All Forum Posts by: Luis De Jesus

Greetings, 

I am looking to become preapproved or be able to show proof of funds for looking into deals where it can only be done cash only.  Tomorrow I am walking a property whose sellers are only accepting cash offer, it's a fixer upper and they are only accepting cash offers according to my realtor.

Any suggestions?

@Robin Simon  True.

 @Gordon Froment  They quoted me this 2 weeks ago. I would say it could be lower now, considering rates generally appear to have gone down some in the last week.

@Andrew Garcia  Thanks for your input.  I was quoted a 6.85% with 2 points 20% conventional assuming a 300k purchase price on investment property, two weeks ago from a lender that preapproved me.  Credit is at 780-790. They said they wouldnt require any reserves as my credit was perfect, although I have much more than 6 months in reserves.  I am curious to see what others are seeing not as a metric of what I am going to get, but as a metric of what is possible for some people out there.

I am surprised the forum doesn't have a thread were the community posts kinds of rates on loans they are able to get.  If there is such a thread please point me to it.  Otherwise, I'd like for you to share what rate you've been able to lock or close for 20%-25% down conventional investment property loans.

Thanks in advance for your feedback.

I am in the same position where I have about 30k cash saved up, plus a 95k HELOC. I have been thinking of using HELOC for down payment. My HELOC is with Navy Federal, it's good for 20 years.

@Clay Lehman All good. Funny, a few after I initially posted this, an e-mail came from Mona's MLS site and it's the closest thing I've seen on the market to the 1% rule. I immediately called her and we are looking into it. The challenge off the bat seems to be tenants in place with contract until 9/30 according to the listing agent apparently.

@Nick Velez

I appreciate your response. I might have to look more into that. One of the realtors I am working with did bring up properties near the WEC. Long term rental numbers don't work out, but they may very well work for STR.

@Richie Thomas Congratulations.  I am looking for my first deal myself.  May I ask, when you calculate for cashflow, are you accounting for vacancy, repair/maintenance, capEX and property management and still coming out cash flow positive??  

Has anyone been able to find 1% deals in the Ocala/Marion County market?  I am willing to put the work and try some strategies for at least a 6 month period to try and find as close of a 1% deal as I can.  I am currently working with two agents, however, what they keep bringing me is negative cash flow deals at market value.  

I'd like to hear from any investors in the Ocala/Marion County Florida area that put the time and effort and was able to find and land as close to a 1% deal as possible and share their experience.

I greatly appreciate your responses.