All Forum Posts by: Sean Lynch

Is there something I'm missing? I understand that with the FHA loan, I have to live in one of the units for 1 year. After that:

Lender says my Total Mortage Payment: $2400 (includes taxes, hazard insurance and PMI)

Gross Total Rent (on the two units): $2700

I will be doing my own property managing. Doesn't this leave me $300/month to put into an account for repairs?

Hi Brian - thanks for your reply.

My monthly payment includes property taxes, hazard insurance and PMI.

Hi,

These are my numbers, I'm new so I want to get opinions from others who are more experienced:

Duplex / FHA 3.5% down (12,775)
Purchase Price: $365,000
Gross monthly rent: $2700
Total Monthly Payment: $2400
50% rule: -$240

I have also heard that starting in June FHA is going to start requiring PMI for the full life of the loan. Any input on this subject?

Thank you!

Wow thanks for all the quick replies! I'm glad to have found BP and look forward to using all of the resources.

Thanks again!

Sean

Hello All,

My name is Sean and I am a new member with no real estate expierience.. I currently rent to own my dads house. I've been hearing that this is a great time to buy a house with the prices being low and low interest rates. I want to make my first home purchase in the same city that I live, Lakewood, CA and rent it out. Any suggestions on how I start to educate myself on this and get started in the real estate business? Books to read, contact a local realtor, etc?

Any advice is much appreciated.

Thanks,

Sean