The Moreira Team has been exceptional throughout the purchase of our investment property. From the first phone call to the closing, it's been peace of mind for us. They take this very personally and give personal time to your case which separates them from other companies. They always answer calls and are there to guide and support you throughout the process. In our case we were from out of state and they catered to all of our needs. I call Tim, Kristin, Mia & Amanda my dream team in Atlanta, Thank you so much Moreira Team you all ROCK!
Our client came to us wanting to purchase an investment property.
- Loan Type – Purchase
- Program – Conventional Investment
- Sales Price – $235,000
- Required Down Payment – 20% ($47,000)
- Monthly Payment – $1,267
- Estimated Rent – $1,700
- Cashflow – $433
The client wants to buy an income-producing investment property to start building a property portfolio. The mortgage payment needed to be low enough so that each month’s cashflow would cover the mortgage and still leave some profit. That way, funds can be saved for repairs/maintenance, property management fees, and to account for possible, future vacancies. The client was comfortable putting down the required 20% on an investment property.
The main obstacle that popped up was the home inspection. The inspector found several issues that he recommended getting repaired. These concerns needed to be addresses so the loan could pass underwriting requirements prior to closing.
- Updates and repairs needed after the home inspection was complete.
- We need to find a solution for our client to get the home inspection concerns addressed before they could close on the loan.
- Find a program and rate that allowed the client to pay the mortgage and make a profit each month.
Our team and the buyer’s agent decided on a smart strategy; negotiate with the seller’s agent to make sure all repairs that the underwriter needed were completed prior to closing. In addition we were able to help get the client additional seller contributions towards his closing costs. Those additional contributions were used for the remaining repairs that were not required to close.
By putting down 20%, we were able to find the client a great program with a low rate. This made the investment deal make sense for the client. Even with the concerns regarding the inspection, our team was able to come up with a solution that everyone was happy with and the deal closed in just 19 days!
- Client was able to purchase a positive, cash flowing investment property to add to their existing portfolio.
- The low rate we secured allowed the deal to make sense.
- The loan closed in 19 days from contract date.