All Forum Posts by: Fatima Champagne

Thank you Keith

I'm interested in purchasing a duplex or quad and I'm looking to attend a house-hacking workshop or REI meet-up for the Philadelphia area. I've joined a few groups on meetup.com, but none are offering any upcoming workshops for my niche. Do any of you know of others?

How do you determine whether a duplex or quad is priced appropriately? How do you know if you're getting a good deal?  Is there a site or resource I can read up on noting the current market rates in the area? 

Hey BP'ers - I'm hoping to purchase a duplex or quad in the coming year. From your experience, which areas in Philadelphia (or the outskirts) are the best to look into and which areas should I steer clear of? 

In a prior discussion, a number of BP members recommended that I start with a FHA loan. I plan to purchase a duplex or quad in the coming year, and originally thought to save 20% for a down payment. But a good deal of you responded and suggested that I opt for a FHA loan and put down 3.5%. While that all sounds fantastic I imagine that every options has its downsides. What are the negatives with going with a FHA loan? What are the positives?

( I am aware that FHA loans require the borrower to live on the property for at least a year, but seeing that I originally planned to do this anyway - this requirement wouldn't be an issue)

Hey @Dave Van Horn Thanks for the welcome. I'll be sure to check out your REIA group.

Great question @Jason Pabon. I am a first time investor as well and many have pointed me in the direction of a FHA loan. On the surface it sounds great, but there's always more to it. I am eager to hear how others have made out when choosing this route.

How often are these events held?

Hey @Ryan Cameron -- thanks for your feedback. I don't mind answering your questions. My current goal as an investor is to create enough passive to not live paycheck to paycheck. Because I work a fulltime job, I don't plan on managing my own properties.  I plan to reach out to a property management group. I have read that there are a few bad ones out there, so I'll need to do my homework on choosing the correct one. I've persevered through a few battles, so I'd say I've built up some mental strength against debt.  My savings is definitely an area I need to work on, and my credit score is good, though I'm not sure what score lenders would prefer. 

Thank you @Joseph Scorese . There's a few points you made that I am unfamiliar with. If you don't mind, would you go into a little more detail on the following: 

* Landlord Experience recognized with rental income on your tax returns

* Seller Assist up to 6% and potential Lender Credit Allowance with Direct Lender

* Can use 85% of the income on the other rental units toward your Global Income for Purchase Power on a home.