All Forum Posts by: Jamy Lomento

I am positive I'll have to look at a ridiculous number of properties to find something that will work for me. I'm not afraid to part with my money, but would prefer OPM where I can. In talking with some lenders from my local REIA, I do have some options that could work, but everything has to align.

 Appreciate the info. The numbers I'm running when looking at properties are reflective of this. I'm looking at a house hack for the future, but not now. And yes, I'm both looking at properties and talking to lenders. 

@Account Closed - I sold my primary residence in November 2022. I could see FHA as an option.

@Dennis Muno Totally tracking with what you're saying. I'm looking at lenders in the area I want to purchase now to see the rate variety. I have an idea of a few different areas of my investment areas to focus on, and I'm sure that will have an impact as well.

@Bobby Feinman Thanks for the info. In your scenario, liquidity isn't my problem, but experience would be. I just want to use leverage instead of forking over my own funds inasmuch as possible. 

@Greg Scott - Appreciate the response. Keeping the cash working for me in what I'm interested in and agree that, depending on the property, I could end up in the same place. I also wonder about the impacts of falling home prices on my strategy.

I'm a new investor seeking my first SFH. I have enough cash to cover a 20% down payment and repairs but would like to use as little of my own money as possible. I plan to buy in the next 90 -120 days, then cash out refi to purchase another property by end of 2QCY24 and do the same to obtain a multifamily by year-end 2024. For my first property and to deliver on this strategy, should I look for something turnkey and needing little reno and go conventional OR look for something I can get for 80% of purchase price, force equity through reno, and use hard money to cover down payment and reno costs?

@Josh Uhlenkamp - absolutely agree about paying for skill and convenience. If I was local to my market, I'd be doing some, but some all things myself. Appreciate the contact for the Hampton Road area. I'll be in touch! 

@Christian Ehlers - Thanks for the reply! I have confidence in my contractors, who's done several jobs for me. His realtor wife set me up with MLS searches, but she's not a real estate investor agent, so I'd be educating her. I want to purchase a SFH in the next 90 days, then move to a house hack in another area as the NOVA move was only a pit stop.

@Bryce Jamison - Thanks for the reply! I really don't want to invest in the market I'm in now because it is so pricey. I only plan to be in this area for a year before I relocate and that next stop would be a house hack. My goal is to find a SFH in the next 90 days, which is pretty aggressive, then start looking for that house hack.