All Forum Posts by: Elvis Albarracin

So here it goes, the ultimate questions i've been tossing around in my head the past few days.

Sell my property (which i occupy, primary residence), which i have built good equity and walk away with that profit.    OR

Refinance my house and get a better interest rate/lesser mortgage payment. 

Then, comes into play the questions about investment properties. I'm interested and ready to venture into that market but again tossing the ideas of selling or refinancing. (oh, and if you're thinking that i should sell, just know i don't have any other place to live, i'm guessing rent a room or something to live in the meantime)

If this post seems all over the place, well it probably is because this is what's happening in my head ! 

SO. Sell, Refinance, Where do i live if i sell, and I want an investment property. Someone give me some helpful advice ! Clearly i'm a novice when it comes to all of this, hence why i'm seeking advice from people who potentially have experience with these situations.

Any/All information, tips & tricks, suggestions, and advice is welcome. 

Thanks in advance!  (If not for nothing maybe you'll find my post partially entertaining. lol) 

Regards,

Elvis 

@Colin Reid 

We're going to have to link up for sure ! I'm currently out of the country in the island of Curacao; when i get back in a month or so i'd love to meet up and chat. It's definitely all about networking and talking to like-minded individuals. I actually first moved to Brandon, then built in Riverview about 4 years ago so i know all about South Tampa, granted i will say they have beautiful homes; can we say BAYSHORE ! :-p     

I did notice there's more duplex and triplex homes in St.Petersburg, so like yourself i'll have to scope out that market; probably isn't a bad idea. How's the property you purchased back in April working out for you ? (Stable tenants, good cash flow, etc) 

Elvis 

@Assad Rafiq 

I was born and raised in Bergenfield, NJ (Bergen County) Always hung out in JC, UC, North Bergen...all over bergenline ! How's the market in Jersey City looking like ? I have thought about possibly investing in Jersey City. What do you suggest ? (I currently live in Tampa, FL) Not sure if being a long distance investor would be any good for a first time investor. 

@Edgar Rodriguez So me already having property and living in it, can i still use the FHA 203(k) loan ? I heard when financing a rental property you have to come up with 20% down, is that right ?

Hey @Brian Kantor !

Thanks for the info ! So, i wouldn't be a first time home buyer. I built here in the outskirts of Tampa in 2016 and have been living in that property. Now i want to invest and start generating some cash flow. Again, i mentioned the 10-15k, i probably could even do the $20k. It's just a matter of direction and taking the leap. As with many things in life, it's a risk... but i'm doing it. Period. I do like the idea you mentioned about buying a duplex/triplex.Unfortunately, for that there isn't many of those type of residences. Perhaps, looking in another state or something. I'm from New Jersey and theres a city; Newark NJ. Not the greatest place, i would say it's probably a class C neighborhood. with some areas sitting at a B but the opportunity for cash flow is pretty high there. Would love to continue chatting, sounds like your quite experienced !

@Sam Issa Hey !

Thanks for your response. Yeah all this has crossed my mind in the past but never really took any action, now i'm like... "No more waiting, the time is NOW" So here i am, using my resources, networking and just doing some self directed learning. A lot of you tube videos, books, articles, etc. I'm actually an RN and work night shifts, so i have the flexibility to work my 3 shifts at night and pursue this other hustle during the day (with some sleep of course lol) Anyway, glad you're also taking initiative on pursuing this road to financial freedom. At least that's the goal i would assume. Oh and yes, Tampa and its surrounding areas are booming right now, which is why i'm taking action!

Resident of the Tampa, Florida area and looking to begin investing in real estate. You gotta start somewhere, right ? Would like to invest anywhere between $10k-15k more or less. As my title states, i'm a newbie and very eager to learn the ropes. I'm still doing my research on the many avenues someone can take in real estate investing. Not sure wether to purchase a property fix it up and sell OR purchase a rental property (word has it, if i can get my hands on a 2-4 family home that would be great). I'm full of questions with some obvious questions regarding financing; FHA 203(K) or 203 (B) among others. This is something that i'd like to do MUCH sooner than later, just don't know what my first step should be. Also, is $10k-$15k a decent amount to put into a property, do i need more, can i use less... Anyone out there with tid bits of information, i would so greatly appreciate it ! I'm sure at one point someone reading this was in my shoes as well, so let me know ! Thanks ~ Elvis