All Forum Posts by: Joe Young

Hi Brian and Bill,

I got pre-approved through Academy Mortgage here in Atlanta. Here is a portion of the Pre-approval letter:

"We are pleased to inform you that your FHA 30 YEAR FIXED loan application has been pre-approved by Academy Mortgage Corporation. This approval is for a loan amount of $68,732.00 on a home value of $70,000.00 at an interest rate no greater than 4.250%. This includes a Base Loan Amount of $67,550.00 plus the financed upfront Mortgage Insurance Premium."

They told me that the minimum purchase price for most of their FHA loans, and most FHA loans that are currently on the market are now at $70K.

Hello Bigger Pockets World!,

My name is Joe I am 30 years old and I live in Atlanta, GA. Despite the fact that my family owns and rents several properties here, I am new and interested in getting started in the investing world. I work for the City of Atlanta and I do not own any property at all. I have recently been pre-approved to buy a house using an FHA loan, but the minimum amount for the loan was for $70K. It's not that bad for long-term investing, but I want to be able to get properties that are more so in the $30-40K range and be able to rent them out as an income producing property.

I guess my question is, is this even possible to get a loan that low? Would I have to find a Hard Money Lender for the initial purchase and then refinance the property for a longer term to keep the expense down and potential profits up?

I honestly don't know where to start. No one in my family that has income producing properties has a mortgage on their properties, they bought them cash. I, on the other hand, do not have that much cash. I have No one to help me, but I have a very strong desire to get things started and to set myself up for long term success. 

Are my goals possible? Or should I just wait another 5-10 years until save $30-40K like everyone is telling me to do and miss out on the last few good deals that are out there?

I just want someone to be real with me and to point me in the right direction.

Thanks for listening.

Joe Young