All Forum Posts by: Walter Key

Same to you!

Nicely done sir!

Welcome! I lived in VA for about 10 years.

Short of owner occupied options such as FHA, I think you'll be hard pressed to find financing better than only 10% down. If you've got experience in the market and can show a successful track record you might be able to partner with the right HML. However, I assume you're relative new to real estate investing hence why you're looking to maximize what money you have to get started. Depending on the cost of the deal, perhaps a friend or relative would be willing to loan you the difference for a share of the cash flow until their investment has been repaid.

@Trevor Burns As a fellow service member let me first say thank you for your service and best of luck to you in the next chapter of your life.

Now to your question, you said you have the tools and skills to start your business. Awesome. But do you have enough capital saved up to start and sustain your business until it's in full swing? It's a trade off. If you're working a 9-5 gig, you're going to have far less time to spent flipping. However, if you don't have enough cash to fund the projects and maintain reserves, you're shooting yourself in the foot. Food for thought.

Welcome aboard!

@Mike Collier I don't think long term appreciation is your biggest concern, especially in Florida where the idea of a condo is pretty common and familiar. However, the rising condo fees can really eat away at your bottom line when you're looking at rental options. It's not necessarily a "bad investment". You just really have to run the numbers well to make sure you've accounted for the fees and expenses properly is your analysis of the deal.

@Eric Waters If I were you I think I'd put the money into another project to maximize my time and ROI since you're got plenty of risk mitigation built in to your current property ($30K in equity on a $67K home) . $37K is a great chunk of working capital to fund another deal. Just my $.02

@Eric Waters How much equity do you have in the home you're thinking about paying off? If you've already got a substantial cushion of equity, I'd put the money towards another investment.

I second Donald's advice. Find some local investing group in our area and attend. Network and find those in your area that are successfully doing exactly what you want to do. Then learn from them.