All Forum Posts by: Account Closed

Hello everyone. This is my second question regarding property investment. I am in houston Texas and I am seriously looking to invest in real estate. Especially in foreclosure homes. I have a 3 bed and 2 bad that's foreclosing and its $25000. My questions are: Can I buy it cash/outright without financing? Are the prices usually negotiable? Do I need to get a realtor ? What other major cost will I consider apart from the cost of the house ? Do I need my credit score if buying with cash? If I decide to buy more after buying this , will there be any additional things required from me if I also decide to buy it cash? Any other advice on buying a foreclosure home will be appreciated thank you

@Steven G.

I am so happy to always read from you. You really have been able to make me understand alot better about my plans to owning an apartment. I will start looking out for 4 unit apartment to enable me qualify for the FHA loans with a Down payment of 3.5%

What is the % of my monthly fees on mortgage , taxes  and utilities if the apartment cost about $300000 and if the monthly rent of the 4units apartment is $3000  since I already know that %10 of the gross income go to the property management monthly and again. Please give me a range of the closing fees. 

The reason why I asked about changing the management company is. I believe I will meet the old management company there before and during buying. So I may have to change the management  company to my own choice. 

At what time would you say I qualify to buy a commercial apartment after owning a 4 unit apartment.  What is the highest age of apartment that you would advise me to buy. 

I was thinking of buying a land, like an acre or more. Do you advice this kind of investment and how could I benefit from it apart from reselling later.

With my 50k now do you advice me buying a 4 unit apartment via the FHA loan. And how long would you advice I keep the apartment before reselling.

And lastly , after owning a 4 unit apartment via the FHA loan , how soon can I buy another 4 unit apartment via the FHA loan that will qualify me to put down the same 3.5%

Thank you so much 

With this information. I believe I will be ready to start

I am planning to buy an apartment that is less than 500000. Minimum of 5 units. 

Current I have $50000 and credit score 680

My questions are here again 

I understand I need %25 down payment 

After buying. Do I change the management company 

What are the bills I pay monthly on the apartment , please break down

When does the mortgage payment starts

If apartment needs renovation.  Do I get the money off the lender or it has to be my personal money 

Thanks everyone 

@James Clark

I am open to learn.  What better way do you have.   Please advice.  On investing in an apartment based on my questions.  

Thank you 

@Steven G.

Thank you , I only have $50000 now.  Hoping to buy about 5unit apartment that's well maintained.  Hopefully I can get a local lender with my credit score.  Also can you please give me example of local lenders and the maximum amount they can lend me based on my credit score and my current down payment that I have.I am in Houston Texas. Can you or anyone please breakdown the % of fees to be paid monthly including the management fees and mortgage fees once I acquire an apartment complex . I just need an example. Do I need to have a personal lawyer and does my company has to be a corporation or llc.

Please give me example of local lenders and the maximum amount they can lend me based on my credit score and my %25 down payment @Rob Beland I am in Houston Texas.   Can you or anyone please breakdown the % of fees to be paid monthly including the management fees and mortgage fees once I acquire an apartment complex .   I just need an example. Do I need to have a personal lawyer and does my company has to be a corporation or llc.  

@Steven G.   Thank you. are u saying that I need to have a lot of money as an inexperienced investor. 

Hello everyone. 

I am 27 currently a student. I want to own an apartment complex in the near future.   I am really determined and I am already working towards it.  

I have been making a lot of research in buying or building an apartment but apparently I will be more interested in buying an apartment complex . My questions are :

What is the minimum credit score I need to have to be able to get a loan 

What is the minimum down payment I need to have if I intend to buy an apartment of les than a million dollar 

any other information will be helpful as factors that affect buying/owing an apartment. I have started saving and I intend to start this project in 2-3 years. Please help as I will be asking more questions.