All Forum Posts by: Aaron Ruiz

I have about 5k to invest in. I am needing any advise or experiences in how I can use this money in the most effective way possible. Ideally I would like to buy a house and rent it out. But maybe there is a better way to invest my money. ANY advise would be very helpful.

THANKS

I had an FHA mortgage with 3.5% down and I would be living in one of the units. But I was co-signing with my parents and that's why I wasn't able to get that loan. My mortgage company notified me of that 3 days prior to closing the deal. The co-signer was going to have to live in one of the units as well.

NEW INVESTOR...
I recently was close to getting my first home which would have been a 4-plex house. 3 days prior to closing, my loan company told me I did actually need 25% down payment instead of 3%. ANYWAY that failed so I'm looking for a single family home for me and some roommates. That way I still get rent from roommates at least.. But now I was told I can only qualify for 60k.. That will put me in a cheap house in bad neighborhoods or I could get a 1 bed 1 bath in better neighborhoods. DILEMA. My future goal is to have houses, apt, etc. for rent. Maybe do some flips.. But I am having a harder time than expected in GETTING STARTED... So I would appreciate any advice at all in ways to get going. I got about 7k to invest with.

Thanks

Are you getting a 4-plex George? Damn 30% is a lot especially for beginning investors like me =/

Maybe you could consider having roommates as well.. If you can find some people you trust to live with you, you could make bigger payments to get your loan paid off quicker.

Thanks for all the great advice.. Thanks SAM for the helpful tips I'll definitely take all those tips for future reference. I actually was 3 days away from closing the deal until my mortgage company called saying they just found out I needed 20-25% down payment instead of the 3% for an FHA loan.. So I kind of wasted 3 months of looking up multi-units. I did learn a lot though and I appreciate all the help.

Thanks Raymond and Brandon for the info.. The more information I get the better.
I'm sorry to hear that Michelle... It's best that you got them renters out of there though. Good luck on starting fresh!
@Will Barnard, when could I get tenant history and payment history? I am in the last stages of the purchase, could I ask for that information now? And would I get this from the seller?

Purchasing First Investment Property!! Im basically wanting any advice, tips, and what to expect in owning a rental property. Any experiences welcome on investing especially in a 4-Plex property is welcome.

Hey Gary you should keep posting as you go through this investment. I'm doing the same thing and would like to hear about other experiences.

Nice points George!!
I am in the process of getting a 4-plex as well in which I will be living in one of the units. If everything goes according to schedule I will own the property by the end of this month.
But I find myself already falling in love with the property! Thanks for the tips and advice.
And good luck with your investment Rick.. You should follow up with how you are doing with it and any problems you may run into along the way.