First time buyer questions

5 Replies

Hello everyone, my name is Kenzy and I'm planning on making my first duplex purchase before I start school back up in September of 2016 so I can live with minimal housing costs. I started learning about real estate investing about a month ago and came across this great site recently. I'm looking for a duplex in the Tacoma, Washington area for around $190,000-$210,000 and was wondering, if I use an FHA loan about how much money would I need for closing costs and other fees after the initial 3.5% down?

Any and all feedback/advice is greatly appreciated!

Hi Kenzy. Sounds like a great plan and goal to shoot for next year.

In the "analyze" tab there is an investment calculator.  There is also a great video explaining how to use it with pretty darn good accuracy. I think that is exactly what you need. That will give you pretty darn close numbers so you can know what to expect next year

It is here  https://www.biggerpockets.com/real-estate-investment-calculator

Good luck bud

Hello @Kenzy J Forler ! Good to have you join the local BP community. If you're looking to possibly get hard numbers, I would recommend contacting @Albert Bui , he is a mortgage planner who I believe operates out of the South Puget Sound region and is used to working with investors.

I would also look to get in contact with a good real estate agent, one who can help you start to figure out what you should pay for a given space.

Cheers, and keep asking questions of the community!

@Alex Chin thanks Alex 

The FHA closing are three parts for 210k it's about 3200 closing and probably 1300-3000 in impounds/prepaids/tax/ins/interest etc