All Forum Posts by: Duke Vang

Originally posted by @Felipe Ocampo:

@Duke VangDo you have any money saved up? How is your credit? Do you have family and friends that could help you with a down payment? Do you have a stable job?

If I was you, I would look into getting an FHA loan for your first duplex. That way, you only need to put down 3.5%. You will have to pay PMI which is an insurance on your mortgage since you will not be putting down 20%, but it is a great way to get started. You can live on one of the units and rent the other one out to help you pay the mortgage.

 Yeah my job is stable. I make approximately 20k a year. It's not much but it's alright for my living. My credit isn't that bad but it's not as great as it used to be. I might be able to have my family that could help me out but not sure if I could get 20% yet. Might be a year to get that 20% with the cash flow I'm making. 

The FHA is interesting. How hard is it to get an FHA loan by the way? If you don't mind me asking.

Hello my name is duke and I'm new to this app and site. Though I have read the whole book of bigger pockets real estate and I am interested in becoming a part of real estate. I have made a few plans but I want to follow up with a few of other people perspectives so here I am. I want to have a lot of duplexes to begin with and rent it out to people. I want to start off this way because I think it's easier for me to handle, since I'm doing this on my own. More and better housings will come later but I would like someone to let me know how to do this in a few ways. My idea was just to try and get a loan from any bank and start with one first. One of my customers at my work came in playing at my table and have told me that the first one would probably be the hardest then after that, it would be easier to maintain more later on. Aside from that, I don't have a clue how to convince a bank to loan me 50-75k to invest in duplexes. I would love if some people on this site would give me some advices how to.