All Forum Posts by: Joseph Robele

It was about $2500 in closing fees (not including escrow).  Im not too familiar with what is normal, but it didn't seem too bad for me.

Yes it was a standard 30 year fixed.  I do house hacking so this is a live-in investment property.

@Zach Perez yes he does work with out of State

I just closed a $0 upfront refi with MJW for 3.25% two weeks ago, and rates are most likely even lower now.  I liked that as a smaller brokerage they had a good amount of flexibility.

Zach Weddle - MJW https://mjwfinancial.com/loan-officers/

Thank you @Mike D'Arrigo, @Adam Sankowski, and @Mark Jones! All your advice seems very sound. Since this would be my first and only FHA loan, that makes a lot of sense to wait until I can get a property that is quality and rent-ready with some potential for easy renovations down the line.

I am planning on buying a duplex in downtown Indianapolis to be a live-in landlord and have been looking at properties ranging from $150k-300k. I know that the benefits of buying a cheaper duplex is generally an increase in positive cashflow and ROI, since the more expensive ones here seem less likely to hit 1% rental income potential. However, should I be taking into account that the more expensive properties are near "hot" neighborhoods which could allow for the chance of greater appreciation in addition to any cashflow? Should I just be limiting my calculations to cashflow and cash on cash returns? I know if I choose a cheaper place, I would have to lower my standard of living, but I would be ok with that if it meant a great investment.

Additionally, as a first time buyer, I don't have a lot of capital, so I am wondering if the adage of buying less house than you can afford still applies to investment properties.

Appreciate any thoughts, advice, or experiences to share!