All Forum Posts by: Nicolas Da Silva

@Parvinder Singh

First of all thank you! Been wanting to do this for over 3 years now, and it’s just now coming all together.

As a beginner myself, that was my exact thought. Use the money for my next investment and take advantage of the FHA for now.

@Gabe Amedee

Thank you, Gabe. Worst case scenario, couldn’t I just tare down the wall between the 1/1 and the 2/1?

@Gabe Amedee

@Frank Procopio

The real estate broker says it should. I have 40+ days to do this

@Steve Hall

Thanks for the reply. The monthly estimate with PMI comes to $2,179/ month. Still waiting on the lender to give me an estimate with 20% down.

I was hoping to save money by not hiring a lawyer. I figured worst case scenario, the bank says the loan is contingent upon me tearing down the wall between the 1/1 and the 2/1. Was I wrong to believe this?

I currently made an offer on a legal “duplex” that is 3/2, 3/2. (All year leases). One unit is rented at $1,200. The second unit is split into two: 2/1 and 1/1. The 2/1 brings $1,200 and the 1/1 brings $600 (all monthly). The monthly total gross income is $3,000.

The property is from 1970 and needs a little bit of work on the roof. The offer, which has been accepted, is $335,000. It’s in Miami FL, which is why the price is so high. (A duplex in the same area in great condition would cost $500,000)

I have two questions:

1. does this sound like a good investment?

2. Should I do an FHA? Or seek capital from friends and family to avoid the PMI and get a conventional loan for 20% down?

Thank you for the continued support of the BP family