All Forum Posts by: Dimitri Paspalaris

I talked to a broker this morning that says she doesn't go through the banks and goes straight to Fannie and Freddie.  She says she can get me a 5.125% mortgage for an investment property and if I pay $600 for one point she could bring it down to 4.99. So far this has been the best deal I have seen in the Jax, Fl area. The property I am looking for is 150k with 25% down. Has anyone dealt with this type of broker and is this a safe avenue to use for a mortgage? In addition, should I pay the extra 600 to bring the rate down to 4.99%?  Thanks for the help and advice. 

@Greg Gaudet and @John Corey

Thank you both for the info. By chance what is the avg mortgage rate yal see for investment properties in the SFH realm. I have talked to a couple brokers and right now the number is floating at 5.75ish and I think that is way too high but I might be wrong. Is 4.5% or lower mortgage rate available for buying investment properties. I have the capital to throw 20 to 30 % as down payment.

@John Corey

Yes I plan to live in the property if I end up use the VA loan at my next tour. The issue I keep running into is that the cashflow keeps coming back negative. I think I just need to do better at analyzing deals and doing more research. I believe their are deals in every market. I just need to be better.

@David Pere

Thanks for the info. I sadly do not have orders yet and won't find out for a couple of months. I just want to pull the trigger and get into real estate. I have some skin in the stock market but I am ready to branch out and make moves. I feel like real estate is a great avenue and something I should definitely have in my portfolio. When I was out on the island 5 years ago I had too much student debt to get into the oahu market. 

Hello all. I am currently stationed in California but my hometown is Jacksonville, FL. I currently have 50k to play with and was wondering should I wait till my next duty station in 1.5 years and save some money up. Next duty station is possibly back out in Hawaii and based on the numbers I have ran I would need more money in reserve to make it work with a VA loan after I finish my tour on the island due to HOA fees that make the property that I want a significant negative cashflow or should I invest in my hometown Jacksonville Florida in the next couple of months? I would like to do a SFH to start maybe a multifamily but the only issue I have with Jacksonville is that the cash flow is like 5-8% including my calculated 5% for vacancy, 5% for Capex, 5% for repairs and 10% for property management. I am evaluating my mortgage rate to be 6% for a 30 year fixed on the investment property in Jax, Florida. Thanks for the help.