All Forum Posts by: Gavin Kitzi

You were right. I didnt even think about me living there lol that changed the numbers alot. I upped the vacancy, capex, and repairs. Also the Duplex is on well and septic so no bill only for maintenance. Its not worth it. The only reason I added points from the lender was for the up to 1.75% premium fee you have to pay for FHA loan. I couldnt figure out how to add that so I just upped the down payment from 3.5 to 5% and took the points away. Thank you for analying it for me it really helped me out.

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Running the numbers using a FHA loan. 3.5% down and 1.75% upfront premium. What am I doing wrong here? Any advice will be helpful. Thank you.

@Max Maclay this website is amazing! I must have not done very good research or maybe typing in the wrong things. But I found out everything I wanted to know so big thank you too you. I was having trouble understanding how to add all the numbers together the mortgage the PMI all of that. Also all the percentages of everything so really thank you this is awesome!

Hello everybody, I really need help. I have big plans for 2020 to buy my first rental property! A duplex to house hack using the FHA loan to be exact. But for some reason I can't seem to fully understand the ins and outs of the FHA loan. Through all my research I still don't understand it. Please bare with me I know there is tons of info about it but I just can't seem to figure it out. Is it really as good as it seems? 3-3.5% down for first time home buyers. I mean I am so excited to look for duplexs and run the numbers and see it works and then I get stumped cause I don't understand the loan I'm planning to use to buy it. I know about the mortgage insurance but what about the actual mortgage if I'm putting 3-3.5% down is the mortgage going to be through the roof or what am I not realizing here? Is the FHA loan really a smart idea? Should I or should I not use it? Please help me understand it. I live in south Florida so my market isn't outrageous. I appreciate every answer so thank you ahead of time to everybody.

@Jon Hill thank you for starting this thread. I've taken a break from bigger pockets for a lottle bit to get a few things in my life handled and now I'm ready for everything

My goals are

1) Buy my first property using the FHA loan. A cashflowing duplex to house hack. I've decided how I want to get my foot in the door of financial freedom and this is it.

2) Cut back on spending money on liabilities aka mostly my car. As well as other things. 2020 is the year my life changes for the better.

3) Read and read and read. I want to dramatically increase my knowledge within real estate, money, and just betting life.

4) I have more goasl but they're to come later down the road.

Hello everyone. I have been in the talks with a couple of real estate agents. I just meet this new one and she has A TON of experience. 25+ years. She recommend me a lender called "cross country mortgage" ever heard of it? I'm a first time home buyer looking for either a duplex to house hack or a rehab property for brrrr strategy. Does anybody have any great lenders that will lend on a brrrr property? I understand FHA for the house hack. I'm just curious has anybody heard of the lender I mentioned or have a better lender besides the bank?

Hello everyone. So I've been facing a pretty depressing problem. I got a light bulb to light up in my head about real estate about 6 months ago. I was ready to jump in and learn everything there is to know. I've read "the book on rental property investing" "the book on managing rental properties" and right now I'm re reading " "B.R.R.R.R" and I've been watching webinars hosted by brandon Turner and yes I've learned a fair amount and I'm happy about it. I have a small group of friends that share similar interests and real estate. I'm 18 years old and as of now I have a total of $10,000 saved up purely for my first property. The problem I've ran into is that I feel rushed as in I should hurry to buy my first deal. I know that is horrible to do. The reason is is because im eager. I want to start my journey to finacial freeedom. I just don't want to be "those people" the ones that want to get into real estate but never do. I'm taking time to learn and educate myself so I can make money and get a great deal. I just don't feel as motivated as I did 6 months ago. What can I do to get back into the rhythm? I know what type of properties I want to invest in (single family b.r.r.r.r) I analyze deals and practice. I just feel like I'm running out of time. I know I'm not but its just in the back of my head please help. Any advice will be appreciated.

@John Warren thank you so much for the advice. You answered my question perfectly.

Hello I am 18 years old and I live in florida. I've been contemplating about getting my real estate license for a while now. I've researched the pro's and con's and I know a real estate agent still has to go through a broker. Is it worth becoming licensed in 2019? Also would I be able to become my own broker too and would that be worth it? Is full access to the MLS, more networking capabilities, and receiving the commission that other wise some other agent would get if you weren't your own when you bought/sold the house reason enough to get licensed? And yes I know it seems like I should due to the pro's. But please understand I'm asking on this forum with experienced professional's to be sure I'd be making the best choice possible.

@Marcus Auerbach yes I want to own the shop. And I have an idea of how much the machies cost to repair. They're not the newest machines so the shop would definitely need newer ones which would be $2k plus each machine and I'll have to ask about the bills and the licenses and all the cost that come with the shop too before I make the decision