All Forum Posts by: Tim Hershberger

Zach.  You’ve stated what I thought.  I guess in the case of my mortgage lender they would have doubts for some reason.    All good info.  Thanks. 

Stephanie - Thanks 

Thanks Raymond / All.   I appreciate the info and the potential for 5% on a primary residence matches with what I thought but the mortgage company seemed to make me jump through more hoops for the last purchase and made it sound like they’d even be more stringent the next time (if there is a next time).  We are slowly starting to look in the Pensacola area but may branch out.  Thanks again 

Thanks for the information. 

Thanks for the information. 

Are there any mortgage lenders who will provide loans without charging 25% down? 

We are about to rent out our condo (primary home) in Pensacola, Florida as we decided it wasn’t what we wanted and would like to purchase another property.    We purchased this condo in the summer (our 2nd purchase in two years) and we’re told if we buy another we’d probably have to put down 25% as the company would have a hard time believing it was our primary residence vs. an investment. 

Our intention is to find another property for a primary home but it may ultimately turn into an investment.  Would like to be able to purchase with less money out of pocket. 

Thanks Dalton.  Rented out the family home and will turn a good profit.    Time to reset and then begin again. 

Investment Info:

Condo buy & hold investment.

Purchase price: $185,000
Cash invested: $6,000

2br Condo. Currently renovating and will become primary home (near future) allowing us to rent out our renovated 5br home with pool

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

Wanted to downsize when son moves off to college. Will rent out our larger home and start using this as our base home in Florida as I work in the DC area. Eventually it may become a rental too.

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

Was tracking on the MLS. Originally it was under contract until I noticed it popped back up. I gave the owner an offer he accepted knowing with a little work it would be a great place worth much more than currently appraised.

How did you finance this deal?

Conventional. We’ve yet to start using alternative financing.

How did you add value to the deal?

Complete repaint, removed popcorn ceilings, installing vinyl flooring, deep cleaning.

What was the outcome?

Still in progress

Lessons learned? Challenges?

You don’t have to completely remove the popcorn ceiling. You can scrape the ceilings which leaves a nice texture (and covers some flaws). After primer and paint it looks great.

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

We work with Cinnamon Reed from the Reed Group (Keller Williams). Besides a realtor she’s also an investor and runs Air B&Bs as well so she understands what we are looking for.

 Without pulling out the papers it’s something like 13 June or very close to there.