In early 20's, looking for fixer-upper or income property.

Asked by dannie1124, Royal Palm Beach, FL Mon Jun 24, 2013

I am looking for a property to possible buy, renovate and rent out. I am not sure what my price range should be, and I am not sure where to start. I need some advice and guidance.

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This question was asked from this property: http://www.trulia.com/foreclosure/3105409157--Big-Wood-Cay-R…

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4
Dana Lindberg, Both Buyer And Seller, Phoenix, AZ
Sat Sep 28, 2013
203k (fixer-upper) loan is a government program that enables you to purchase a home and finances certain upgrades and repairs as part of your mortgage.

For more details about 203k loan, visit http://www.cfs203k.com. CFS Mortgage and RenovationReady brings together more than 50 years of traditional and renovation lending know-how. Let their team of experts help you.
0 votes
marc jablon, Agent, Boca Raton, FL
Thu Jun 27, 2013
This particular property has been repossessed by the bank and, as of yet, has no price on it. However, you are not likely to see a four plex in this area go for less than around $300,000 or higher.

You may want to talk to your West Palm Beach real estate agent and discuss what your investment parameters are. What kind of return do you expect? How much money are you prepared to put down? Are you prepared to be a landlord?

If you don't own a home of any kind, you may be able to purchase a fourplex using an low down payment FHA loan because it could conceivably be your primary residence. Just remember that the lower the down payment, the higher the mortgage payments.

If you have a primary residence somewhere else, expect to put down at least 30% of the purchase price for investment property.

If you have sufficient cash to purchase the property, think carefully before plunking it all down.
Yes, you will have no mortgage payments that way. However, your cash on cash return is likely to be lower than it would be if you took out a mortgage.

With a mortgage however, your actual cash return will be less. But you will put out less money to begin with.

These are ideas to take into consideration before investing.

Naturally, you will want to check the condition of the multifamily property to make sure you won't be faced with unexpected repairs. Even if the building checks out perfectly, expect to make occasional, unexpected repairs and budget for them accordingly.

And there's lots more. Before you do anything. talk to your accountant and / or your financial advisor. Chance are good they will offer you some valuable advice on the subject of real estate investment, because they probably have other clients with similar interests to yours.

Once you are comfortable with the idea that multi-family investment is for you, call a mortgage broker so you can get pre-approved for a mortgage. Or, if you're using cash, put together a proof of funds.

Then, call your real estate agent and look for a property that works for you.

Marc Jablon, the Jablon Team
RE/MAX Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
0 votes
Sandra Gold, Agent, Wellington, FL
Tue Jun 25, 2013
Dear Dannie

I would be happy to assist you with your home purchase. It sounds like you are a first time home buyer and need some getting started help. I specialize in first time home buyers and getting investors started in the process.

Feel free to contact me so I can explain in detail where to start and how the process works.

Looking forward to talking to you soon.

Sandy Gold - Realtor
Keller Williams
Cell: 561-860-3321
DestinationDreamHome@gmail.com
http://www.sandragold.kwrealty.com
0 votes
Bob Brubaker, Agent, Lake Worth, FL
Mon Jun 24, 2013
Your investment strategy is going to depend alot on you! The
Amount of actual Cash you have, your ability to attract financing
As well as "Resources" for needed talents to help!
Your personal circumstances balanced against what the current
" Market" has for opportunities both in buying and after fix-up
Returns will define your path!
Best done by discussion directly .You can use the trulia profiles
of area Realtors to decide who best to contact. From responses
you get you will see who you want to consult. Much success!


Bob Brubaker Highlight Realty Palm Beach County Fl. 561-876-6649
Web Reference:  http://pbc-realcam.com
0 votes
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