All Forum Posts by: Chris Szepessy

I believe they count around 75% of rental income...but they may also want to see the income for 2 years. All lenders probably have their own rules surrounding it, so it would be best to contact the lender you plan to use to refi. Or reach out to several and see who gives you the best terms. 

I would probably get as much sleep as you possibly could while still accomplishing your goals. Just because you get less sleep, doesn't mean you'll be successful. Someone who gets 4 hours of sleep, but scrolls tik tok for 20 hours a day obviously isn't going to be as productive as the one who gets 8 hours of sleep, but is actually working in the other 16 hours. I don't sleep a whole lot personally...5-6 hours a night. Just never have. @Jim K. has me nervous now for whoever has to take care of me in the future. lol

Since the debt amount is so high, I would probably consider paying all, or at least most of it off prior to investing. You could buy a 2-4 family (using FHA loan) and rent the other units which would lower your current monthly expenses giving you more money to pay off the student loans.

Also, I wouldn't rely on the gov't to cancel all student loan debt. Promises are made from both sides all the time that never come to fruition. 

I wouldn't take the advance rent. I think some states have laws regarding how much you can collect at any one time as well. I would ask for pay stubs and/or bank account summary to show he can afford it. A lot of times when someone offers more per month than you're asking or 6+ months rent in advance, they are usually trying to hide something and don't want you to do a background check. Not saying that is always the case, but it happens more than you think. So just screen him as you would any other potential tenant.

I would have a hard time hanging out at someone's lake house that was probably bought with income from RE after telling them they were wrong about RE. Some people have no shame. lol At least he sort of came clean, so I will give him that.

I've had relatives and other acquaintances say similar things..."have fun fixing toilets at 2AM," "nobody's gonna pay," "all tenants are bad people," "you're never gonna make money." The list can go on for days. I'm far from a big player in the game, but some of these people now try to gently talk RE with me, trying to get advice or insight on properties they're "looking" at. I think they know they look foolish, so they're afraid to just come out and ask or admit they were slightly wrong. Bottom line is, ignore them. No matter what someone does in life, there are many people who will tell you why it's a bad idea. 

That would be great! I'm always up for meeting new people. 

@Greg Kardos Sounds like a plan to me! Send me a message on here if you want. Can’t figure out how to send you one from my phone first. Lol

@Greg Kardos both! We moved over here from Hudson/Greenport about 11 years ago. We have our primary and two rentals.

@Greg Kardos congrats on the investment! I'm only a few minutes walk from Main St. as well. Since it was FHA, are you living in the property as well? Feel free to connect!