All Forum Posts by: Account Closed

Lived in Tampa all my life, there is certain areas to stay far away from, east of i275 and north of i4 is a very bad area until you get to Lutz area. Also, south Tampa is a really nice area from Kennedy down to Gandy Blvd. south of Gandy is a questionable area. I came from the Lutz area. I looked into Land o Lakes/Wesley Chapel but everything had HOA and CDD fees. If you have any questions please let me know!

@Lynn Bown

Using some of your inputs, I put together this spreadsheet today and based on my calculations I would only be getting a 4% return on my cash, I have been investing in stocks for about 10 years now and I could easily get that return in the market with MUCH LESS work. My goal is greater than 10% returns. However, this does not calculate the principle reduction every month, maybe I can expand on my spreadsheet to include this also.

@David Chwaszczewski I guess if I wanted to avoid the private lender route, I would need more money down payment for a conventional loan.

@David Chwaszczewski

Can you please explain more on the 0 down for first rental? Also, 23k for a property? What kind of shape was it in?

Hello all! I think the topic of this discussion is simply the subject line, how much liquidity or CASH did you start with when you purchased your first SFH? I am looking for my first property sub 90k and thinking I need around 25k to safety start. 16k-18k for down payment and the rest for remodeling and reserves.

None at the moment, looking to save up enough for 20%, about half way there and also need to find the first "deal" I want to do long term SFH.

@Jose M. from my experience, FHA is low down payment in the 3% or 5% range and a conventional loan is minimum 20% down.

Also, I was reading that rates on Non-Owner-Occupied loans are .325% to 1.0% higher than Owner-Occupied loan rates.

@Jose M.

Nice to see a lot of members from the El Paso area, again, I am taking rates I got on my primary. I assumed I could get an FHA conventional 30 year loan on this 2nd property.

@Tim Puffer This is good advice. I just need to be patient and I can be for the right opportunity.

@Tim Puffer I assume if somebody needs to sell quick and need a fast buyer then the lower price would move the property.

I guess I am in shock that people would sell at that much of a discount.