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Updated over 6 years ago on . Most recent reply

User Stats

37
Posts
5
Votes
Charles Salumn
  • Staten Island, NY
5
Votes |
37
Posts

Deciding on direction to go next

Charles Salumn
  • Staten Island, NY
Posted
Hows it going guys I have decided to get out of my current residence right now I bought a year ago , but I bought on a whim. I'm not in love with it and the market is super hot. I wouldn't be able to rent the property bbn and I can sell for around 20-30k more then I bought for. Which will net in a 10k loss when all is said and done. I want to start building a portfolio. I am trying to get Into a multi family type setting. My question to you is what formula can I use in order to see if my figure purchase will be a good one being that I am going to live in it. Should my rents pay the whole mortgage or a portion? Would you pay more for a property you would much rather live in then worry about the cash flow ? Ultimately it will be a complete rental as I grow my buisness but wanted to check here

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