All Forum Posts by: Samuel Ichite

@Robert Goldman that sounds berry enticing! I wonder if I have a motivated seller, they may be willing to work with me.

@Louis Porter Jr. that helps tremendously!!

@Ricardo Gomez I totally agree with you. I did consider making it a short term rental. But I’m just not willing to be so deep in the hole to make this thing work at this point. Thanks for your input! 

@Brent Paul Yeah that’s exactly where  I’m trailing with this at this point. Definitely a learning experience, just another next step to check off the box. I appreciate your help! 

@Robert Goldman I wish I had another home that I could leverage. But eventually I will work to get to that point. Thanks for the input! 

@Anthoney Hanks nice meeting you as well! It’s a great consideration for me. I have family in Tallahassee, and I come back every year to visit. So it could be considered as a second home for me, of course I would need a strong team behind me. 

@Ryan Webster thanks for the advice! That make sense, I have not done any under writing before. 

Hello All, 

My name is Sam and I am a new investor living in Dallas, currently eager to get into real estate with my first deal. I plan to invest in Tallahassee, FL where I am from because I know the area very well. Very confident in a consistent rental, because it is the capital of Florida as well as a college town with two major universities ( Florida State and Florida A&M). I am seeking to Buy and Hold, as I have found a great Real Estate Agent that has educated me, as well as a lender the gave me a pre-approval of up to 120K at 4.8%. My concern now is the amount I will have to bring to closing, I don't have much money in reserves, but I have been encouraged by my lender to borrow around 20K from the bank to put a down payment of 20% on the investment property I want to buy. Has anyone found themselves in this position before, what would you do in my shoes? Getting another loan for 20K will put my Cash on Cash return into the negative as well as my cash flow. So with the borrowing of 20K, I'm now seeing my deals as bad deals. Any thoughts on this would be helpful... 

Thank you all in advance for your help,

Sam