How to invest in property initially? (investment, mortgage, mortgage, sale)

[johny1804]

Hey to everyone,
I have a question for all that is : what is the procedure to investing property initially when you are a new one in the market.

With Regards,

[Sergio M]

Generally, your rental income should cover most of your expenses. That would be an ideal investment, one that doesn't need much renovating. You can litterally find 2 family homes for 150K if you were to put down 75K, and mortgage 75, your mortgage would be +/- $750.00 mo. you should easily be able to rent the 2 bedroom apartments for 800 mo. so your 75K investment is netting 850 mo. (interest). I (personally) would not try to finance 90% of the sale price.

[dad2jules]

The minimum down payment is today's lending environment is 20% with better terms offerred with a 25% down payment.
The rates will also run about .5%-.75% higher than what you see in ads or talked about depending on the closing cost structure unless you want to pay 1.75(25% down)-3(20% down) points up front to keep the same rate.