All Forum Posts by: Nicholas Zornek

If anyone can share there experience or opinion I would appreciate it. I'm currently saving for a duplex that I'm hoping to buy within 1 year. I'm currently on pace to only have about %50 -%70 of the savings I need for all the initial cost including the down payment. But, on the other hand ,my credit is going back and forth from poor to fair on a monthly basis,and can only afford minimul payments on my debts.My question is is it more effective to pay of debt and repair my credit first ,then save. Or vice versa.bc doing both at the same time is diff icultat yhe time .I have a full time job,a family,and just started as a REALTOR 3 months ago.

Thank you ,very helpful reply. I'll be sure to come back for any future questions. Most detailed answer I'll probably get haha 

Read all books published my bigger pockets,including set for life. And talk with a Real Estate agent ,here for any questions. @Joseph Casazza

Matthew Cruisinberry ,can you explain vacancy %? just meaning the months the house isn't occupied?

Creating a savings plan and budget for the purchase of a duplex, from my understanding the following expenses typically include what I have below,what else am I missing ? Not including initial financing ,and rehab cost. PITI UTILITIES CAPITAL EXPENDITURES Landscaping/Maintence

You don't seem to be analyzing enough deals. Every house has its own number to make it work ,set a Target amount you want to ethierr save or cash flow,and go find that property .If you want to spend $800 monthly to live in a duplex,to find that deal you may have to look at 100 properties before the numbers make sense for.you,You likely won't cash flow with a duplex,but a triplex or quad there's potential. You probably have to rent both units of a duplex in your area to cash flow positive,still will only be a few hundred dollars.

Make sure the areas you a marketing are good places for you to get the deals your looking for,you might have to look for a new area. Don't put emotion into it,of you send out 500 letter and don't get any call,send out 500 more and you might get 5 calls .I work as a full time debt collector ,and I realized that rejection is just part of it.

I have yet to see any stories coming out of Philadelphia on the forum. As an inspiring investor(in process of getting real estate license) ,does anyone have any stories to share? Specifically first deals in the Philly and bucks county areas.

@ Melvin List...Where can I find more info on the home ready and other programs?

I'm considering buying and house hacking a duplex . I have no experience with conventional financing. I know typically a duplex is more expensive then single family homes.My question is, is it easier to get conventional financing for that types of properties because of it's potential to produce cash flow,or at last reduce what I'm paying for the expenses out of my own pocket.?How does the lending and underwriting process differ from single family home . Also take into consideration I'm a first time property buyer,which will likely need and FHA loan. Any input would be appreciated.