The Acura Legend & Acura RL Forum - View Single Post - Real-Estate Investing

gsridah · 06-04-08, 02:53 PM

i just started myself

i have a 2 unit. I am buying my second one.

Im in pa, in the lehigh valley which is a goldmine for investing.

Easiest way to do it:
I assume that this is your first home, if it is you can get a 2% down loan, it cost me a total of 8k to close on 180k building.
They type of loan i got was a FHA. Anyone can get it but in this tough market its not easy,especially if youre black.

with fha You will have to pay PMI(Private mortgage insurance =$75/month) but then you dont have to have 10-20%down.

the mistake i made, was i didnt get a bigger building. I bought a building that i already have equity in but i could have got up to 4 units. Anything over 4 units is considered a commercial building, so you MUST have 20% at least, to put down, and rates are higher.

So the easiest way is spend the next 7-10months reading every little bit of info you can find, repairing your credit, and riding(in the ac)in areas weher you want to own. FInd a building in descent shape with 3-4 units. Go get a FHA loan. Try to keep enough in the bank to run the building for 3 months minimum without any income from it, in case shit hits the fan.

06-04-08, 02:53 PM	#5 (permalink)
gsridah Registered User Join Date: Mar 2008 Location: Allentown PA Posts: 29 Car 1: 94 GS Black on Black Sedan Stock iTrader: (0)	i just started myself i have a 2 unit. I am buying my second one. Im in pa, in the lehigh valley which is a goldmine for investing. Easiest way to do it: I assume that this is your first home, if it is you can get a 2% down loan, it cost me a total of 8k to close on 180k building. They type of loan i got was a FHA. Anyone can get it but in this tough market its not easy,especially if youre black. with fha You will have to pay PMI(Private mortgage insurance =$75/month) but then you dont have to have 10-20%down. the mistake i made, was i didnt get a bigger building. I bought a building that i already have equity in but i could have got up to 4 units. Anything over 4 units is considered a commercial building, so you MUST have 20% at least, to put down, and rates are higher. So the easiest way is spend the next 7-10months reading every little bit of info you can find, repairing your credit, and riding(in the ac)in areas weher you want to own. FInd a building in descent shape with 3-4 units. Go get a FHA loan. Try to keep enough in the bank to run the building for 3 months minimum without any income from it, in case shit hits the fan.