All Forum Posts by: Account Closed

I would like to buy a duplex however, the street it's on is full of duplexes. Some of them look the exact same, some of them are 2 storied.

The property is in foreclosure for 65,000.

Yes I think it is the mortgage insurance that is so high. $509 is half of what I make in 1 month. I don't know if it is a good investment.

I have been pre-approved for a 100% FHA loan for up to $70,000. It would be 3.5% down, however, the estimated monthly payment she quotes me does not sound at all right. Note: This is a 30 year fixed.

P&I $304.70

Ins 40.00

Tax 95.00

MI 70.00

PITI $509.70 ( principal, interest, taxes, insurance

Are these calculations worth the payment? Is it too much a month and should I look for a different source of loan?

Since I posted this I already got pre-approved for an FHA loan. My goal officer said I was qualified for up to 70,000 at 3.5% down and this is the estimated monthly mortgage payment she gave me:

P&I $304.70

Ins 40.00

Tax 95.00

MI 70.00

PITI $509.70 ( principal, interest, taxes, insurance )

That would be $510 per month. Does this sound right?

However, I would get inflows from the other unit I rent out.

Today, I was approved for a FHA loan with a limit of $60,000 loan. I'm looking for a duplex to start my investing, while I can rent out 1 unit. However, I haven't seen any multifamily properties that low in the Charlotte area. If I get a single family home, condo, etc for myself, will it cashflow? My loan officer is already telling me I would be paying about $500 a month for a $60,000 property.

My friend and I are both interested in real estate, however, he suddenly come to me "explaining" why I should build a multifamily property from scratch rather than buying one. Honestly, I think it's not a smart idea and it won't make me change my mind from the plan I already have, I would still like to know: Is building a multifamily property from scratch a better investment than buying one that is already established? I am only asking to educate myself.

Is it smart for me to get a FHA loan right now when I will have to start paying back my school loans in exactly 1 year? I will owe almost $28,000 in student loans and I want to invest in a multifamily property soon (within the next few months).

Hi Brian Knox! I've been to Rock Hill a few times. I'm a beginner as I do not have any properties at the moment. My focus is on single family homes also, that I will be using as rental property. I'm in the process of researching the best type of loan to start with, as I am 22 years old with not alot of money saved up.

Hello C Coley Mitchell! I'm also reading up, coming on Biggerpockets, and saving money for my first property.

Thank you, Ned! I will right now.