All Forum Posts by: Mariusz Bojarczuk

Please, could you share if the bank offered 5% down on an investment property? I live in an area where prices are high and was thinking of investing out of state, which is scary for me. I own a house as primary residence. I could hack it and get HomeReady loan.

I will be grateful for your input. Ths 5% down seems too good to be true. Do you have an extremely high credit? Other properties as collateral to get that percentage?

Thank you.

Mariusz

Hi everyone,

I am about to start investing in a house for 45 thousands. I do not understand why real estate agents do not want to deal with houses below 50k. Mine does. Unfortunately, it s not in IL.

Mariusz

Hello Everyone,

Just an update on my endeavour. I contacted an acquaintance real estate agent from a different state. We found a SFH at a low price. The seller needs to move. The house needs some cosmetic work but not much.

The price is 45 thousand. Market price is over 100 thousand. I could rent the house at approximately 600 dollars a month. The question I have is how to get financing on such a small amount of money? If I put 30% downpayment, is there a chance a bank will give me a mortgage for the remaining amount? I know banks prefer larger loans. Is it wise to buy the house in cash? I would really like the tenant to pay back the mortgage and not spend cash I could use for remodelling the house or putting it into my own house to increase equity.

Please share your ideas.

Thank you,

Mariusz

Thank you Everyone! I am so glad to hear encouragement and advice. I am going to get in touch with local realtors and loan officers. It doesn't hurt to ask and see what is available for me. BiggerPockets is a great  community. Thank you for advice and sharing your thoughts. I will send an update. Alice, I like your cautionary words. You are right, I don't want to risk everything I have. 

Sincerely, 

Mariusz

Thank you so much for the response. Where I live (moved from Boston to Salem), there is not much inventory. Places to rent are scarce and the same concerns single family houses. If a single family is on market, the price is too high to make a positive cashflow eventhough rents are high. I am browsing listing everyday. Sometimes there is a property that needs fixing up, but it is gone within days. I think I take too much time running numbers instead of putting an offer.

My friends are scaring me away by saying how difficult it is to obtain mortgage for investment property. I am considering renting my own house, so I could qualify for regular mortgage. Then I need to live in the new house for 6 months. 

I will look also look into profit sharing investment groups. Thank you for the advice Trevor.

Sincerely,

Mariusz

Hello everyone,

I have been reading and educating myself on real estate investing for 8 months now. I immigrated to the States 16 years ago and 2 years ago I saved enough to buy my home through FHA. I am now looking at real estate investing since I saw how little money is in my pension plan.

I have saved enough for a downpayment for a 200k house. I am excited and very anxious. It is all my life savings. 

Although I have learned a lot from books and BiggerPockets, I am a complete beginner. 

I now heard I may need a landlord licence and landlord insurance. This makes me even more nervous about being able to create a positive cashflow when I buy a property.

I kindly ask the members for any advice or sharing their beginnings with me. 

Sincerely,

Mariusz