All Forum Posts by: Angel Moreno

Joe Villeneuve ahh okay got it. Still seems like I bought at a good price compared to other similar homes. The plan is to rent it out and buy a second home in the next few months.

@kyle m how do I do my own comps? I saw that houses around the same size and area were selling for around 80k.

I purchased my first home exactly one year ago at a price of $55k. Today on Zillow it is estimated at 80k with a 30% appreciation in the last 30 days. How accurate can that be? And if is accurate should I sell or continue to hold. I plan to rent out for 1000 a month in the next couple months leaving me with a $300 cash flow a month.

I purchased my first home last month on a 5% down payment with quicken loans on my 22nd birthday. My mortgage is only around $600. I could easily rent it out for around $1100. Its a 2 bedroom with a 1 car garage and finished basement with extra bedroom with bathroom.

I talked to my lender about buying a duplex using FHA 3.5% down next and he said I could do that no problem in a years time. I would still need around 10k dollars for DP and closing cost.

My question is how can me and a friend put our money together to buy a multi family and share the profit? What are the conventional ways investors partner up in real estate?  

I'm getting close for pre approval to buy my first home(hopefully 2 unit) and was searching for any grants I could apply for that would assist with down payment and closing cost. Was wondering if anybody here knows of any or has been granted one. Thanks!

Hi everybody, there is a duplex for sale in my area for 90k with an unfinished basement. If finished is it legal for me to make it a third unit?

So would you say it unlikely but possible to get an FHA loan after a portfolio conv. loan?

I asked a question on Bigger Pockets if there were any better options than FHA loan for a multi-family home. A member said I could use a portfolio conventional loan 3% down payment to buy a first multi and then still have the option to use an FHA 3.5% down payment on a second multi. Is this possible? I thought FHA was supposed to be for first time home buyers?

Rico Saldana I never considered partnering up with someone with experience but the idea intrigues me. How exactly would a partnership to buy a multi family home go about financially?

I live in Waukegan, IL and decent homes can go from 50k-70k. I'm 21 and have 8k in the bank and I have enough for the 3.5% DP and all other cost to purchase a home around that price range. However, If I save a little more (12k-15k) I would have enough for a multi family home(anything from duplex to fourplex) at the price range of 100k to 150k here in Waukegan. I want to move out soon and I feel that a house at 50k to 70k price range is not a bad idea as I would still be young when I finish paying it off and can use it as a rental property and have full profit. However a multi family home would generate rental income instantly but it will take me much longer to pay off and have a larger monthly payment thus making it harder to make profit. 

I'm getting a little impatient and feel like moving out of my parents house soon but is it a better idea to wait around another year to save enough for a multi or is a 50k to 70k home not a bad investment at my age?

I have the income + credit score + DP + I am about to complete two years at my Job.