All Forum Posts by: Ahmed Ogunbunmi

@Christian Hutchinson pardon my delay! Thanks for the input. Thinking long term the example you've laid out is definitely my goal. Hoping to break in and  get this first deal done soon.

Cheers,
AO

David Faulkner Bob Bowling Hilarious! For now I'll apply those funds toward the reno. Thanks for the insight... And humor. Cheers guys.

Jon Sanborn Best of luck good sir! Stay in touch.

Michaela G. Sounds awesome! Have very similar aspirations. Hoping to get this current deal done to break in the game and perhaps help uplift a community. I'll be in touch. Thanks again for the info. Cheers, a.

Thanks @Michaela G.! What type of REI are you currently into?

@Jon Sanborn currently looking in North Philly. How are things going for you? Have you been able to make inroads with your first deal?

@Roy N. I've heard this 2% "thing" stirs up quite the debate. Thought I'd take heed as a rookie.

Anyhow, thanks for the insight. I think you raise a great point in evaluating the property cash flow regardless of my occupancy or not. That said, you are correct  in my approach as I'd be utilizing a 203k loan product to help secure the property. 

Secondly, I didn't even consider occupying the unit that potentially demands the lesser of the rents (this is something to consider and apply). With that utilizing my current rent situation as a unit valuation also sheds some light on rolling the numbers in a unique scenario. 

Don't want to assume, but when you mention considering the reduced "cash-outlay," are you referring to considering the financials of the deal applying my current rent situation? In essence, working the numbers in a best case (max/market priced rents) and worse case (average rent/ my reduced payment to self)?

Thanks again for the dialogue. Insightful.

Greetings BP! Kicking off my REI journey and as a first timer I'm looking to break into the game through house hacking. Currently, pursuing a triplex in the Philadelphia market that needs a full gut. In applying the 2% rule to the 3 units the deal works great, however, since I am planning on also making this my primary residence and covering the mortgage from the two tenants technically I would not be paying myself rent. With income coming from only 2 units the property ultimately fails the 2% percent test while I'm living there. Is this a good deal worth pursuing? Thanks in advance for the insight!

Greetings BP! Kicking off my REI journey and as a first timer I'm looking to break into the game through house hacking. Currently, pursuing a triplex in the Philadelphia market that needs a full gut. In applying the 2% rule to the 3 units the deal works great, however, since I am planning on also making this my primary residence and covering the mortgage from the two tenants technically I would not be paying myself rent. With income coming from only 2 units the property ultimately fails the 2% percent test while I'm living there. Is this a good deal worth pursuing? Thanks in advance for the insight!

Jason Drozd welcome aboard! Looks like you've hit the ground running. I'm also a newbie in the community. Highly recommend checking out the Networking Events under the Community tab. Find a local Meet ups to begin expanding your network further in person. Looks like you've already got a solid group that you probably could connect with locally. I'm over in Philly. Would be great to stay in touch and hear about inroads you make in the real estate game. Cheers, 
Ahmed

John Daniello welcome aboard! I'm also a newbie in the community. Jump right in and get involved. Highly recommend checking out the Networking Events under the Community tab. Find a local Meet ups to begin expanding your network. I'm over in Philly. Would be great to stay in touch and hear about inroads you've made in the real estate game. Cheers, Ahmed