All Forum Posts by: Nicholas W.

Thanks all for the suggestions. I think I'll be remaining in this home. I was issued an offer to refinance my home at $180,000 at 4%. They're offering $43,000, after all fees.

As mentioned before, the current mortgage balance is $99,000. I made a 20% down payment (nearly $30,000) on the home upon purchasing it two years ago.

Is there any other options I can explore? I'd like to remain in my current residence.

I’d like to get started with investing in property, but I’m at a point where I don’t know which route to take regarding whether to sell my house (and move back with parents), refinance, or take out a home equity loan to fund my real estate investment plans.

A little side note, I purchased this property two years ago. I am currently 24 years old.

Here’s a little information on my current property (primary residence):

Purchase Price: $130,000.00 

Mortgage Balance: $99,937.34 

Market Value: $180,000.00

Market Location: Spring Hill, Florida, USA (Tampa Bay Area)

Of course, the best scenario would probably be to move back with my parents, but, truthfully, I do not want to move back with my parents and siblings; however, I would be debt free and generating income from my primary employment.

I feel that the downsides to selling my home is that the market in my area (currently a seller’s market) is extremely hot and, by holding onto the property, there is a likelihood that the value of the property will eventually increase substantially over the next few years.

If you were in my position, what would you do? I would appreciate some input.

I've been doing some looking on LoopNet and saw some portfolio investments available.

There's a portfolio available with 25 homes inside the portfolio. They are all 100% occupied and are generating an average of $1,000 in rental income. The asking price is $2,500,000. 

What do the banks look for in an investor before financing a business loan for $2,500,000 for real estate? How would somebody go about getting a loan for $2,500,000? What resources/advisers should an investor get in touch with before making a big investment like this?

Also, is there a great amount of personal risk in these investments? Is there any way to privatize these properties (like an LLC), ensuring that if (worst-case scenario), for example, the market crashes and the renter occupation rate drops down significantly in these homes, that you, personally, wouldn't be liable for the inability to make full payments on the loan?

Are there any good books on purchasing portfolio investments? I'm sure there's so much more to this and I might be a little naive, but I'm very curious on how I could make something like this work for me. I'm already realizing as I'm typing this that something like this isn't a simple undertaking. Suggestions and advice would be appreciated!

Those podcasts are a great resource. I, personally, don't know anybody that invests in real estate yet (all of the RE investing knowledge I've attained has been strictly through books, YouTube, and BP), so it's pretty cool that I'm able to gather this first hand insight that I wouldn't be able to otherwise.

Uton, welcome man! Glad to meet another Floridian.

 Definitely man. I'm actually located a little bit north of Tampa in Hernando County.

@Brian Bracey Hey Brian, welcome to BP. I'm a newbie here too. Lots of great resources and people on here.

@John O'Leary, @Jeff Copeland, and David, thank you!

John, thank you. I'll definitely have some questions for you soon.

Jeff, awesome, thank you! I certainly will.

David, this is certainly something I'll certainly consider in the future.

Again, thanks guys. The amount of support in this community is unbelievable. Couldn't be happier to be here.

 Thank you Adrian. I'll definitely take that into consideration!

 Thank you Dmitriy, and thank you for the link!

And, James, thank you for the welcome as well! Very glad to be a part of this community.

Currently looking into residential properties, rentals. 20% down payment, one house at a time. As annual rental income gets higher, two homes. Then, eventually, three homes a year. Etcetera! Then, later on, I'll look into multi-family properties and consider fix and flips.

I've managed to save up a nice sum of money working throughout my teenage years and early twenties. I'm 21 now, and I'm hoping to get started soon. Seeing that you're based in the Pasco County area, I do have a question for you. I'll see if there's an option to private message you so I don't go off topic in this thread.

Thanks Dave!

@Michael S., thanks Michael! Thanks for dropping in and saying hello!