All Forum Posts by: Taylor Robertson

This will be my first home purchase. It is a duplex that I intend to own long term as primary residence and rental. My parents want to gift my $5,000 towards the house and want to know how it will be most beneficial to me. I am putting 5% down, which is about 14k. My rate is locked at 5.875%, and if the money is put towards buying down the rate, it will bring it down to 5.375%, which will save me ~$85 per month whereas putting the $ towards downpayment lowers it $30/month. My lender says I can refi down the line when rates drop so it may be better to put more down. I guess the last option would be putting the money towards closing costs since that is money upfront. Any recommendations? Thank you

Under contract on duplex in a great neighborhood. Purchase price is $276,000. Rent per unit would be $1200-1400 per month, likely on the higher end of that. I got my monthly payment yesterday, and now am having second thoughts, as I hoped the mortgage would be lower so rent would cover most of it because my agent led me to believe the mortgage would be roughly $1500/month. 

The home is only 7 years old with likely minimal maintenance. The way I see it, renting out both sides would be profitable. However, living in one side still leaves me with likely $1,000 after factoring in maintenance/capex savings, plus utilities. Should I reconsider? 

5% down @5.875% interest 

P&I-$1551

Insurance~$185

Taxes~$260

Pmi-$80

Total-$2085 

I am under contract for a duplex. I viewed the vacant unit last week, which was in excellent condition. The other unit is currently occupied, and I plan on viewing it this weekend because the seller’s agent wouldn’t allow at initial viewing. My contract states that the purchase will go through contingent upon the occupied unit being in as good condition as vacant. My question is, because I do not know the condition yet, should I tell my lender & realtor to wait on appraisal and inspection fees until after confirmation of the condition? They want to get those payments from me this week. Thanks 

Thank you. I feel much better now. And to clarify, the origination points fee of 0.575, what is that? I believe the fee goes to the lender for processing the loan. And that is separate from the processing and underwriting fees listed? 

Putting 5% down on a $276k property in Kansas. No points purchased. $2,000 earnest money deposited. First time buyer, so trying to understand all the fees. As far as you’re aware, should I the buyer be covering all these, or should the seller be responsible for any of these? My realtor told me the seller and I would be splitting the costs in half. I just received this yesterday, and I have a month till closing. I want to talk to my realtor tomorrow for clarification. Any insight would be appreciated. Thanks

Hello!

I am new to the community. I hope to learn and contribute the best I can to this awesome community! I am interested in getting my first property--a duplex house hack where I live in one side and rent out the other. However, I want to go with the best financing option I can within my means. If all goes well, I'm not against moving out one year later and repeating the process. Financing wise, the two most popular options I've come across are FHA and conventional with a low down payment. I have about 30k saved up, but I don't want to lose all my savings for a down payment. Is a 3.5% down FHA worth it knowing that PMI will be locked into the loan for the length of the mortgage baring a refinance? Or would going the conventional route be a better option? Are there any significant benefits to one versus the other?

I have great credit and a stable income. I'm just new to the world of real estate and want to get started on the right track.

Thank you!