All Forum Posts by: Roberto Filice

 @Erik Estrada Thank you for the info. Much appreciated.

 @Nathan M kiefer Thank you for your response. Sounds like it is time to just sit and wait.

@Kerry Baird Thank you for your suggestions. Greatly appreciated.

Hi BP community. I am trying to think of a way to come up with the down payment to purchase my next property. I have used up all the cash I had to purchase 3 other properties. I have great income and great FICO score but lacking the down payment.

I looked into getting a HELOC but the rates are too high (around 9.4%). The rental properties I am looking at sell for around 100k with a rental potential of $ 1100.

The HELOC + mortgage + property management + insurance +property taxes + vacancy factor would be the same if not more than rent.

Any suggestions? If I wait to save the money for the down payment, it will take too long. Possibly hard lenders? Do they lend 100% (probably not). Not sure what they interest rates would be.

Thank you.

 Hi Kari, I have 3 rental properties in Mobile and very pleased with my PM. 
Let me know if I can be of help. I also have a great agent who deals primarily with investors. She has found me some great deals.

@James Wise - Thank you, James

@Emi Augustin - Thank you, Emi. I will do that. Great suggestion

@James Wise - James what do you think of the 44102 area? I am looking at a place in the 3000 block of W 97th Street in Cleveland

@Stephen Burden - Congrats. What city did you invest in and why did you choose that city?

Investment Info:

Single-family residence buy & hold investment in Mobile.

Purchase price: $80,000
Cash invested: $21,000

3 bd 1 ba 1,100 sqft - Single family home - Well kept residence in good area of Mobile. No much work needed (mostly cosmetic)

What made you interested in investing in this type of deal?

Good location, well maintained house, good neighborhood

How did you find this deal and how did you negotiate it?

My real estate agent found it.

How did you finance this deal?

30 year conventional loan at 2.875%.

How did you add value to the deal?

Repainted the interior and cleaned up the carpets.

What was the outcome?

Better than expected. Property management found great renters within two weeks of being available. The renters asked to remove the carpet and have professional flooring installed (at their expense).

Lessons learned? Challenges?

You have to jump in and do it. Analysis paralysis is real. Don't let anything stop you.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Real estate agent: Sherry Andress - iXL Real Estate
Property Management: Kari Piecuch - 1southrentals.com