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Since April 2009
Hi Maher57,
I specialize in the Santa Clarita Valley and it would not be possible to buy an income property, with $30,000 down and have a positive cash flow due to our prices. Do you already own a home that you live in?
If you have not already done this, my suggestions would be:
1. Talk to a lender to get pre-approved. Please note that investment property requires a larger down payment than a home you would live in. You can purchase a home to live in for 3.5% down FHA, or no money down VA if you are a veteran.
2. Search the web, MLS, Realtor.com, etc. for homes in that price range. Then, interview Realtors to find out who you would like to have represent you. If you need a referral to a good Realtor in any area, please feel free to contact me.
Sincerely,
Sharon
No body gonna HELP YOU, you help yourself, and It's very easy task.
Every real estate agent is work for the living, and every of them can do any transaction, you can hire any of them.
The point is you education martket by yourself.
You have $30,000, and you want to buy 2nd property ( rental investment ).
At this time the bank require minimum 25% down payment for the investment property.
That meant you can buy the property around $120,000.
looking at REALTOR.COM, and search for the houses at that price range, since you have the idea of the house's size, area, etc... On REALTOR.COM you search for the rental house,
which is same with the house you want to buy, and compare if it worth to do the investment.
for example :
$120,000.( house's price ) - $30,000 ( down payment ) = $90,000 ( mortgage )
At 5% interest rate with 30 years term your mortgage monthly payment is $483.14
Santa clarita's property tax rate is 1.25% a years, monthly tax is $125.
Insurance + maintenance (front yard clean up) is $100.
Assume you repair the house by yourself if any thing needed to fix.
$483.14 + $125 + $100 = $708.14 expense.
If you buy the house with 2 beds and 1 or 2 baths you can rent out around $1,100-$1,500 ( depend ) ( I know Santa Clarita very good, because i have the rental property there ;-) )
Also you need at least another $6,000 for closing cost and lost of rent for 1 or 2 month.
What is you need to avoid ?
* Don't buy the house, which is involve with HOA ( Home Owner Association ), because of the tenants usually
Don't keep the front yard clean, you will got many complain from HOA.
* Don't buy the house that too far from you house or you work, for the maintenance's reason.
* Don't buy Condo, except if it is very cheaped.
* Don't buy the house which is the land is leased.
not sure I would trust a man who has to dress up to be heard... professional realtors work with investors all day long ... do great negoicating and are much less in the end than a lawyer, that no listing agent wants to work with in So Cal at least... like a lawsuit waiting to happen before it even starts... find a realtor you are comfortable with and start shopping... keep in mind on investment porperties you will be doing 20-30% down... have you spoken with a lender yet? you must know your qualifing numbers and costs... and understand what ROI you are looking for... Good luck...email me if you need more assistance...
oh and fyi jean simmons...its not 6% to the buyers agent it is 1/2 of the agreed amount (typically) somewhere 2.5-3% and no need going to the REO listing agent.... they don't work buyers (or have a wanta be referal agent they give leads to) and many are not allowed to sell their own listings... so get representation...
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I want to invest in real estate...need agents who are doing this for a living
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