All Forum Posts by: Alex Furness

Hi everyone,

First time house hacker & brand new to RE Investing here! Looking to purchase my first duplex in the greater Philly area over the next 6 months or so. I've started seeing some properties and also received a few loan estimates from different lenders.

I'm looking at FHA loans for financing and was a bit surprised at some of the closing costs (40k total cash to close), wanted to ensure these were normal?

For instance, looking at one of the estimates for a $400k purchase price, here are a few of the line items:

Total PITI: $2,624 per month

2.75% interest

Transfer taxes: $17k

Lender's Title Insurance: $2,712

Mortgage Insurance Premium: $6,755

Appraisal Fee: $770

Homeowners Insurance Premium: $3,000

There are just a few of the bigger ones.. I was expecting the $14k down payment but while I am in a good financial situation the total cash to close seems a bit high to make financial sense. My objective overall was to reduce my monthly "rent" (Income-expenses) to somewhere around the $500-$700 dollar mark. 

Are all these costs normal or are there ways around this, perhaps talking to other lenders? Any input is greatly appreciated!

Hi everyone,

First time poster here. I’m looking into my first house hack and thought I’d lay out my goals here:

Current financial situation - earning $150k per year income and expect to increase. $25k in cash, $150k in individual stocks, and $180k in retirement.

Goal: looking for a house hack property in the Philadelphia area. Would like my net monthly housing costs to be $500 or less (rental income-expenses), with the possibility of moving out in a few years. A duplex or Maybe triplex I figured would Be easiest to start. Timeframe to close would be by mid 202

Some of my questions:

- is this a realistic goal in this market? 

-should I start talking with a realtor now?

-does anyone have experience in this market and know where to find the best deals in greater philly?

-one of my concerns is my lack of knowledge when it comes to handy work (can barely put together a chair I ordered online) I know it’s a common concern are there are ways to offset costs from contractors, but any advice here would Be appreciated.

-what are some of the most common mistakes first timers make?

thanks all!