Home Buying in Miami Gardens>Question Details

Michael Colon, Renter in Bronx, NY

I live in ny but would like to find a home in the miami gardens , Fl area AS AN INVESTMENT PROPERTY .

Asked by Michael Colon, Bronx, NY Sun Mar 3, 2013

That my mother in-law will live in , i have 20 percent for a down payment for a home $145- $160,000 but credit score is only 670 will it Be very difficult to get a loan ?

Help the community by answering this question:

Answers

5
There are alot of criteria for being able to get a mortgage. Your credit score is just one of them. The loan you are going to apply for is an "investor loan". The reason you need an investor loan is because you won't be living in the property.

In Miami, you absolutely MUST be careful. Especially in the Miami Gardens area. It's no different from investing in Rochester or the Bronx. There are some areas which look good in the Bronx but when you visit someone you'll see that the area isn't a nice area to live in. I know exactly what I'm speaking about because I've lived in the Bronx. But the same thing goes for Rochester where the values are low and it looks like you can get a very low cost house and rent it for high rents. But remember, not many people are running to Rochester to live. In addition, the heating costs in Rochester can be more than rent in the middle of winter.

So all in all, you CAN buy a decent house in Miami Gardens. But be careful of the neighborhood that you would like to buy the property in. I have a person in Miami Gardens that I can connect you with. Call me at (425) 606-5406 and I'll connect you with her.

Don't buy one of the first 20 houses that you evaluate. And remember, you can't buy a house from 1500 miles away. If you do, you might regret it. We can help you make better decisions when you're ready to buy.

Till we talk.

Sara and Thomas
http://www.ThomasPerry.com
(425) 606-5406
0 votes Thank Flag Link Mon Apr 22, 2013
I am a real estate associate with Coldwell Banker. I can give you the information you need. I have a property listed in the area that you might be interested in. The property has two small homes on a very large lot. Great for investment. As you said your mother in law will be livings in one of the homes and you can easily rent the other home. They are not duplex. They are very far apart. Contact me if you want more information. My email is jherrera0724@floridamoves.com
0 votes Thank Flag Link Sat Apr 20, 2013
Michael,

You probably don't need the 20% downpayment. We have programs for less money down, especially when a family member will live in the house. If you need some help, don't hesitate to call 24/7.

And I should tell you congratulations on your good credit score. You obviously know how to protect your credit.

Call us at (425) 606-5406 if you need to talk about anything. We're happy to help.

Sara
0 votes Thank Flag Link Tue Apr 9, 2013
Hello Michael, please contact me via my profile and I will be able to assist you. Thank you for the opportunity.
0 votes Thank Flag Link Sun Mar 10, 2013
The info you provided is not enough for us to answer other than in general. Each person's situation is different and general rules may not apply. It's really easy to contact a lender and see what and if you qualify for. Typically investment properties require 30% down. Good luck.
0 votes Thank Flag Link Sun Mar 3, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer