All Forum Posts by: Antonio Boone

Thanks every one for your reply.

This pipe is in the living room. My inspector told me what it was but it has been such a long time since close, and inspection I forgot what it was. Thanks for the confirmation that it's for a fireplace. Also Thanks for letting me know it's open. I going to have a personal look at it.  Once again thanks everyone!

Hello all,

I am trying to figure out what exactly this pipe is called. I am pretty sure it is a natural gas pipe, and I want to find the products that hook up to it.

 Hey Joseph,

Thanks for going over the numbers. For your calculation would I only be breaking even after refinancing and getting rid of the PMI while renting each unit for $750 a month?

For monthly payments I mean Mortgage Taxes and Insurance is estimated to be $745. 

I am hoping to accomplish a few different goals with this house. 

1. Live mostly rent free. 

2. Make a little cash flow. 

3. (Most important to me) Get a hands on education in real estate and being a landlord. 

4. Have a nice home. 

5. Use the equity in the home to find an buy a great deal. 

I'm just a little nervous about the taxes and insurance on this house making this a total disaster of a start.

 Thanks for checking this out! In your experience what have you been seeing typical of the area for 5 bed rooms? I won't be jump out of the gate really fast  to rent  due to the strict rent policy of W-B. I want to do everything in stages and i want to make sure i can craft a lease that will coincide and help alleviate the policy for rentals in Wilkes-barre. But if I happen to get it rented out for 750 I will be sure to let you know.

 Thanks for  taking a look! I have still studying up on cap ex trying to find out the best way to calculate it. Since this will be my first house an i will be living there for 3 years or less, i  hope to get the feel for vacancies so i can get an accurate number. So far i could only find 13% for my area and i am not sure if that will be true of a house this size and the rent i am looking for.

Hello BP,

I am looking to purchase my first home in Wilkes-Barre PA a Duplex.

The home is a foreclosure the bank has agreed to sell the home at 65,000.

I will be putting 10% down and my lender will pay the closing cost. My interest rate is 4.785.

The thing that I don't like about the house is the taxes and the insurance.

Taxes for the house are listed at $ 3,568.94 and I received a home insurance quote of $ 1,447.

Purchase price: $ 65,000

Down payment: 10% $ 6,500

Interest rate: 4.875

Taxes: $3568.94

Insurance: $ 1,447

Monthly payments: $ 745

I will be living in the house on the right side and plan to rent the left side. The house is in excellent condition, The electric and water was on when I walked through the house. The only thing I will add on the home is a 2nd bathroom on the left side sometime down the line.

I plan to rent the left side of the house for $750.

I was hoping to get some feedback from the BP community.

Additional details can found here:

http://www.flexmls.com/share/Gbhu/499---501-FRANKLIN-ST-S-Wilkes-Barre-PA-18702-http://www.realtor.com/realestateandhomes-detail/4...

Let me know if there is any more information i can provide.

Thanks!

I am a first time home buyer looking to buy a duplex for my first investment. I am looking for a Mortgage Broker to help me with finding a loan but i do not know where to look find them. It dose not seem as straight forward as finding a bank. Any help would be much appreciated. 

 Thanks Cliff! 

My only issue is working with the seller(s). I am buying from a father and son. They both want to sell the home quickly but it feels like i am getting a whole good cop, bad cop routine. The father has agree to sell the house to me, but the son is harder to deal with sounds like he wants to sell to some one else. My Bank And Lawyer have been really professional and helpful, But i am just apprehensive that the seller(s) makes the deal impossible. So far i don't have any technical issue, mostly just emotional. I but i don't know if i would do this process again without a realtor.

 Good to hear that it gets easier. I was hoping it was just my lack of experience and

apprehension with closing the deal. 

Hello BP,

I am trying to buy my first property. I have found a beautiful duplex in a great spot!... However, the house is fsbo, and the process i am going to through to get this house is a pain. I believe I am having such a hard time because of lack experience. I also am dead set on buying more homes in future.

My question is dose this process get easier? Dose any one enjoy the process of buying a home, or is buying a home always going to be a chore?