All Forum Posts by: Pedro Oliva

What are some possible creative ways?

I have been wanting to get into multifamily investments for a while now. The financing though seems to be a stumbling block and feel like it just takes all the wind out of my sails. Everything I keep reading is that if I seek financing for an investment property that I will most likely need to come up with at least 20% down plus closing costs. This seems like it would make things rather difficult if especially one would then be netting a couple hundred bucks in cash flow from said property and then trying to purchase another investment property to come up with 20% or more down again. If these properties are say $100k, then you are looking at least $40k just for downpayment on only 2 properties. This would be rather scary to me is this was my whole nest egg and risking it on only 2 properties. Am I correct in thinking that this is just the way it is? Should I just forget real estate financing since I do not have the capital to put up on these downpayment requirements?

Im looking at trying to get pre approved for a loan on either my first home or either my first investment property. I would prefer to purchase an investment property in the form of a multifamily home. Im not sure as to how lenders view lending money if I do not plan to live at the property so if I cannot get financing for this, then I plan on just purchasing my first home since Im currently renting. I feel this may be easier to get financed, is this the case that Im looking at? My credit score is 688, and have about $5k for a down payment if I need to use it all. I belong to a credit union that is known to be extremely difficult to get a mortgage through, and do not want to waste my credit score points on a credit check through them. I have been think about going through Quicken Loans for pre-approval but dont know what are the reviews of going through them. Any input on them? Do you have to be a member of a bank in order to request a mortgage through them? Would I be relegated to buying first home instead of an investment property since I do not plan on living there? Where should I go for financing?

Currently I live in an apartment that I love living in with my girlfriend for the last 3 years. I know that Im not doing myself any favors by renting, know I have to buy. My credit is not the greatest and Im afraid that having to buy a house for myself means moving into something that I would not be happy living in due to the fact that my credit will limit me as far as options go. I would rather buy an investment property (preferably a multi-family home) and rent that out and essentially live rent free in my apartment while saving for a bigger downpayment on a more desirable home when im ready. I would like to hear some thoughts on this, or any suggestions as to what some others would do in my shoes? Ive never purchased real estate and Im still currently reading through my second book on real estate with many more to come before purchasing anything.

Ive been looking into getting some real estate investments going for quite sometime but I never knew where or how to begin. Im glad I found this site as Ive been reading everything and anything that Ive come across. Im in my real estate education process right now and plan on reading many book in the next few months. My goal is to purchase my first property by the end of the summer or early fall! Im sure im going to have a ton of questions to clear stuff up that I happen to read. I hope I can make some great connections, meet some great and smart people, and make some friends.

Pedro Oliva