All Forum Posts by: Rickey Mayes

Hello All 

I am currently in the process of condo shopping. I am look for affordable condos no more than $250k so I can keep the down payment low. But I am open to other financing possibilities. I am posting this to hear from you all suggestions on how I should approach purchasing a condo. This will be both of our first home purchases.

Questions such as: 15 year or 30 year mortgage, 5% down 10% down or 20% down. Also how to make the payments go down when we are ready to rent it out in the future (3-5years).

It is just me and my fiancé as of now. This is not going to be our “forever” home since we do want a family, so do keep in mind that eventually we want to list it up as a rental property or sell it if we have to. But I would rather rent it out so it could be our first/foundational rental property and we can continue to grow our portfolio.

We've been looking to rent for a while now but with the local rent pricing it is just as expensive/affordable to purchase your own condo than to rent. So we are just asking for suggestions on how to go about purchasing a condo. 

Hello All, I am a recent college graduate and went through college without accumulating any debt. My parents were firm about me not taking on any debt while I was at college. However on the flip side that means I do not have credit/FICO score as of right now. I just turned 22 and I’m interested in getting started in real estate investing and all that comes with it.
I just want to have some suggestions into getting started and how to go about building my credit the correct/best way possible in the current circumstances of the market/economy. Also I would love to be under the mentorship of anyone that is willing to take me under their wing. Any tips and tricks will help throughout my journey! I’m excited to hear what you all have to say! Feel free to personally message me if you please 

Hey guys I am new to BP I just have a question about current interest rates right now and what is the best way to put a down payment on a rental? As interest rates keep increasing is it best to put a down payment of 20% instead of a FHA loan? Is it better to down a larger down payment so that the principal/interest payments are not so high or will the FHA loan do just as well. Is it a case by case house by house scenario?

I was questioning about this from a podcast “PASSIVE REAL ESTATE INVESTING: episode 440” talking about mortgage rates how they don’t matter because eventually long term success rate will cure all. 

 Great thanks. I’ll check it out!

Currently I have an internship with an accounting firm in Sacramento and I do not mind to stay in my hometown or either travel to another out of state office. 
I guess my question is where/what market should I start out in for growing?l

Hey I am Rickey Mayes. Just got my pro membership and looking to buy my first rental property. I am just 21 years old and trying to build capital and credit right now. I just do not know what market to start up in- whether my hometown in Sacramento or Midwest or Southeast states. As you all know California real estate markets are very pricy and that why I’m contemplating if it will be best to long distance invest. I am looking to househack if possible 1-4units.

I have enough for a small down payment to afford Midwest or southeast but not in my hometown of Sacramento/Northen California, for a single/small multi family house (1-4 units). I'm looking to FHA loan the property. As I said I'm new and would like to house hack my property.
I will gladly like some suggestions for starting my Real Estate Investing career. Whatever experience you all have will be greatly appreciated during my journey to real estate investing.