All Forum Posts by: Erika Torres

@Deanna Opgenort i was aware of that 😓 how do i avoid that if the market is inflated?? I’ve been using Zillow and looking at what the houses sold for the last time they were sold to give me an idea of how much the house was worth at one point. I am in sales so i already have the mentality of bringing the boat down but there’s no way for me to know how much the appraisal will be 😳

@Brendan Miller you have been so helpful!! Went through nerd wallet and it gave me a great starting point. Now to find lenders!

@Blake Park thanks so much for the advice! I’m definitely going to reach out to a few lenders and figure out what im pre-approved for.

@Bill Gulley you just blew my mind lol that’s a great idea!!

@Brendan Miller thanks for the info that’s super helpful. Are there any online websites you would recommend using?

I am a brand new investor looking to buy my first property. My husband and i are still looking at different properties but we are unsure if we should get pre-approved for a loan first before making any decision since we are not sure what the approval amount will be. I know the best thing to do is to get approval from different banks to get the best option but id rather get advise from someone experienced.

HELP!

My parents are looking to get rid of one of their homes and sell it to my husband and i for what they owe. Currently they owe a total of 25K and we are flipping it for 55K however, we have spoken to some banks and the minimum investment loan requirement in Illinois is 35k. Also the buyer had agreed to put the 25% downpayment on the 25K loan which would be around 5k.

Our options are:

1. Take out the 35k loan and pay capital gains tax (if any) and the difference for the downpayment.

2. Ask for the full 55k loan, pay capital gains tax and the downpayment difference but have additional money for a second investment home.

Any guidance is much appreciated!