Investment property (Winter Park: real estate, rental, condo)

[randy0128]

Hi I live in orlando area. And I have about 150K cash which I saved.

I am looking for a investment property(home or condo). I guess I qualify to get a loan if I want.

What is my best options?

1. Buying a house with mortgage.
2. Buying a condo with cash.

Any better idea?
Which community and area you think best for my budget?

thanks.

[idr591]

Originally Posted by randy0128

Hi I live in orlando area. And I have about 150K cash which I saved.

I am looking for a investment property(home or condo). I guess I qualify to get a loan if I want.

What is my best options?

1. Buying a house with mortgage.
2. Buying a condo with cash.

Any better idea?
Which community and area you think best for my budget?

thanks.

3. Buy a house with cash.

[Spring Hillian]

Originally Posted by randy0128

Hi I live in orlando area. And I have about 150K cash which I saved.
I am looking for a investment property(home or condo). I guess I qualify to get a loan if I want.
What is my best options?
1. Buying a house with mortgage.
2. Buying a condo with cash.
Any better idea?
Which community and area you think best for my budget?
thanks.

I'd go house, cash. You're in a buyer's market on real estate. I'd probably go with old Winter Park.
Your 150K should give you lots of options.

[randy0128]

I couldn't find a 150K house unless I go to bad area.

Can you tell me which area you recomend in that price range?

[Spring Hillian]

You should find 3br 2ba concrete block which you could rent for income. Try 32803, 32789.

[HomesickFloridian]

No don't, no tax benefits what-so-ever in buying a house with cash, and besides you get no credit benefit out of it either nor can you refinance or for that matter use it for financing once you've paid it off unless you sell it.. You can put a large amount down and a manageable monthly payment with extremely low interest and that would be the best long term investment that way. If you felt, you could purchase more than one and use the rental income from the other to pay off both houses depending on what you buy maybe even a multi-family unit either way if you do it wisely you should be able to cover both mortgages or even more untis if you're so inclined and still have a little left over every month..

[Spring Hillian]

He could use a home equity loan and be his own banker at a low interest rate. Live in it free of rent or rent it out.

He cant do much, he only has $150k.

Originally Posted by HomesickFloridian

No don't, no tax benefits what-so-ever in buying a house with cash, and besides you get no credit benefit out of it either nor can you refinance or for that matter use it for financing once you've paid it off unless you sell it.. You can put a large amount down and a manageable monthly payment with extremely low interest and that would be the best long term investment that way. If you felt, you could purchase more than one and use the rental income from the other to pay off both houses depending on what you buy maybe even a multi-family unit either way if you do it wisely you should be able to cover both mortgages or even more untis if you're so inclined and still have a little left over every month..

[idr591]

Originally Posted by HomesickFloridian

No don't, no tax benefits what-so-ever in buying a house with cash, and besides you get no credit benefit out of it either nor can you refinance or for that matter use it for financing once you've paid it off unless you sell it.. You can put a large amount down and a manageable monthly payment with extremely low interest and that would be the best long term investment that way. If you felt, you could purchase more than one and use the rental income from the other to pay off both houses depending on what you buy maybe even a multi-family unit either way if you do it wisely you should be able to cover both mortgages or even more untis if you're so inclined and still have a little left over every month..

Longest sentence ever, and incorrect information.

[annerk]

Originally Posted by HomesickFloridian

No don't, no tax benefits what-so-ever in buying a house with cash, and besides you get no credit benefit out of it either nor can you refinance or for that matter use it for financing once you've paid it off unless you sell it.. You can put a large amount down and a manageable monthly payment with extremely low interest and that would be the best long term investment that way. If you felt, you could purchase more than one and use the rental income from the other to pay off both houses depending on what you buy maybe even a multi-family unit either way if you do it wisely you should be able to cover both mortgages or even more untis if you're so inclined and still have a little left over every month..

There is so much incorrect info in this post that it's not even funny.

Speak to your ACCOUNTANT about tax issues--which will vary greatly depending on the rest of your financial picture.

You most certainly can put a mortgage on an investment property (cash out refi or HELOC) if you have 100% equity. There are rules that may or may not apply depending on other mortgages you might have, etc. In other words, there is no one size fits all answer like certain people are trying to provide.

Anyone telling you differently doesn't have a freaking clue of what they are talking about.

[Pete C]

Originally Posted by randy0128

I couldn't find a 150K house unless I go to bad area.

Can you tell me which area you recomend in that price range?

Wow, how much research have you really done? This is definitely not true. You can get a house for this price in a decent neighborhood in several areas all over the metro.