All Forum Posts by: Lazar Kocev

Hi guys. I bought my first home few months ago with FHA loan with low downpayment and Im living in it, in FL. Now Im really interested in buying another property in MA in in the summer of 2017 in the range of 150-200k, but what Im worried about is the loan. All I could find is that for the second property you need at least 15% with good credit or 20% with credit under 700. Thats all I will have till the summer so I dont want to spend all of it on the downpayment. I thought of taking another FHA but they told me I have to wait one year for another one like that so Im looking for help how can I do that in another way, somebody who experienced this first hand and did it different way. Thank you i appreciate any answer.

@Daniel Peavey, Im new to this real estate investing but I was just telling my idea and asking for advice for a property from a friend/mentor and i finished reaching agreement with him. 100k means nothing to him and he wasnt interested in me paying him interest every month but he agreed on paying cash, paying for the repairs and then taking 50% from the profit when i decide to sell it. As we went trough all the calculations we are looking in around 80-100k profit after 1year so it works just fine for me. I will gain experience and hopefully will do my next buy by myself.

Thank you guys. I have private investor financing my buying and Im paying cash. I submit backup offer 15% less then the asking price. We ll see what happens thr agent started asking me more about the offer and possible close date, maybe the seller its considering it.

Im really interested in buying a property, single family 3 bed 2 bath foreclosere. I just found out that the house its under contract so i know about contingencies but from your experience whats the chance of the contract falling apart and me putting it under contract? 

Thank you all preciate your time

Hi, Im new to Bigger Pockets and I came here reading a book presented by Bigger Pockets, "The book on rental property investing". I want to buy my first house in the next few months so I started reading more books about real estate. My criteria its single family home (3 bed 2 bath) in a decent neigbrhood( maybe foreclosere), around 150 000$, which needs small repair and Im gonna live in it and rent the other 2 rooms to 2 frineds. I have a nice, steady job in a restaurant for a while, really good credit and all I have its money for 20% downpayment. As I said I dont mind small repair on the house so it can apreciate a little after the repairs because Im good in Do it yourself things and i think i can save a lot there. Whats bothering me now its the loan. I dont want to spend all my money on downpayment, but everywhere I read I found out that banks are not willing to aprove a loan with 5% downpayment if a house is a foreclosere or needs some repair done and its not possible to move in right  away. If anyone has similar experience and it dealt with it I would really apreciate your time and response.

Thank you