« on: June 28, 2010, 09:41:16 PM »
hi, i live in tampa fl where the market took a huge hit, i dont own any real estate yet there for im a beginner but i have been learning and studying and looking out for real esate for about 2 years now. to be specific i have 8k in cash saved and i would like to buy my first investment property. I called a realtor and she put me onto this software where when a property goes on sale i get an email. My question is what are some strategies i can do in order to keep some of my cash or as much as possible. I also own my own home and ive owned it for a year now im 22 and i want to become a successful investor. Would my best option be to get with a bank and have them send an appraiser to my home and see what its worth and hopefully take out the quity? what do they look for when they appraise a property? for example i did some fixing myself i tore out the carpet that i bought it with and put down laminate the bathroom is being completely redone as we speak. so im trying to find ways to invest and take loans out so that i dont get hit hard with my credit so that the banks dont look at me as high risk. Please im looking for advice from people that been there done that. Also i found alot of nice condos for sale, condos that sold for 220k in 2005 and now are selling for 65-80k some are short sales some are not im guessing people just wonna get out or something. Also i checked them out on zillow even tho you cant always trust zillow for value but also shows that alot had been sold in same are in the past 4-5 months is that like an opportunity to buy? when you see people are buying in one specific are? because it seems like it is to me im just trying to get advice and strategies.
Thanks to all that reply.

Can you rent out your current home and have positive cash flow?
Is it just yourself, or do you have a whole family to house?

You might want to think about buying an owner-occupied duplex for your next purchase. Look for one with owner financing, or check for special programs in your area.

If you used Stimulus Money on your home, you will need to stay there 3 years. I think it is terrific that you are only 22 and already on your way.


Thanks for advice but I do have a family me my gf and out son so I need a home because I’m not moving back with my inlaws, it’s hell over there and I did do the stimulus hing so I got the money so I have to stay here for 3 years becuase I’m not crazy about having to pay it back. But what about upgrading my home and having the bank come out and do an appraisal and taking out equity will that help? And how does that work?

If you have had your house for just a year or so, you don’t have any equity to take out.

You don’t have enough savings to start purchasing investment property. Lenders require at least 20% down, and then you also need money to make mortgage payments and to maintain the property until you sell it or rent it.

Suggest you learn strategies that don’t require you to own and finance the property. Birddogging and contract assignment techniques don’t require you to use any of your own money or credit, and, have a payday when the deal closes. If the deal falls through, you walk away unscathed. Sandwich lease options are more risky without working capital, can be done without credit or much cash.

I agree with Dave. You can be doing something: pay off ALL personal debt other than your home (look up Dave Ramsey on the web for tips).

Then save for at least a 20% down payment on the next place. You don’t want to pay PMI (Private Mortgage Insurance for low-down loans).Continue studying and learning real estate and your area.

Good luck and let us know what path you take. There is a lot of expert advice here to help you.


thanks alot guys, im going to learn about all that