Home Buying in Orlando>Question Details

John Wily, Home Buyer in Stamford, CT

30k Cash need mortgage loan and a single family turn key rental property

Asked by John Wily, Stamford, CT Thu Feb 21, 2013

Hi Realtors,

I am from NYC and very new to real estate investing. I have 30k cash and looking for a mortgage to buy a single family home in and around Orlando. I am a technology guy so I would prefer to buy near the all the tech companies so that in a 3 - 5 year time frame I can move there and start living. Until then I want to rent it out. I have 680 - 700 score with no debt. Any leads or suggestions let me know.

Thanks

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Answers

7
Hi Ron, I wanted to put another face on what you have suggested here. This technique is a risky one at best and so here is the other side of this suggestion.

I would not recommend his to someone without great knowledge of what they are entering into, with or with out an attorney.
Especially an out of state (first time) investor or first time home buyer.
What do you tell your buyer when the owner takes out a new mortgage on the home and then defaults on his loan?, happens all the time! Can you be certain he will record payments to the credit agency(s) in a proper manner and on time every month for life of loan?
There is now way for this buyer to protect themselves in this scenario. Not only can they loose their down payment, all monthly payments, have no car, no boat and possibly angry relatives they also have ZERO equity. Then will need to fight eviction process and the lender who now wants the home and or their money back.
If that is not enough what if there's also an early pay off penalty and if so how much and is that negotiable.

Not to mention you want them to pay 7+%( probably more like 10%) interest, that is crazy! Especially when the banks I deal with have loan packages just for this purpose at a much lower rate that stated above.
I do not ever recommend Mega banks, I am talking small local ones or portfolio/direct lenders. They can close in a little as 20 days with much less interest rates..jeez 7%++ . That will certainly eat into some of your profits and affect your ROI.
I would also note that someone that has been in their home for 30 years and paid off the mtg, might want to continue to live there for little a while longer.

I would say YES to the savvy investor or one who has great knowledge of real estate, access to the tools and resources needed to handle this type of transaction and also understands all potential risks and things that can go wrong with a deal of this nature.

Post closing lawsuits among FSBO, note holders is one of the most litigious areas of real estate, Nationwide.


If your credit score is above 620 and you have 30 K, I can put you in touch with at least four lenders that can help you purchase an investment property. I have one that can close in as little as 10 days, another in 20 days.

I just wanted to show the other side of this suggestion.....it is on option, but again a risky one that should not be attempted for just a few of the reasons I have stated here.

I'm happy to discuss this with you in greater detail when you are ready.

I am easy to contact so please give me a call.

Brian Mahoney
Re/Max Realtor/Investor

848-448-0333
orlandodreamliving@gmail.com

http://www.orlandodreamliving.com
0 votes Thank Flag Link Mon Feb 25, 2013
I have answerd this question before. In fact I wrote an article about it. Find a seller to hold a mortgage for you. This is the easiest way to buy a house. http://ezinearticles.com/?Finance-Your-House-The-Easiest-Way… Read my article. Good luck.
0 votes Thank Flag Link Sun Feb 24, 2013
Ron,

Great article. Thank you.
Flag Sun Feb 24, 2013
Step one is to contact a bank or mortgage broker and see how much they will pre-approve you for. Then you will know what you can look at.
0 votes Thank Flag Link Fri Feb 22, 2013
All the Tech companies are in the East side of town near the university of central florida. I would be more than happy to help you find a home.

Drop me an E-mail or give me a call so I can further find out what your your additional needs will be with this purchase.

Thanks so much for reading,
Richard
4074941891
0 votes Thank Flag Link Fri Feb 22, 2013
Good evening,
If you send me an email I can start sending you the available inventory right away. You'll get an idea of what's available and we can schedule showings if you like anything.

~ Don't worry, I'm not a pesky broker. I will only send you what you want when you ask for it.

Warm regards,
Diana M. Perez, J.D.
Owner/Broker| Professional Real Estate Team, LLC.
Certified Distress Property Expert (CDPE), NAHREP, MWBE
Direct: (407) 729- 3560 | Fax: (407) 933- 0731
E-mail: Diana@ProfessionalRETeam.com
0 votes Thank Flag Link Thu Feb 21, 2013
Hi There,

Thank you for your reply. my email is findmeaplot@yahoo.com.

Thanks
Flag Thu Feb 21, 2013
I have a 1/1 condo that the bank was last asking $35k. It is in the east side of Winter Park. Close to UCF and the high tech companies in Oviedo. Are you nterested in any info on it?
Mike Sperling
407-463-5348
0 votes Thank Flag Link Thu Feb 21, 2013
Hi There,

Thanks for your reply. 35k for a 1/1 condo is on the higher side I feel. For that price I can get 2/2 or 3/2 in some cases. What advantages your property have? Send me details about the property.

Thanks
Flag Thu Feb 21, 2013
HI Lehigh, I specialize in International and out of state investment purchases for investors. My team and I also handle the property management for these investments. From the details you have provided your purchase price will be in the 100K range.
Feel free to contact me anytime, 7 days a week 9-7

I Look forward to your call.

Regads,

Brian Mahoney
Re/Max
Orlando

848-448-0333 --m Direct & Text

http://www.orlandodreamliving.com--VISIT

downtownremax@gmail.com --Email
0 votes Thank Flag Link Thu Feb 21, 2013
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