All Forum Posts by: Gerardo Palacios

Thank you Harjeet!  This is helpful. 

HelloBP Community! I am looking into purchasing a forclosure for my first rental property. If I give 20% down and do a conventional loan does the house have to be move in ready? The reason I ask is when I purchased my primary residence I bought a forclosure and went FHA. My primary residence needed some repair so the mortgage company had me put 8k in escrow. After the repairs were made they released the funds after an inspection was done. My question is do I need to escrow funds again if there are repairs that need to be made going conventional or as long as the appraisal supports the value of the house I should be fine? Sorry if the newbie question.

Thanks! 

Gerardo Palacios 

Thank you Brian!

Thank you @Venison Fajardo for the helpful links! I'll make sure to check them out and get my key word alerts set up.

Thanks, 

Gerardo Palacios.

Hello! I'm finally getting around to introducing myself. My name is Gerardo Palacios. I live in the San Antonio/Schertz area. I've been reading alot and listening to alot of BP podcasts. I've been interested in realestate investing for a while and had no idea how or where to start. Like many other I was recommended to read Rich Dad Poor Dad. After reading this book I had a complete change in the way I think. Fortunately I found Bigger Pockets before I signed up for some guru boot camp. Bigger Pockets has given me a whole world of information. My first step was I started paying down debt. Now I am consistently growing my savings each month with the goal to hopefully purchase my first investment property by the end of the year. I am looking forward to connecting with the community  here on Bigger Pockets.