadelphia this weekend to meet with a realtor to check the property out. I will provide further details on here as I receive them. 

Post: First investment property

Edwin GiraldoPosted
  • Investor
  • Miami, FL
  • Posts 15
  • Votes 3

I am ready to make my first purchase in an investment property. I have located the house and have spoken with banks, I will be obtaining a preapproval in the upcoming week. 

The property is 100k I'm putting down 20% and will be receiving a monthly passive income of 1k after paying the mortgage. 

I want to know if this is a good first step into real estate. Considering the fact that this is my first investment I want to know any advice that you may offer in terms of negotiating the house, selecting a bank (I posses a 785 credit score), closing costs. tenants, insurance, basically anything that I should be paying attention to. 

Also, I am currently living in Michigan and I will be purchasing the property in Philadelphia, my parents who currently live in Philly will be responsible for managing the property. I have not purchased a primary residence yet. Should I still continue in pursuing the investment property as a first step?