What a fantastic community for learning. Thank you to any and all who take the time to help a new investor gain understanding. I've been looking at some property here in Columbia, Mo ($85k to $110k) to buy and hold. I currently have 10% ready but I will have to come up with another 10% if I want to move on them now. I can wait to raise the capital through my current job within 3-4 months if needed. I've also been looking in St. Louis at distressed properties ($10k and below) that I could pay cash for and fix up. My thoughts would be to fix up and section 8, or flip. I guess my limit on rehab investment would be $10k. Knowing that it could potentially be more. What should I be asking myself before making any decisions? Help me identify what it is I don't know.
I would speak with a mortgage specialist in your area. I'm aware of programs that are available for 10% down if the home is used for a "2nd property". But to be sure, you should speak with the specialist to see if you qualify properly
Thanks Jon, I've actually got a meeting scheduled next week with a mortgage specialist.
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