All Forum Posts by: Nicholas Weckstein

Jeff Brower

Yes that is true, this is all contingent on zoning approval. But if it is. I'm curious to what it may cost

So I've posted about this before But I'm looking for some opinions I have a 3 unit With a walk up attic, the attic has high ceilings. Windows on all sides. Does anyone have any idea what it may cost to turn it into a 3 bedroom 1 bath, or maybe even a 2 bath. I know that's kind of a hard question to answer but was just curious. I'm thinking I should be able to get it done for 20-25k Needs sheet rock, some insulation, plumbing, all Appliances and cabinets, im thinking laminate flooring. 8 new windows. Probably a second egress (I'm thinking putting a fire escape). Doors, fixtures. Theirs already some electric up their but would need to do some more wiring. If I can do it I can rent it for between $775-875 a month, which id prob net between 575-675 more a month. Great ROI their.

So I've posted about this before But I'm looking for some opinions I have a 3 unit With a walk up attic, the attic has high ceilings. Windows on all sides. Does anyone have any idea what it may cost to turn it into a 3 bedroom 1 bath, or maybe even a 2 bath. I know that's kind of a hard question to answer but was just curious. I'm thinking I should be able to get it done for 20-25k Needs sheet rock, some insulation, plumbing, all Appliances and cabinets, im thinking laminate flooring. 8 new windows. Probably a second egress (I'm thinking putting a fire escape). Doors, fixtures. Theirs already some electric up their but would need to do some more wiring. If I can do it I can rent it for between $775-875 a month, which id prob net between 575-675 more a month. Great ROI their.

Brian Smith Darren Budahn thank you guys for the input. Yeah I would like to accumulate more properties but I think now it makes sense in the short term to build another unit. But as you stated it's all about momentum !

Kenneth Garrett yes I know all about zoning as well. I should have no problem with that. Would have the approve everything first. I think building that 4th apartment makes the most sense right now because it costs me 30k as apposed to 100k or more and a mortgage. ROI is amazing when u look at it also. But I will start to consider commercial loans. Maybe rehab projects also.

Hello everyone. I just closed on my first 3unit house a month ago. Put 25% down My cash on cash return is 19% annually or 1.7% monthly. I'll be honest here and say I was very eager to buy and bought at market value...lesson learned their. My plan is to pay the house off in just under 5 years and to use the equity to buy another property free and clear of a mortgage. But my goal is to acquire many properties. My DTI is to high to finance another property the conventional way any time soon. So my ideas are 1) Pay off the house, use equity to buy another 2) Utilize 3rd floor attic space (high ceilings, stair case) build a 3 bedroom apartment that will bring me in another $800 or so a month. Probably require a 30k investment. 3) save money for a few years to use as down payment and hope my dti will be low enough by then to finance Any other suggestions or comments on any of those possible options ?

So after years of planning and working out the details, last week I closed on a 3 unit rental in PA. I'm so happy and want to thank the bigger pockets community. The people on here offered so much knowledge and support. Thank you !! Now as eager as I am, I'm already thinking about how I can buy the next one. :)

well I'm lucky enough that I saved like a mad man, and I couldn't have done it without my mom co signing with me. She's going to be like my silent partner. Having to come up with 25% down I was able to do myself but be ready for 10-12k of closing costs which because she was on the loan, she was able to contribute. How I really want to do it, is something called house hacking....if u buy a multi family as a primary residence you can put as little as 10-15% down and as long as u live their for the required time period your in the clear.  @Henry Montgomery III but to more directly answer your question I used conventional financing, I've had a steady well paying job for a while so that helped as well

@Henry Montgomery III for me, im a few weeks away from closing on my first place. its a mulit family i plan to buy and hold and use for equity and a bit of passive income. id really like to get into fix and hold....as opposed to fix and flip, i like the idea of residual income that it semi passive. and if u can own out right and not have to deal with the BS the banks put your through than all the better