All Forum Posts by: Tony Dragoo

Thanks for the responses guys that helps out a lot! I'm going FHA and buying a duplex in the 125k range and I'm gonna try to have it rented out in about 3-6 months, but my goal is to have 3 duplexes in 5 years, my apt I'm in now is a lot more expensive than my mortgage for a 125k home would be so I'm trying to play it as safe as possible for this first purchase. Thanks!

Hey guys just wanting some insight or advice on how much savings one should have before a purchase, I know people on here talk about no money down for buying but when the mortgage comes what's your safety net or savings amount you like to have to pay for say a few months rent or worst case scenario ... Thanks!

               Tony

yea I think its more of a personal home they feel attached too, its in litchfield Il, but I think they need to sell it too, it wouldnt rent for that much seeing as its a small could try town so yea there better off getting rid of it, thanks for the feedback!

So here's the situation, my parents have a home in my hometown and are also renting one out in Chicago after we moved here, he makes both the rent payment and his own mortgage payment for his home. There confused on whether to sell the house now (and not make much profit) or rent it out for almost the mortgage they pay now (and still have to pay about 200 dollars a month) seeing as it wouldn't rent for that much in a small town, but after a while own the home after renters pay it off, any thoughts??

Hey thanks Pat, I have a few Tenants in mind to move in after I buy, so I will live in a unit and save for the next purchase thanks for the feedback!

Hey guys so here's my situation, I'm between buying a storefront with two apts with the upper level both 2b 1bath, or buying a duplex house lower level 3b 1b upper level 1b 1bath, I'll be a live in tenant for a year and after that hopefully buy another live in, is there anything different about owner a storeFront rather than a normal home or is it considered commercial? need some advice thanks!

Thanks Ali that was a great read and an awesome confidence boost for the plans I have!

And Scott I drive by Peoria all the time...Small World! 

No reason for the 8% just seems like an OK down payment for what I can afford :p Isn't conventional loans 20% down? I was thinking about going for a home path loan to live in the rental for a year then buy new but what would be the best route for this? thanks!

Thanks Elizabeth! I think after this first multi-family purchase I'm gonna go for single family homes :p but! how do I watch your podcast?