All Forum Posts by: Jeremy Lerner

Thank you all for your posts. As a newbie here is how I am looking at a theoretical property. My credit is great above 750 or good however the credit companies really see that. So theoretical sample. I would try and get a conventional loan at 80% as an investment property. Say property is 260,000 purchase, condo and in a good area with rent on 1 bedroom apartments averaging $900. This property in question is a 3 bed 2 bath. I am looking at roughly a rate of 4.625% with P&I of 1108 taxes are roughly 172 per month and insurance I don't know what that is like on condos so 58 per month, the HOA is very high at 591 per month, and lastly say I can get a family member to post the down payment and are ok with 30year mortgage add another $229. All in roughly 2,158. With average 1 bedrooms running $900 I would likely charge $900 per room to get 2,700 a month. Is that enough of a margin? Or would i be spinning my wheels at that point? I am not in the make money quick scheme as I would bank all profit for years for the OH $h!T expenses or to payoff investors and start making more for myself for future properties. My next question is where do you find most success condos or single family homes?

Hello Bigger Pockets Community,

My name is Jeremy and I live in Colorado a currently booming housing market. Is this sustainable did i miss the boat on investment opportunities? I am not sure, but I am interested in buying and holding investment properties for long periods of time as rentals. I see all the time in this community that people are able to get houses without spending large sums of their own money. I am trying to educate myself as best as I can to make a smart decision on an investment property and find investors or hard money lenders to help me achieve my goals. If anything in this post is like a red flag red alert to you please speak out I am here for knowledge! :) Some key things I am looking for are if I have an investor whether its family or hard money investor what sort of repayment plan should i be looking for? I don't want to screw over family and want them to know I mean business. Of the people that don't use their money and get investors what sort of return are you able to get after repaying your investors?

Thank you,

Jeremy