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Updated about 8 years ago,
New member in Philadelphia
hello everyone
My name is Marcell and I am happy to finally be a part of the community. I have lurked the forums for quite some time lol and every post and the comments I found to be inspiring.
I currently work 2 full-time jobs in the railroad industry. One ofor my jobs in plan on retiring from and the other I am just currently using for disposable income.
On the 25th of this month I will close on my 1st property, a duplex. The appraisal came in at 15k less than the asking price in which I was able to acquire it at 257k. Property is in excellent condition and was recently remodeled therefore I don't have to spend any extra money after buying.
I am new to this experience and I'm looking for any advice or constructive criticism. Here's a little bit about my goals
The property that I am in the process of buying (fha) I will stay in one unit and it already has a tenant in the other. My mortgage payments will be 1658.00 a month. Tenant is paying 1100 for the upstairs unit leaving me to pay the rest.
I would like to buy another duplex by the end of this year. One that is cheaper (150k and under). Am I jumping to soon? Is this even possible? Oh, after closing on this property I'll have 25k left in my savings account. Should I take a percentage of that and set aside for the current property? If so, how much? Should I use it as a down-payment on the next property?
If anyone from Philadelphia responds, what areas do you recommend? My 1st property is in rhawnhurst section of Philadelphia.
Again any advice is much appreciated and I apologize if I typed too much. Thank you.