All Forum Posts by: Erin Gramling

@Alexander Felice 

You are right I’m sure. I guess the way I’ve been looking at was this. Why spend 100k on a rental property that would bring in the same amount in rent as a 50k property. And I definitely see where you are coming from. In the end, your tenants have bought you a 100k home and I only have a 50k home. It’s the financing aspect I suppose that is a the biggest hurdle for me. I don’t even think I would qualify for a loan of 100k plus. I have some factors working against me. Even though I make good money and I have very good credit.  I only work 2-3 days a week (I can work more days). And I’ve only been at this job for about 6 months. I took a year off for maternity leave. I could work more, that’s my choice. I can’t change how long I’ve been at my job or the fact that I took a year off. One of the reasons I want to get into real estate is so I can eventually be able to spend more time at home and less at my 9-5 job. 

I live in PA. Grew up in the town it’s located. Prices are much different then in Rochester (my brother this there). I’m comparing it to other parts of town. I know which parts are better than others there and it’s not in a bad part of town. the houses in that area run about that much. There are of course better areas, in which the “average” homes run about 50k. And that would be fine too but I still would not be able to get a conventional loan for 50k either. They said under 100k I’m not going to start out that high. Thanks for reply. I take everything I’m told into consideration! And I appreciate the advice. I should call around to some “local banks” they might do 50k loans that I would consider doable as well.

Hello, my name is Erin. I am determined to get started in buying and renting real estate. I live in an area where property isn't as expensive as it is in other places. I have found a couple very decent 2-3 unit duplexes in good neighborhoods that I am interested in. Some are even fully rented currently. They are not in need of any major renovation. They run about 30K. I thought it wouldn't be hard to get financing because I have a good job (nurse) and good credit 750 score. I have no problems qualifying for an FHA loan. But apparently they don't off conventional loans for 30k. I only have about 20k on hand and I really don't want to use that money. That's for emergency purposes or unforeseen circumstances. In fact, the bank told me they don't finance anything under 100K. So my question is, how does one get started? I will not finance anything large just starting out, I feel that would be very foolish. I could buy a home in the city for 10k with Cash (there are many) but It would be in a terrible neighborhood and need a lot of work. The work part isn't The issue. I just didn't want to start out with a dump, put a ton of work and money into it and still not have it worth much because of the location. So I'm looking for any advice. Anyone else have these issues starting out and how did you overcome them? Any insight would be greatly appreciated!