All Forum Posts by: Olivia Armstrong

Hey all, 

My husband and I have been searching for a property purchase, one that temporary checks our boxes and also kickstarts our investing journey. We’ve found a great option for us in Tennessee with a cabin (currently used as a str) and a mobile home. We have been told that fha will not cover this since there’s are two residences on the property. We have some $ saved  but don’t have enough to put a full 20% deposit down as needed by most conventional lenders. We have no debt and good credit scores, do we have any options for making this work? I appreciate your answers and advice in advance! 

Hello all! My husband and I have had the goal of getting into real estate to grow our net worth and attain financial freedom. We have finally made the jump and put an offer in on a duplex in Knoxville, TN this past month. It is very daunting as we are quickly realizing how much we don't know! We will have a 30 year term with a locked in rate of 6.25% on an FHA loan. We have the option to buy the rate down to 5.75% for around $4400. This is where I am struggling to figure out what the smarter option would be. I hear of refinancing all the time but upon doing some deeper research I learned it costs around 2-5% of the loan amount. Would this large amount not negate any potential savings you would have over the course of the next few years? Would it make more sense to just buy the rate down for 4k now? I appreciate any insight and info as we are both still newbies! thank you so much in advance:)