All Forum Posts by: Cornelius Mixon

@Aditya Maini Sorry for the late repley. I'm active duty military using a VA loan. With the VA loan, a down payment is not required. You are required to pay a VA loan processing fee which is 2.15% of the loan. That is were the $4,838 comes from. That amount is included in the loan. The loan amount total has decreased to 229,037.

The property taxes are accurate. I will post the location after I close next week.

I will be living in one unit for a year. It's a requirment for the VA loan. After a year I will be moving out and hopefully refinacing to an FHA loan. Then rinse and repeat.

For the market value, I am 100% sure its above 225K but I put that amount because that is what the appraisal stated.

By long-term investment I mean 30+ years. I plan on seeling when I retire. I'm currently 30 years old.

@Aditya Maini The Seller is paying all closing cost. 

I was thinking 5% was conservative. The taxes and insurance are accurate. The house was built in 2007, tenants bring there own washer/dryer, and concrete floors throughout. I see what you are saying tho. I might re-adjust the expenses after the inspection next week.

Yes, that is with me living in one unit. I will be paying myself rent.

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I'm active duty military looking to purchase my first duplex. I plan on living in one unit for a year then moving out. I'm have already been pre-approved for a VA loan.

I'm not too worried about cashflow. This is more of a long-term investment. But I'm still interested in opinions.