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

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