All Forum Posts by: Ricardo S.

As 2014 comes to an end and 2015 soon begins. I want to purchase my first rental property under 50k in Atlanta GA in Q1 of 2016. I will eventually move there when i'm older. NYC isn't where I want to live anymore. I'm 22, in college, living in Brooklyn in a SFR with my mother. Here is my financial situation:

I have 3 credit cards: (owe/limit)

 Chase Sapphire: 4.5k/5k      monthly payment= $120

Citi Platinum Select: 4.8k/5k   monthly payment= $115

Amex Green: 0/no limit (charge card)

Total I owe: 9.3K/10k 

Income (after tax) = 2k/month. - expenses = 1k (not including CC payments)

Credit score is = 670s

To be able to purchase a Homepath property you need to put at least 10% down which would be about 5k if purchasing a 50k SFR.

Do you recommend paying down both my credit card balances to $0 or can I pay it down until they reach 30% utilization? That way I can save up at least 5k and get a loan?

I don't know what factors are the most important when being approved for a small loan. If repairs are needed to get it rent ready, I would roll the repair costs into the loan as well. 

I don't want to focus my time in paying off my cards completely when there is no need to do so. 

Any advise would be appreciated. 

• "Your lender can also require you to provide evidence (for example, an appraisal) that the value of your property hasn

We own a house which we bought last December 2013 for $355,000 in Brooklyn New York. We put $50,000 for the down payment so the amount we owe is $305,000. We have PMI on your loan. our payment is about $2050 a month. $1500 of that is principal an interest.

But when we originally purchased the home the appraisal came in at $370,000 and as of this month the state values our property at $390,000 (based on property tax assessment paper)  

Its about to be a year now can we have the PMI removed based on the appraisal LTV of the house at the time when it was purchased instead of the actual cost? or even based on the property tax assessment?

In other words can we get the mortgage company to remove the PMI based on appreciation?

All payments are current. 

@Jim Lally 

 @Gerald Harris 

Thank you both for the good advice. I'll start looking online for the best online classes and get started in early October. Much love.

Are there any advantages in getting your license online vs in person? From what I was looking at online. It is cheaper to take online classes vs in person. Is there any advantages / disadvantages  for both? Or do all brokers just take you in as long as you have your license.

The New York Real Estate Institute

Has job placement assistance. Will it be worth paying the extra $$$?

No. It means buying properties that are not listed on the MLS. Buying directly from the owner.

@Bhavna Chopra 

Honestly with a budget like 500k you should buy a small apartment building 20+ units out of state somewhere or invest in 10 50k properties that would together generate a large monthly cash flow that you can use later on the fund more deals.

@James Wise 

Crowdfunding is a no go. The is illegal to raise money for "investment related" causes.

@Arlan Potter  Can you tell me the "specs" of the property that you and your nephew purchased for such a low amount?

@Account Closed 

 Do you pay all cash for the property or did you use hard money?