All Forum Posts by: Juliana Costa

Hi Juliana, if you'll be using FHA, it requires 3.5% down. What do you mean by saying you won't be putting a down payment?

Also, in terms of having a high loan payment, if you pay less or same monthly as you would pay for rent, it does make sense to buy and hold. It's all numbers game. You just have to make sure that when you move out, the tenants cover all your expenses at least to break even for the first year or two or to start cash flowing from day 1. 

Hey @Juliana Costa! 

You will have to put a downpayment down unless using loans like a VA loan, physician's loan, etc. Using first time home buyers loan requires you to put down 5% whereas an FHA loan requires you to put down 3.5%.

Otherwise, house hacking is one of the best ways for anyone to get started in real estate if it makes sense where they are locally located. 

If you have any more questions don't hesitate to reach out! 

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Josh  

@Juliana Costa hello! I would say it depends. How familiar are you with Dade and Broward Counties? Are you just moving there or have you lived there before? If you haven't lived there before I would absolutely rent and get to know the market. You could probably find a STR or something less than 12 months.

Saving is always a great idea. Buying with little money down is always a decent idea (less at risk) too. And you can get your feet wet land lording. Check with your lender to make sure FHA guidelines allow for renting. Usually it's okay if you OO one side, but these things tend to change frequently. Be careful not to overpay! Hence, you need to know the market of sales AND rental rates. If you can't cashflow, it probably isn't worth it.