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Updated over 8 years ago on . Most recent reply

User Stats

43
Posts
5
Votes
Isaiah Lopez
  • Whittier, CA
5
Votes |
43
Posts

Is this a good deal for me?

Isaiah Lopez
  • Whittier, CA
Posted

hello! My name is Isaiah, I am new to real estate with no experience. Since This February I've been researching and learning about real estate. I want to buy and Hold by obtaining a FHA loan to start off for me and my small family. I am 22 years old with now much credit history to show for.

I am Extremely motivated and want to the risk and start making moves, should I start working on my credit first before I ask for a FHA loan from chase bank? I found what I believe may be a good deal.

Detail on deal:

Found a duplex in Palm Desert, Ca:

$425,000, 2 units

2 bed/1 bath per unit, 2,544 sqft per unit. 

8,712 sqft total. 

It is also Near the best charter school in the area. I know my wife would be  happy about that for our 6 year old daughter since that is where she is going to school. 

estimated Mortgage is:

$1,885/month.

it is in a very prime area in Palm desert, walking distance from  A popular street full of very high end shops and dinning, it is sometimes called the Rodaeo dr. Of Palm Springs. 

Considering what I have read that prime locations can obviously go a little higher on rent.

The website suggests the rent could be: 

$2,676/month. But I'm sure when i do more research on the surrounding renters it's gonna be less than that. 

would this be a good investment number wise? Also based on my no credit history, would it be a bad idea for requesting a FHA loan? I'm afraid that my interest a month my be too high and I'll end up with a bad deal with no profit in return?

I guess it depends on what way I could look at it, if I could get the rent high enough from the potential tenant, I could be able to use what I make from them to pay the mortgage and pocket a few 100 bucks a month. Eventually I could probably re-finance. 

I'd rather ask her than go to the bank and get dis approved and then get a mark on my credit. 

I am still learning so please be kind to that, 

Thank you in advance to anyone who read and comments. :)

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