All Forum Posts by: Justin Lee

@William Stokes sorry it's for rental income

Hi everyone. From your experience, which one would you say is a better investment for my first purchase, a single family house or multi-unit building?

Also, is a house that are connected to other houses still considered a single family? I usually think of single family homes as the typical home you see with their own driveway, lawn, and backyard

@Mark Gallagher

Also, what about cash-out refinancing? 

@Mark Gallagher

So for an equity loan, after 1 year of owning my first property, depending on how much my property has appreciated, the equity loan could be enough down payments for me to purchase 2 more the second year? Or they only allow me to purchase one at a time?

@Vincent Crane thanks Vince! I'm hoping to take the leap soon, saving up for a downpayment now. What propertiee did you start with and how did you keep buying properties? 

@James Brand Hi James, thank you for the info. I want to purchase a multi unit and live in one of the properties, multi family homes are duplexes/triplexes right? Also, how would i go about investing in a single family, how do i make profit while living in it? Lastly, how much do banks usually charge for closinh costs? I currently live in West Philly (university city) so i wish to purchase one here so i am close by.

@Mark Gallagher hey Mark, how much do banks usually charge for closing costs? Also, how did you keep buying properties? It's hard for me to save up a significant amount to buy 1 property a year so i want to learn more about cash out refinancing

Do those 3-4 months include searching for the properties? Also, how did you keep buying properties? I read about rehab/cash out refinancing and wanted to look more into it

@Scott C. how long did it take once you found the properties you wanted from getting a loan to the property being rented?

Hi everyone, i want to purchase my first rental property by next May/June and i just want to ask if anyone can tell me step by step process of how you did it. Just some general info, i live in Philadelphia and want to purchase a property around 70-150,000k using an FHA loan.

1. Did you use an appraiser and agent?

2. How much did your contractor charge on average?

3. Also, did you need a closing attorney?