Mortgage Brokers Advice Plz regarding a loan/refi 20 yr old investor!?

I am 20 yrs old I bought a duplex 6 months ago for 147,600 its appraised at 148,000 so I got it at top dollar. I got financing on 80/20 80%@7.5 adjustable rate (will go up in 2 years guaranteed) and 20%@10.75 fixed rate. I will be paying interest for the first 2 months. I am losing $200 on this monthly w/ tenants living there. It's suppose to be my primary residence. Refi penalty for the 80 loan is $3600 and no penalty for 20%. So my question is I got a loan on stated income, I figured I am losing $200/month*24=4800 in 2 years interest only from my own pocket. Here in Spokane real estate isn't going down and not going up much. Is losing $200 pretty bad? I know everyone says if the cash flow isn't positive it's not even worth it. So I don't really see this as an investment. What do you guys think of the situation? I can always refi after the 2 yrs are up and perhaps get a lower rate so I break even or make it a little positive. Comments/Suggestions all welcome. Thanx in advance!

Hello,

Is this your primary residence? It sounds as if it is not. First off I would be carefull when doing such a transaction as it is fraudulant. I would advise you to actually live in the plex for a min. 6 mo if not a year.
Also, 200 mo. is that including every expense? Have you factored in that there will eventually be maintenance expence involved?
If your property appreciates and you only owe 80-90% in 2 yrs you "might" be able to get a decent rate for a 1 loan scenario but the problem is the lender will see that you are not truly living in the plex therfor it will be non-owner occ your rates will definatly be higher then owner occ.
My advice to you would be move into it, and when the 2yrs comes up refi into a 5-10yr arm 30-50 yr amortization (owner occupied) interest only is fine in my opinion. Or even go with a fixed rate neg. am product but you have to be aware of what you are getting into. (Email me for specifics). You will likely be able to get slightly higher rents at that time and you could possibly break even.
It is good that you are investing at such a young age! I'd love to meet up w/you since we are both from Washington and I'm a young landlord as well.

Get refinanced ,you are paying too much interest ,too much . Write in details at kishaloy_bhowmick@yahoo.com

regards,
kish
480.751.4125
Loan Officer