All Forum Posts by: Luis Lozada

Any particular area in the states you're looking at? What's your budget and targeted returns?

Stop looking online and find an investor-friendly agent in your target area. If not, you are just flying blind and being a consumer, not an investor.

I believe we are both on the same boat, in terms of equity and being new. Though, you might be a bit higher than me by 5-6k. One thing to keep in the front of the pages, is to remember that the equity will have an APR, depending on the property you are aiming. Maybe, you can aim for a property with less of a down-payment and little equity used, should be easily manageable with the both of you. Have you already gotten an FHA loan before? If not, this might be a consideration to having a low down-payment for a property. Though, you will be paying a bit more per month on the mortgage and you will have to live in the place for at least a year. FHA loan is roughly 3.5-5% for the down-payment. Both me and my brother are at this stage at the moment, I'm browsing all loans that I can that will seem beneficial between me and him. If you have no debt and can save up a bit more money, before getting to the equity loan. Your options will be better. Get enough saved up, to get roughly 80k in total. I think that would be a good amount for a down-payment for a decent property. Of course, depending on where you want the rental property to be located at, the price will vary. I live in California and things are not cheap around here. If they are, they need a bit of TLC. If you are investing in NC, you may have the funds to get the property your aiming for. I would aim for a multiplex, it will help with the mortgage payment as you can live in one of them and rent the others out. You will need some finances saved up, so you can pay for any repairs and fixes that the units may need. Also, you'll want to make sure that the meters are separated, so you don't get 1 big bill.