Real Estate Agent 路 Clearwater, FL 路 Member since 2018 路 3 posts 路 13 votes
Hey everyone. I am a single young woman in her 20's wanting to buy a house (potentially a place that needs some renovation so I can make some profit on it once I'm done) but currently I have a little over 30K to put down but my income is not great. I've checked one lender and I got approved for 200K. Unfortunately in my area (Tampa bay) it won't buy me anything. I need at least 300K loan. Do you think I should save up more money in order to get a larger loan? I'm looking for a better income (currently working on my pre licensing real estate 馃). Does anyone know a more flexible lender? Also my credit score is great, based on FICO score I'm over 700. PLEASE ADVISE, trying to get out of this rat race ASAP. Love you all and this community is absolutely amazing.
With any major purchase, always check with more than one company. If you are open to some renovation there are loans that would still allow you to go FHA allowing for a lower DP. This means you can use more of that 30k towards the price allowing you to purchase more. There are also 0 down options and builder incentives. Send me a PM so we can connect.
With any major purchase, always check with more than one company. If you are open to some renovation there are loans that would still allow you to go FHA allowing for a lower DP. This means you can use more of that 30k towards the price allowing you to purchase more. There are also 0 down options and builder incentives. Send me a PM so we can connect.
Investor 路 Tampa, FL 路 Member since 2016 路 679 posts 路 288 votes
4y
Hello Sapir Simply, you sound like you are in a hurry? Real Estate Investing is a long, drawn out "process." Even Flips take six months or more with tons of headaches and uncertainty. Watch Fix and Flip shows on TV. Do you know how to do a Search on Zillow? A year and a half ago I sold my last 3/1 house in Tampa and cleared $200,000, Tax-free as the Sale of my Residence. Do you know the Tax Laws? I paid $175,000 Cash for a 3/3 Townhome outside of Tampa in Valrico, with garage and pool in a small, like new Community. It is now worth $230,000. You have some Down payment and you pre-qualified for a Loan with good enough Credit Score. Getting your ducks in a row...You don't have to look to buy a House, as they start at $250,000 in the good Tampa areas. There are some Townhomes on Zillow under $200,000 and lots of Condos all over the place. Find a fixer upper, improve it some, move in...get your piece of the Rock and finish your studies to get your License. Live in your property for two years and sell within five years, Tax-free as Sale or your Residence. Then, do it again.