All Forum Posts by: Harris Dy

@Chris Hayes I hope you find a great deal! And hopefully when we both have a little bit experience, we can work together on a deal... that would be awesome!

@Chris Hayes Just continue looking and don't get discouraged. I would just look at other options too like Single Family... or Fourplexes. Duplex is nice to have but they're really hard to find in our market.

I am hearing similar issue with duplex financing. But the reason is that here in Texas most duplexes are two separate properties that are attached... and you cannot apply a single loan for two different legal properties. I was told the only way FHA will be allowed is if the duplex has been owned by a single owner from the very start. So if each unit (half duplex) were owned by two owners then bought both units by one person, that won't qualify. At least that's how it was explained to me. So I don't really know for sure because almost everybody is talking about FHA financing on duplexes... it's everywhere. Goodluck on your deals!

Credit Unions usually have far better rates especially if you are just starting out with not much capital or if the loan you are looking at is small amount. Big banks have high minimum loan amount... example they won't approve a $15k loan because their minimum is $100k... something like that. It would be to your advantage to compare rates and terms.

This is a great thread. FHA is attractive because of the low down payment but PMI will kill your profit for a year before you can refinance so I am gearing towards conventional loans for my first deal. I'm not going to big banks as well but local credits unions.

Just my two cents...

I heard from one of the podcasts that your first deal is more about learning and not getting a chunk of money. If you made money on your first deal, that's a bonus... but the most important aspect is acquired knowledge. So as long as you won't be upside down, I would go for it.

Welcome to BP from a fellow newbie!

These answers are worse than what I expected when I read the topic... lolz

Welcome... I am a fellow newbie as well. Goodluck to us!

Lots of great information in this podcast! Thanks for sharing.