All Forum Posts by: Kasun Herath
Kasun Herath has started 1 posts and replied 3 times.
Post: First time home owner buying a Townhouse?
- Middletown, CT
- Posts 3
- Votes 0
Originally posted by @Sarah Brown:
Double check dues on the HOA of a townhome, and also make sure that rentals are ok. It is not uncommon to have an association say that only a certain percent of town homes can be rentals, and if they are at that rate you are SOL.
I am wondering what concern you have for a multi-family with a baby? Are there only multi-family properties in sketchy areas where you are? I live in a duplex right now, but not home a lot. I like that someone is attached to me so they will know if my house is being ransacked :)
Thank you! I will keep a note on the two points you made - the HOA prices and renal situation with the association.
On the multi family unit - Yes the neighborhood is the biggest problem. almost all of properties under my budget (250K) are in sketchy areas and I'm new to this state. Also I believe owning a townhouse for a year would give me some experience on managing a property.
Post: First time home owner buying a Townhouse?
- Middletown, CT
- Posts 3
- Votes 0
Thank you very much for your responses.
I have set my maximum budget as 150K. With a FHA loan mortgage, PMI, HOA, Property tax, insurance and utility my
average calculation is $1450-1550 (I will have a better number when I shortlist properties).
Usually in my area the townhouse rents varies from $1450 - 1750 including utility based on the location and the rental features (better appliances and in-unit laundry). So I don't think I will save a lot by owning a property vs renting. However I think I should be able to cash flow at least $150-200 per month when I convert this to a rental house.
Post: First time home owner buying a Townhouse?
- Middletown, CT
- Posts 3
- Votes 0
This is my first post in Bigger pockets. I have a question and seeking help to decide whether my thought process is correct to proceed.
I've been renting apartments for last 5 years and now I'm trying to get into a my own property. My initial thought was to find a multi family property with a FHA loan and live for a year before I completely move out turning the whole unit an investment property. But its not that easy to find a good duplex or triplex in my area and me and my wife are bit concerned about the safety too because we are expecting a baby in 6-7 months.
So as a solution to this situation my next option is to find a 2 bed 2 bath townhouse with a FHA loan (total monthly expenses $1200 ) rather than renting two bed apartments (Rents for two bed 2 bath $1500) thinking I would save $250-300 per month and convert the townhouse into a investment property with in a year or year and half by moving to a bigger unit probably with another FHA loan. Or I can continue to live in this townhouse and save some money for a conventional loan down payment for a multi family investment.
Any help on this regard highly appreciated.