All Forum Posts by: Elenis Camargo

@Chauncey Glenn Okay that changes things a lot. I assume you're transferring or finding a new job in the States when you move back? If so, you will need a car to get to work. It's a necessary evil. But you don't need some crazy expensive car payment. We are moving back to Florida next year and plan on financing a used car at $15k at the most. You would just need a small down payment, assuming you have good credit, and then be able to afford the monthly payments. The same with getting an FHA. It's 3.5% down and you can get up to a fourplex with an FHA as long as you live in it. If you're getting a steady job here, have the down payment and have good credit, then I think you'll be fine. You might have to rent short term while you establish a work history here again and also while you're house hunting. Does this help at all? Sorry I haven't had experience having to get loans while being overseas. But this answer comes from knowing how the loan system works here.

@Bridget Scileppi You’re very welcome! Best of luck and feel free to reach out any time.

@Monica Bear I just wrote a blog post about this if you’d like to read it. Happy to answer any questions!

https://www.biggerpockets.com/blogs/11360/83794-how-we-purchased-our-first-3-rental-properties-out-of-state-in-1-year

@Toree Barnes Agreed with Andrew above. Your closing costs are way too low. I paid over $5k on a $90k house purchase. Also, your down payment is too low. On $260k house purchase at a minimum of 15% down, that's $39k plus closing costs and you'd still have to pay PMI. Now if you're thinking of doing FHA then as Andrew said, you'd have to live in it. I just wrote a blog post about being new investors and purchasing 3 properties in one year. Here's the link in case you'd like to read it. Happy to answer any questions!

https://www.biggerpockets.com/blogs/11360/83794-how-we-purchased-our-first-3-rental-properties-out-of-state-in-1-year

@Chauncey Glenn I’m a Florida girl living in Brooklyn so I understand why you never learned how to drive. I would say it’ll be hard for you to get around without a car in 99% of the cities in America. Sure you can use Uber or Lyft but it’s going to cost you a ton of money. Most cities don’t have good public transportation. I know Florida’s public transportation non existent. Is there any way for you to learn to drive?

@Jason Krawitz I just wanted to say, wow!! This definitely isn’t something easy to do AT ALL!! Huge kudos to you. It does seem like a great way to get properties at an incredible deal, even with the work involved. May I ask what you’re wanting to do? Wholesale? Buy and hold? Flip? Would love to know more.

@Matt Wahidi Hi Matt! Welcome! I just wrote a blog about this a couple days ago. Here’s the link in case you’re interested in reading: https://www.biggerpockets.com/blogs/11360/83794-how-we-purchased-our-first-3-rental-properties-out-of-state-in-1-year

Feel free to reach out with any questions! Happy to help.

@Cedric Nelson Sure, PM me what you're looking to do and we can talk  :)

@Ayne C. They haven't had their rent raised in 12 years. I raised it $5 to make it an even $1100 and omg they complained SO MUCH!! I was like for this it wasn't even worth the $5 increase. Anyway I'll keep them there for now and fix what we need in order to follow our plan. Thanks for the input.

@Theresa Harris Right. I'll keep them there for now and renovate as we planned. I'll just have to be very selective of my replies.