Zoozu, Home Buyer in Bakersfield, CA

I want to buy an investment property where I get a positive cash flow. I can put $25,000 down. Is this possible. I have excellent credit.

Asked by Zoozu, Bakersfield, CA Mon Apr 23, 2012

Help the community by answering this question:

Answers

11
If you are serious call me as soon as possible at 661-331-0000.
0 votes Thank Flag Link Tue May 1, 2012
You have to put 20% down on an investment house unless it's a Fannie Mae owner house than you can put 10% down. So $25k down would be 20% down on a $125k house. I bet you can find that in Bakersfield right now.
0 votes Thank Flag Link Sun Apr 29, 2012
Absolutely! The inventory is a bit low, but there are still plenty of homes that would make great rentals around the $100k range and would provide for a positive cash flow.
0 votes Thank Flag Link Sun Apr 29, 2012
Have you considered a HOMEPATH property? http://www.homepath.com The best part of a HOMEPATH home is you can put as little as 10% down (as an investor), AND there is NO mortgage insurance. These are foreclosed homes owned by Fannie Mae.

Kinecta Federal Credit Union (a not-for-profit direct lender) is one of few HOMEPATH lenders in the country, with a presence in Los Angeles and Orange Counties.

Hope this helps!


Rene Joseph De Blanco
http://www.kinecta.org/jdeblanco
jdeblanco@kinecta.org
0 votes Thank Flag Link Tue Apr 24, 2012
Of course it is possible. Now is the time, money is cheap to borrow and prices are low!
Call me if you'd like to start the process, I can walk you through lending, purchase and escrow to a successful close of escrow.

Tesa Noonan 661-717-3394
Coldwell Banker Best Realty
0 votes Thank Flag Link Tue Apr 24, 2012
Now is the right time! Contact a local lender for a loan opinion/pre-qual and their thoughts. Then seek an experienced "Buyers Agent" for their advice!
0 votes Thank Flag Link Tue Apr 24, 2012
I think it is very possible right now. Make sure you have enough margin to cover all the expenses of servicing the rental when calculating cash flow. Expenses other than debt service (your loan payment) can absorb anywhere from 35% to 50% of the gross rent. I highly recommend the book "What Every Real Estate Investor Needs to Know about Cash Flow... And 36 Other Key Financial Measures" it could save you a 1000x the cover price.
0 votes Thank Flag Link Mon Apr 23, 2012
Yes. We need to speak further concerning what you are specifically wanting in an investment property. Please contact me at 661-747-7763 or by email deeoliver@bak.rr.com I look forward to hearing from you. Dee Oliver -- RE/MAX Magic
0 votes Thank Flag Link Mon Apr 23, 2012
Yes! This is very possible. I can be reached at 661-616-3660 or tdhrs@aol.com.
0 votes Thank Flag Link Mon Apr 23, 2012
The current market is saturated with investors paying cash above asking price. Given you are financing your best option may be trying private financing and target properties that are unable to go traditional financing and do the rehab yourself. Given the current market at the price range you have available this is probably your best option.
0 votes Thank Flag Link Mon Apr 23, 2012
Yes, but you have to be very aggressive and be willing to do cosmetic work. Your talking a price range of approx. 80-85K depending on closing costs. Do you already have your lending situated? That is something you would have to do first. If you do not have anyone, I can refer you to a good lender. If you are not working with an agent, I can help you with that also. Just let me know.

Thanks
Shanti
Watson Realty

Email: shanti@shantibrinsfield.com
Cell: 661.978.7101
0 votes Thank Flag Link Mon Apr 23, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer