All Forum Posts by: Sam Moore

@Greg Dickerson most of the duplexes out here are in the 140-180 range. I found 2 available for 100k. I think the return on these will be higher than if I do the others. The 140-180 are closer to the university but the rent isn’t that much higher than the 100k and repairs. 

Yea that’s why I’m wanting to do the fha but I’ll be able to come up with more money down later this year for 2 duplexes. Should I wait and gamble that they won’t sell so I can do a conventional loan to buy both? 

I am a 27 year old single man and no kids. The only debt I have is my car loan. I got a promotion at work and will now be making very good money. I've worked very hard to lower my monthly expenses and I think now is a very good time to start investing. I'm in a pretty expensive market here in Texas. I've come across a deal that looks pretty good. But I can only start with an FHA loan. What do y'all think I should do? Wait and save for a conventional or do the FHA and then buy the next one and hope it's still there? Any advice is appreciated. Also if y'all know some steps to take for setting things up for the next purchase.

Its going to be a loan of 100k. The normal apr with my credit would be 3.8% but with the small loan it is looking line 4.7%. My broker mentioned to bump the overall loan to where it will hit a standard for the FHA loan so I can get the loan apr where I would like it. I would use the extra money for the closing costs and repairs. Is ther another move I can make? it seems that if i go up 10k total to get the lower apr, it will be the same payment as if I just take the lower loan and get the regular apr.

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So I just got off the phone with my broker and she mentioned that after my down payment the loan looks to be too small. She said that the loan will have to have a higher apr. She mentioned to get a higher loan and pay what you want to pay for the property and use whats left for closing costs and repairs. What are some other ideas to maximize savings?