All Forum Posts by: Cory Parish

Thank you all for the input. I guess I got excited as it is a relatively affordable house in GREAT area and I'm sure it'll be a great rental opportunity. As far as FHA loans for less than 20%, what is the deal with those? How long do they take generally take to process? Does it have to be from a certain institution, or do most banks offer them? I appreciate the help everyone

Hi everyone, relatively new to BP/real estate and looking for some advice. I am in the Cleveland, OH area and looking to get into real estate. Most of the houses in my neighborhood are out of my price range, but one just came available at the top of my price range (actually probably a hair above, but hey). My question is, is it best to begin by buying a nice property in a good area for a reasonable price or to buy something that is very cheap and try to start of in the lower end. FYI the property has a 2BD/1BA (with a spare room that could be an awkward 3rd bedroom) down and a 1BD/1BA up laundry in downstairs only, both kitchens are functional but could use a slight upgrade and carpet needs replaced/wood floors need touched up. Everything else should be ok. Property is around $200k and I have no mortgage history and would have difficulty putting $40k down before anything else. I believe I would like to have 7.5%-10% ROI per year and I think that is doable. I don't have much money to put in, maybe $30k-ish, but i am really trying to get started. What is the first step?!Thanks for any and all input.