All Forum Posts by: Jose Barberi

@JD Martin thank you for your response. Yes, he could be in the mortgage application as a co-borrower, the only issue I would see is that he does not live in USA nor has a legal status. Can he be on the application bein a foreigner?

Hello BP members, I would like your opinion / experience on the below investing idea:

I want to buy a rental property but don't have the 20% down payment the bank requires for me to get approved for the loan. I already have a conventional loan with my primary residence (purchased less than a year ago) so I will have to go the 20% route to get financing.

A family relative is willing to put the down payment from his funds if I am willing to get the loan and be responsible for it. Both of us would be in the title and also would pay for the mortgage, maintenance, etc.

The money after expenses would be divided 50/50 between us.

Is this possible in terms of financing, legal point of view?

Thanks for your comments.

I am looking to buy a rental property for 170k using a conventional loan.

The lender requires 20% to fund the purchase, and wants to see the money in my account ( seasoned for at least 60 days)

The problem is I only have 10%, and the other 10% will come from a relative. The bank won’t accept gifts to buy investment properties. ( Fannie Mae and Freddie Mac policies)

It’s a great deal and I don’t want to miss out.

What options do I have?

@Eugene Herbert

I have looked into that option but interest rates are too high and it is hard to get the numbers to work with that.

How high are interest rates with HML for a person with less than 2 years experience as lanlord?

Thanks for your answer!

I am in the look for a great rental property down in Florida and got pre approved for 2.7%. With this extra low interest rate, I feel more and more deals seem great deals i terms of cash flow.

I am looking for a B+ property in an A- neighboorhod.

What other important factors would you look at? Is it better to invest on a condo/townhouse or SFH? I am not an experience landlord (2 years experience)

Please share your thought and tips!

@Geraldo Rosario Hi Geraldo, I am a Real Estate Agent focused in Miami-Dade and Broward County.

What exactly are you looking for? Please let me know and I will run a search for you.

Please DM me so we can further discuss.

Thanks,

Jose Barberi.

@Shawn G. What parts of Orlando would you recommend to start looking for these deals?

Kissimmee? Ocala?

What type of properties? SFH, Condo?

Thank you for your feedback.

I have looked for SFH in Kissimmee for 150K no rehab needed that could rent for about 1,500 a month. That would be 1% rule.

Since I dont have much experience I rather getting into a deal that only needs minor rehab, cosmetic things.

In this case, it could be more a simple buy and hold not a BRRRR but still a good option for me

@Shawn G. Your firsr rental property was 300k and you got financing to put only 10% down? That is hard to get on an investment property?

Did you cash flow positive on this deal?

I am looking to get at least $300 cash flow ln my first deal.

Did you use a conventional loan?

Thanks for your help.

@Mei Ling Schulz yes let's connect!

I am no interested in house hacking but for sure we can look at options for fix and flip to raise more capital if needed.

@Matt Leber good to know! I will start my search in that county. I used to live in Orlando and used to go to Cocoa beach all the time.

1.5% is really good metric considering that I could get a property in my price range.

I will try to look then for a B- unit in a maybe B+ area?

Thank you