All Forum Posts by: Stephen Tawiah

Hi. My name is Stephen, and I'm going into my 1st real estate deal. It's a townhouse in Ohio, and as per the estimated financials, I could be looking at $400 per month in cashflow.

Problem is... I have absolutely no funds myself. I'm trying to get a mortgage, but it's entirely possible that the mortgage might not cover 100% of the price of the house. Even if it does, there's closing costs to consider.

As I said, I have no cash myself, so I'm asking how I can deal with generating cash for closing costs (and a down payment) if it comes to it.

The house costs $139000. As per chatGPT, closing costs in Ohio are usually 2% - 5% of the price, so maximum: $6950.

I'm open to working with lenders of any kind to make this happen.

Hey Stephen, do you mean you want to go into this with 0 invested yourself? Or you don't have any funds at all?

Hi Sam. Thanks for helping me.

Regarding my first deal, I don't have any money at all.

It's a turnkey property I found on RentToRetirement, so It's pretty much already fixed up. I'm a foreign national living in Ghana, and I have some knowledge about Real Estate, though I have little experience.

I would love to have a partner who could go in with me, to put up any cash that might be needed. Still looking for one. Would you be interested?

The best advice I can give you. Get your funds up. And go from there

Understood. Thanks for your help.

0 Votes

Quote from @Chris Seveney:

Quote from @Stephen Tawiah:

Hi. My name is Stephen, and I'm going into my 1st real estate deal. It's a townhouse in Ohio, and as per the estimated financials, I could be looking at $400 per month in cashflow.

As I said, I have no cash myself, so I'm asking how I can deal with generating cash for closing costs (and a down payment) if it comes to it.

The house costs $139000. As per chatGPT, closing costs in Ohio are usually 2% - 5% of the price, so maximum: $6950.

I'm open to working with lenders of any kind to make this happen.

Hate to be the bearer of bad news but no lender will touch this as an investment. you will need to come up with 25% down plus closing costs. Maybe seller financing.

But let me ask this question, what happens if in the third month the furnace goes and needs $2000 worth of repairs? How would you pay for that? I strongly recommend against people buying real estate with zero money. This is not personal, but if a person cannot save money now real estate is the worst investment to get into as it is one of the most cost intensive businesses to be in.

Hi Chris. Thanks for your advice. I believe it's best if I look for a partner. I'm investing in a turnkey property in Ohio, but I'm a foreign national living in Ghana. Would you be interested?

0 Votes

Quote from @Jimmy Lieu:

Quote from @Stephen Tawiah:

Hi. My name is Stephen, and I'm going into my 1st real estate deal. It's a townhouse in Ohio, and as per the estimated financials, I could be looking at $400 per month in cashflow.

As I said, I have no cash myself, so I'm asking how I can deal with generating cash for closing costs (and a down payment) if it comes to it.

The house costs $139000. As per chatGPT, closing costs in Ohio are usually 2% - 5% of the price, so maximum: $6950.

I'm open to working with lenders of any kind to make this happen.

Hi Stephen! I want to be straight with you - trying to invest with absolutely no cash reserves is really risky. While you might find a lender offering low down payment options, you'll still need cash reserves for repairs, maintenance, emergency fund (ideally 3-6 months of expenses), etc. I suggest to save up for 6-12 months while learning the market better or partner with someone who has the cash while you do the legwork.

Hi Jimmy. Thanks for helping me.

Regarding my first deal, I am aware that there might be repairs, maintenance, emergency fund, etc. for a normal real estate investment. However, this is a turnkey property I found on RentToRetirement, so I'm still optimistic.

However, I am willing to go into this with a partner. Since you're a Real Estate Agent in Ohio, I would love it if you would be my partner. You most likely have more experience, plus you're much closer. (I live in Ghana.) Would you be interested?

0 Votes

Quote from @Sam McCormack:

Quote from @Stephen Tawiah:

Hi. My name is Stephen, and I'm going into my 1st real estate deal. It's a townhouse in Ohio, and as per the estimated financials, I could be looking at $400 per month in cashflow.

As I said, I have no cash myself, so I'm asking how I can deal with generating cash for closing costs (and a down payment) if it comes to it.

The house costs $139000. As per chatGPT, closing costs in Ohio are usually 2% - 5% of the price, so maximum: $6950.

I'm open to working with lenders of any kind to make this happen.

Hey Stephen, do you mean you want to go into this with 0 invested yourself? Or you don't have any funds at all?

Hi Sam. Thanks for helping me.

0 Votes

Hi. My name is Stephen, and I'm going into my 1st real estate deal. It's a townhouse in Ohio, and as per the estimated financials, I could be looking at $400 per month in cashflow.

As I said, I have no cash myself, so I'm asking how I can deal with generating cash for closing costs (and a down payment) if it comes to it.

The house costs $139000. As per chatGPT, closing costs in Ohio are usually 2% - 5% of the price, so maximum: $6950.

I'm open to working with lenders of any kind to make this happen.

2 Votes

Hi, I'm a newbie in the world of real estate, and I'm eager to learn and grow.

P.S. I'm broke, and looking for a no money down deal (my very first deal), please reach out if you can help me.

0 Votes

All Forum Posts by: Stephen Tawiah

Stephen Tawiah has started 2 posts and replied 6 times.

Post: Funding For First Real Estate Deal

Post: Funding For First Real Estate Deal

Post: Funding For First Real Estate Deal

Post: Funding For First Real Estate Deal

Post: Funding For First Real Estate Deal

Post: Real Estate Newbie